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Germany made over 1bn out of Greek debt crisis

http://www.rt.com/business/396672-germany-cash-greek-crisis/

Publisher:  RT
Date Written:  08/07/2017
Year Published:  2017  
Resource Type:  Article

Since the beginning of Greece’s crisis in 2009 Germany’s Finance Ministry has cashed in to the tune of 1.3 billion as a result of its loans to Athens and its debt buying programs reports Euractiv.

Abstract: 
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Excerpt:

Eurozone members initially agreed to hand any interest back to the Greek central bank as a point of EU solidarity. However, when the second bailout program started in 2015, the pay-back operation was halted. The interest was not mentioned in the German federal budget that year, and therefore the interest was never paid back to Athens.

Since then Berlin has refused to restart the pay-back program despite Athens' efforts to satisfy the demands of its creditors.

According to German daily Suddeutsche Zeitung, Germany's development bank KfW has received 393 million in interest payments on a loan of 15.2 billion it made to Athens in 2010.

A state debt buying scheme by the eurozone's central banks brought the Bundesbank a profit of 952 million between 2010 and 2012. The European Central Bank collected more than 1.1 billion in 2016 in interest payments on the nearly 20 billion-worth of Greek bonds it holds, showed the report.

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