Greece plans to repay €13 billion (about $14 billion) of its debt ahead of schedule this year, a move that could reduce the public debt burden and strengthen the country’s fiscal position. Greece’s Finance Ministry announced on Monday that the plan is under consideration.

The early repayment is part of Athens’ efforts to reduce its debt-to-GDP ratio, using the country’s budget surplus to accelerate debt reduction and move beyond the legacy of the debt crisis that began in 2010.

Greece aims to reduce its debt-to-GDP ratio to 137% this year, compared with a projected 138.6% for Italy and around 118% for France.

Greece’s debt reached about 210% of GDP in 2020, but the country has since embarked on a gradual debt-reduction path. Between 2019 and 2025, Greece repaid a total of €36 billion of its loans ahead of schedule.

The latest repayment includes part of the financial assistance packages Greece received during the debt crisis, which were originally scheduled to begin being repaid in 2027.

Greece’s total public debt currently stands at around €363 billion ($392 billion). The Finance Ministry is seeking to accelerate repayments so that all of the country’s loans can be paid off by 2031, rather than the previous target of 2041.

The ministry says the move will send a “dual message of reassurance” to institutions, credit-rating agencies and international investors.

Moving Beyond the Crisis Legacy

The developments come around eight years after the end of Greece’s financial crisis, which forced Athens to receive three international bailout packages and implement harsh austerity measures, triggering years of economic stagnation and social unrest.

In recent years, however, the Greek economy has become one of the fastest-growing economies in the eurozone, with growth of around 2% expected this year.

The Greek government is counting on continued economic growth and fiscal surpluses to accelerate debt reduction, lower debt-servicing costs and create greater fiscal space for future policymaking.

Greece is therefore seeking to move beyond one of Europe’s most severe debt crises—a country that once had the highest debt-to-GDP ratio in the European Union but is now on the verge of losing that position to Italy.