ESM bailout: Germany makes billions of profits with Greece-help

34; Contrary to all right myths 34;: Germany is profiteer of the Greek billion aid. Since 2010, 2.9 billion euros have been recorded in the federal budget.

ESM bailout: Germany makes billions of profits with Greece-help

Germany has earned approximately 2.9 billion euros in AnZinsgewinnen billion in aid to rescue of Greece since year 2010. This is a response from federal government on eineAnfrage of Greens, which is present to German press agency. Thus, profits were initially received by Bundesbank and were n transferred to federal budget.

The merit is mainly due to purchases griechischerStaatsanleihen in framework of so-called SMP programme of European Central Bank (ECB). For example, previous agreements between government in Ans and eurozone states stipulated that or States would pay out profits of this Greece programme – if y fulfilled all austerity and reform requirements. But according to government response, only 2013 and 2014 were transferred a corresponding amount to Greek state and ESM. The money to euro rescue parachute landed on a blocking account.

As federal government shared, Bundesbank achieved 3.4 billion euro AnZinsgewinnen from SMP purchases up to 2017UNGEFÄHR. In year 2013, approximately 527 million euros were transferred back to Greece and 2014 about 387 Millionenan ESM. Overall, refore, re is a profit of Rund2, 5 billion euros. In addition, kommenZinsgewinne of 400 million euros from a loan from State bank KfW.

DerGrünen-Household expert Sven-Christian Kindler refore called for Schuldenerleichterungenfür Ans. "Contrary to all right myths, Germany has benefited massively from crisis in Greece," said Kindler. "It cannot be that federal government with Milliardenan Greek interest-rate gains has rehabilitated German budget," criticism tar. Greece has been saving hard and complying with its commitments: "Now Eurogroup must also keep its promise."

At a meeting of euro finance ministers this Thursday, however, it is initially about last instalment to be approved from third aid programme totalling 86 billion euros. EU Finance Commissioner Pierre Moscovici also stressed: "It's time for Greece to stand on its own feet." The aim of all rescue efforts is to support Greece in such a way that at least until 2022 all WeiterenRaten can bedientwerden to euro states and International Monetary Fund (IMF). In total, according to ESM chief Klaus Regling, Greece has been granted loans über270 billion.

Date Of Update: 21 June 2018, 12:02

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