Greece is emerging as a compelling success story—one that could inspire Andy Burnham, the leading contender to succeed Keir Starmer as UK prime minister, according to a Bloomberg report. The United Kingdom has been mired in deep economic crisis for over a decade. But with the leadership succession process now underway following Starmer’s resignation, Burnham—former mayor of Greater Manchester—is accelerating his path toward Downing Street, aiming to take office on 20 July.
A Vision for National Renewal
Burnham has pledged a sweeping restructuring of the UK economy and public services, vowing to pull the country out of its prolonged slump. His platform includes expanding public ownership and oversight in key sectors—including energy, water, transport, and education—as well as major investments in social housing and strategic industries.
Yet it remains unclear how Burnham plans to finance this ambitious rebuilding of the public sector. Starmer’s outgoing government leaves behind a £5 billion (US$6.7 billion) budget deficit, stemming from an underfunded defence investment plan. Burnham has also committed to respecting current fiscal rules, meaning he’ll need bold, creative measures to carve out fiscal space for new spending.
Greece’s Turnaround as a Blueprint
For inspiration, Bloomberg suggests Burnham look across Europe—to Greece. A decade ago, Greece stood at the precipice of sovereign bankruptcy in 2015. Since then, it has engineered a remarkable economic recovery.
Greek public debt as a share of GDP has fallen sharply—from around 200% to an expected 137% this year, now lower than Italy’s. Its government bonds have earned investment-grade ratings from all major credit agencies. Ten-year Greek yields currently stand at approximately 3.6%, over one percentage point below UK gilts.
Multiple factors contributed to this turnaround, Bloomberg notes—including the creation of the Hellenic Republic Asset Development Fund (HRADF), commonly known as the ‘Hellenic Republic Asset Development Fund’ or ‘Superfund’. Established in 2015 under pressure from the so-called ‘troika’—the European Commission, European Central Bank, and International Monetary Fund—the fund was designed to manage and privatise state-owned assets.
Though deeply unpopular in Greece—widely perceived as handing national assets to creditors—the Superfund has delivered over €20 billion to the Greek state since its inception, including €15 billion directly applied to debt reduction.
An Early Debt Repayment That Made Headlines
In 2025, Greece repaid €1.1 billion early to France—a move warmly welcomed by the French Senate, which remarked: “We thank our Greek friends for helping us reduce our deficit.”
Greece is steadily bringing its debt under control—even as the UK’s debt burden continues to rise.