EU government debt: four countries account for 71.1%
France, Italy, Germany and Spain owed a combined €11.49 trillion in June 2026. Their share of summed EU national debt was slightly smaller than five years earlier.
EU Debt Insights
Analysis and explainers on government debt and public finances in Europe.
Latest articles
Finland’s debt passes 90% of GDP in new European figures
Finland’s debt ratio rose to 90.2% at the end of June. It was one of seven EU countries above 90%, up from six in March. The grouping is a comparison, not a legal limit.
Greece versus France: a debt ranking tells only half the story
Greece has the higher debt ratio, but a ranking alone misses the direction of travel. A fair comparison separates the starting burden, the change and the cost of financing it.
Opinion: France has more to repair than broken windows
France needs to reassure lenders without dismissing failures in public services. Fiscal credibility requires funded choices and results people can actually see, not just a market-friendly promise.
Can inflation make government debt disappear? The bill moves too
Inflation can lighten the burden of old government debt. But rising interest costs, indexed bonds and budget pressures make it an unreliable escape route.
Euro area inflation is rising again — but this is not yet 2022
Euro area inflation rose to an estimated 3.8% in September 2026 as energy prices surged. The headline is serious, but the underlying data do not yet show a broad repeat of 2022.
France must borrow a record €340 billion as its debt bill rises to €72.9 billion
France has presented a record €340 billion bond programme for 2027. Its budgeted debt charge is set to rise to €72.9 billion.
France expects debt to reach 121.7% of GDP: why 60% is not a hard EU ceiling
France expects government debt to rise to 121.7% of GDP in 2027. Why is the ratio still increasing, and what does the EU's 60% reference value actually mean?
U.S. National Debt Passes $40 Trillion: What the Interest Bill Actually Costs
U.S. federal debt passed $40 trillion in August 2026. Treasury and CBO data show why the $963 billion interest bill is the more important number.
EU Debt Burden in 2026: Which Countries Have the Highest Debt Ratios?
Greece, Italy and France had the EU’s highest debt-to-GDP ratios in June 2026. Compare the common Eurostat figures and distinguish a high level from a worsening trend.
EU debt at end-2025: the ratio fell, but the total still reached €15.37tn
Eurostat’s April 2026 release showed a lower EU debt ratio alongside a larger debt stock. This historical comparison explains the distinction and later revisions.
EU Debt Explained: Why Adding It All Up Helps, and Misleads
The 27 EU countries owed a combined €15.7 trillion in Q1 2026. The aggregate reveals scale, but Europe does not borrow as one sovereign government.
Europe’s debt isn’t exploding — but something feels different in 2026
EU government debt rose to 82.9% of GDP in Q1 2026. The headline is gradual change, but the country-level data reveal a widening split.
Strong Euro, Weak Dollar: What Exchange Rates Really Do to European Debt
A stronger euro can lower import prices and change growth, but it does not directly erase euro-denominated government debt. Here are the channels that actually matter.
EU Debt per Person in 2026: Belgium, Italy and France Lead
EU national debt averaged about €35,700 per resident in June 2026 in our calculation using Eurostat inputs. Belgium, Italy and France led; the result is not a personal liability.