Germany Has Made Over 3 Billion Profit From Greece's Crisis Since 2010

Germany has earned around 2.9 billion euros in profit from interest since the first bailout for Greece in 2010.

As KeepTalkingGreece reports, this is the official response of the Federal Government to a request submitted by the Green party in Berlin.

The profit was transmitted to the central Bundesbank and from there to the federal budget.

The revenues came mainly due to purchases of Greek government bonds under the so-called Securities Markets Program (SMP) of the European Central Bank (ECB).

Previous agreements between the government in Athens and the eurozone states foresaw that other states will pay out the profits from this program to Greece if  Athens would meet all the austerity and reform requirements. However, according to Berlin’s response, only in 2013 and 2014 such funds have been transferred to the Greek State and the ESM. The money to the euro bailout landed on a segregated account.

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