Stellar comeback: After a lost decade and near bankruptcy in the 2010s, Greece set to become debt-free by 2029

Greece is on track to leave behind one of the most painful financial crises in European history and shake off its status as the EU’s most indebted country by 2029, revealed the country's finance minister, Kyriakos Pierrakakis, as per a report.

Will Greece Escape Its Debt Crisis by 2029?

During the 140th anniversary gala of the French-Hellenic Chamber of Commerce and Industry, Pierrakakis shared a message of hope and resilience to an audience of political leaders, diplomats, and business figures, which also included French Ambassador to Greece Laurence Auer, according to a Tovima report.

Stronger Economy After a “Difficult Adventure”

The finance minister, who was also the event's keynote speaker, pointed out that he was optimistic about the course of the Greek economy and also spoke about his recent participation in the Eurogroup and ECOFIN meetings, as per the Tovima report. He highlighted that the European country's economy was in the strongest position of its recent history after overcoming a “difficult economic adventure,” as reported by Tovima.


The government official emphasised that, “We have, as a matter of fact, now succeeded in achieving much stronger and significantly improved economic performance—this constitutes the most solid foundation for everything we can accomplish as we look toward the future,” as quoted in the report.

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Is Greece Growing Faster Than the Rest of the EU?

Pierrakakis even revealed that, “By 2029, Greece is expected—based on GDP terms—not to be the most indebted country in Europe," as quoted in the Tovima report. The official even shared the country's estimated growth rate, as he said, "We are projecting growth of 2.3%, which is multiple times higher than the European average," as quoted in the report.

What Lessons Did Greece Learn From Its ‘Lost Decade’?

The finance minister pointed out that, "Of course, this path follows a lost decade for Greece. It comes after immense hardship, after losing a quarter of our GDP, after unbearable social costs, and after a tremendous effort by the Greek people to overcome an extremely difficult period,” as quoted by the Tovima report.

While he was addressing the French Ambassador, Laurence Auer, Pierrakakis referred to “a major national and economic outcome in the field of defense—both in our defense cooperation with France and in the defense procurements: the Rafale jets and the Belharra frigates,” as quoted in the Tovima report.

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FAQs

Will Greece stop being the most indebted EU country?
If current projections hold, yes, by 2029, Greece is expected to no longer top the EU’s debt list.

Is Greece fully recovered?
Not entirely, but the trajectory is upward, and confidence is growing both domestically and in Europe, as per the report.