Greece Removed from EU Macroeconomic Imbalances List After 16 Years

The European Commission’s 2026 Spring Package marks the first removal of Greece from the EU’s macroeconomic-imbalances monitoring since the sovereign-debt crisis began in 2010. After a decade of memoranda (2010-2018), an enhanced-surveillance phase (2018-2022), and classification under excessive macro-economic imbalances (2019-2024) and the broader imbalances category in 2025, Greece is now deemed to have returned to “full European normality,” according to the Ministry of National Economy and Finance.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisisKey milestone for Greece as Brussels removes it from macroeconomic imbalances list

• GDP growth: 2.1 % in 2025; the Commission projects 1.8 % for 2026, roughly double the Eurozone average of 0.9 %.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

• Fiscal surplus: General-government surplus reached 7 % of GDP in 2025, up from 1.3 % in 2024.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

• Public-debt ratio (forecast): 154.2 % of GDP (2024), 146.1 % (2025), 140.7 % (2026), 134.4 % (2027).

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

• External imbalances: Narrowed significantly; banking sector balance sheets strengthened.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

• Labour market: Conditions improved, though specific unemployment figures are not provided.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

• Structural reforms: Digitalisation of tax administration and customs, reduction of the VAT gap, and modernisation of public administration.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

The Commission concluded that “macro-economic vulnerabilities in Greece have declined sufficiently … to remove the country from the list of member states facing economic imbalances.” It also affirmed Greece’s capacity to repay its debt, a judgment shared with Ireland, Cyprus and Portugal. The Ministry of National Economy and Finance called the decision “a highly significant development for the Greek economy” and a historic milestone. The Commission’s broader statement placed Greece alongside the Netherlands and Sweden as states no longer experiencing imbalances.

Key milestone for Greece as Brussels removes it from macroeconomic imbalances listMilestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

Despite the positive assessment, the Commission noted that Greece remains subject to the EU’s Social Convergence Framework because of persistent employment and social issues. The report also highlighted that other EU members—Italy, Hungary, Slovakia and Romania—continue to face imbalances, underscoring that Greece’s progress is not uniform across all policy areas.

Key milestone for Greece as Brussels removes it from macroeconomic imbalances list

• “Greece, the Netherlands and Sweden are assessed as no longer experiencing imbalances as their macroeconomic vulnerabilities have declined over the years,” — European Commission

Key milestone for Greece as Brussels removes it from macroeconomic imbalances list

• “The Ministry of National Economy and Finance has described the European Commission’s announcement within the framework of the European Semester 2026 as a highly significant development for the Greek economy.” — Ministry of National Economy and Finance

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

• “Significant progress in reducing the VAT gap.” — European Commission

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

All sources agree on Greece’s removal from the imbalances list. The only discrepancy lies between actual debt-to-GDP figures (2024-2025) and the Commission’s forward-looking forecasts for 2026-2027, which remain projections rather than observed data.

Milestone for Greece: The EC removed Greece from the list of countries with macroeconomic imbalances 16 years after the crisis

The Commission proposes a “National Escape Clause” extension allowing up to 0.3 % of GDP annually (2026-2028) and a cumulative 0.6 % for energy-resilience investments. The assessment will be discussed by EU finance ministers before formal endorsement, and deeper analysis of Greece’s labour-market and social outcomes will continue alongside monitoring of Bulgaria, Spain, Italy, Latvia, Lithuania, Luxembourg, Romania and Finland.

Key milestone for Greece as Brussels removes it from macroeconomic imbalances list