Europe with record debt. Poland among the leaders

The debt of 32 European countries has reached a record high of over $95 trillion in the first half of 2026, according to the IIF Global Debt Monitor. While the debt-to-GDP ratio is lower than during the eurozone debt crisis, experts warn of rising budgetary issues, increased financing costs, and political risks in major economies. France, the UK, Germany, and Italy are the most indebted countries, with significant contributions from financial institutions and non-financial corporations. Poland has seen notable increases in public debt, driven by defense spending. The report highlights concerns about France's financial situation, rising funding costs, and political tensions ahead of the 2027 presidential elections. Experts caution that while Europe is not facing an immediate debt crisis, the combination of record debt levels and rising costs could lead to future financial market tensions.