Greece’s debt stock will remain very high for a long time, but debt sustainability is underpinned by several mitigating factors, Fitch Ratings said in a new report on Monday. Greece’s general government debt to GDP rose to 207% of GDP at end-2020 from 181% in 2019 as a result of the severe shock to the country’s public finances caused by the pandemic. We expect the debt ratio to remain at this level this year before declining to 193% by 2022, the credit rating agency said.

The International Monetary Fund forecasts the Greek dent will soar to 200.8% of GDP, while the primary deficit will be 5.1% (instead of a surplus of 3.5% of GDP) in its forecast. The IMF also says the budget deficit will reach 9% of GDP for the country.

The Greek state's debt reached 181.9 percent of GDP - 337.4 billion euros - in the first quarter of 2019, according to figures released on Friday by Eurostat.