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Breaking the debt cycle: Digitalization and structural reforms as drivers of growth and debt reduction — The Greek experience
To emerge from a deep and prolonged economic and debt crisis, Greece undertook a broad program of economic and administrative reforms aimed at restoring fiscal sustainability, reviving growth, and strengthening social cohesion. Since 2019, Greece achieved record debt reduction, improving its debt-to-GDP ratio from 209% to less than 140% in 2026, while achieving renewed economic growth and safeguarding vulnerable social groups. These outcomes were not the result of austerity measures, but of structural reforms, with the digital transformation of the state playing a central role in improving public administration, increasing revenues, reducing costs, enhancing transparency, and attracting investments. Other strategic interventions, such as leveraging the energy transition to renewable energy sources, in order to reduce energy costs and attract investments, were also key enablers.