EU Debt Burden in 2026: Which Countries Have the Highest Debt Ratios?

Greece had the EU’s highest government debt-to-GDP ratio at the end of June 2026, at 140.8%. Italy followed at 139.9% and France at 119.1%, according to Eurostat’s common quarterly release of 21 October. This ranking measures debt relative to economic output, not which country will next face a financing crisis.

The ratio for the EU as a whole was 82.9%; for the 21-member euro area it was 88.8%. These official aggregates are not simple averages of the national percentages. Measuring debt against the economy changes the meaning of a large absolute amount.

Five countries above 100%

• Greece: 140.8%. The highest ratio, but below its level a year earlier.
• Italy: 139.9%. A high level that increased further during this quarter.
• France: 119.1%. The third-highest ratio and the largest national debt stock in euros in the EU.
• Belgium: 110.2%. A smaller economy with debt exceeding its annual output.
• Spain: 101.4%. Still above 100%, but with a lower ratio than a year earlier.

Portugal stood at 92.5% and Finland at 90.2%. Seven countries were therefore above 90%. That is a grouping for comparison here, not a claim that they share the same financing problems. The full European debt-to-GDP comparison covers all 27 EU countries.

A low ratio is not the same as a small euro amount

Estonia had the lowest ratio, at 26.1%, followed by Denmark at 27.1%, Luxembourg at 28.2% and Bulgaria at 28.7%. The Netherlands stood at 43.7% and Germany at 63.4%. These percentages put different-sized economies on a common scale, but they do not represent equal amounts of borrowing.

France had approximately €3,595.5 billion of government debt, Italy €3,208.5 billion and Germany €2,924.7 billion. Germany’s large stock does not therefore imply the same relative burden as France’s. The size of the economy changes how that stock should be read.

High debt can accompany an improving trend

The Greek debt ratio fell by 11.2 percentage points over the year, from 152.0% to 140.8%. The French ratio rose by 3.7 points, from 115.4% to 119.1%. Both comparisons use the October release vintage.

The order alone therefore leaves out an important distinction. Greece is higher; France moves less favourably in this annual comparison. Neither observation establishes safety or unsustainability on its own. The separate analysis of euro-area debt risks examines interest costs, maturities and budgets.

Keep the comparison periods consistent

This ranking uses provisional gross general-government debt at 30 June 2026. The GDP denominator covers the preceding four quarters. The October release also revises earlier values, so quarterly movements must be calculated within that same vintage.

The European 60% reference value belongs to the fiscal rules; it is not a boundary between trouble-free borrowing and bankruptcy. Read the trend and financing conditions alongside the percentage. The methodology distinguishes official quarter-end observations from annual fiscal figures and the site’s moving model estimates.