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.

As the Federal Government announced, the Bundesbank achieved by 2017 about 3.4 billion euros in interest gains from the SMP purchases. In 2013, approximately 527 million euros were transferred back to Greece and around 387 million to the ESM in 2014. Therefore, the overall profit is 2.5 billion euros.

In addition, there are interest profits of 400 million euros from a loan from the state bank KfW.

“Contrary to all right-wing myths, Germany has benefited massively from the crisis in Greece,” said Greens household expert Sven Christian Kindler said and demanded a debt relief for Greece.

“It can not be that the federal government with billions of revenues from the Greek interest the German budget recapitalize,” Kindler criticized. “Greece has saved hard and kept its commitments, now the Eurogroup must keep its promise,” he stressed.

“Sorry, Angie, I couldn’t make more, yet 2.9billion is not bad profit either…”


Heros Four Star Fri, 06/22/2018 - 04:05 Permalink

This article leaves out so much information it could be written by CNN:

1.  By target 1 trade imbalances Greece probably owes Germany over €100B

2.  Germany, German Banks and the ECB hold hundreds of billions of very high risk Greek debt purchased at far over fair value. 

The EU and ECB were created to enslave all of Europe.  Germany has already been ZOG slaves since 1945 and have been sending tribute to the Jews in the form of military aid, financial aid and reparations ever since.

In reply to by Four Star

land_of_the_few kellys_eye Fri, 06/22/2018 - 04:42 Permalink

Seems it's not just loan interest Germany has been doing well with.

So, let me get this straight, Germany loans them money and charges interest on it for them to buy German goods?

They are charging interest to the Greeks for the priviege of sending revenue, and even better, profit to Germany?

Clearly, I am in not in the right trade, and the Mafia aren't, either.

Here is the appropriately named Johnny Cash, singing about it ....

Johnny Cash - Sixteen Tons

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store…

In reply to by kellys_eye

hooligan2009 land_of_the_few Fri, 06/22/2018 - 07:02 Permalink

it is worse. greeks bought german goods at three times the price of chinese, american, indian, russian and brazilian goods, because of tariff barriers protecting german producers from any global competition (AND german auto makers cheated on diesel emissions).

so the case is

1. Allow only german goods.

2. Lend money to greece at high rates

3. Bailout German (and French) banks with greek tax payer money.

4. reduce Greek gdp by 45% since 2008, (from $354 billion to $195 billion thus eliminating any competition from the EU area.

this is how libtard demoNrat socialism works, it is not just evil on its face, its proponents have the economic acumen of a termite (think Krugman with mouth diarrhoea). EVERYTHING THEY STAND FOR IS BASED ON A FALSE PREMISE (collective idiots do less harm than individual idiots).

this crime is being perpetrated wherever socialists exist from the UK and EU through Japan and Canada (where all governments are socialist).

Italy and Spain are next, then Belgium and all other countries that have debt to GDP in the 60-100% range - even including Germany whose short term gain will turn into long term pain as it beds in the 300,000,000,000 - 300 billion a year costs from Merkel/Soros european impoverishment plan (3 milllion immigrants at 100,000 a year in direct and indirect costs)

In reply to by land_of_the_few

Haus-Targaryen Joe A Fri, 06/22/2018 - 04:15 Permalink

If the people running the show had any sense about them they'd split the EU into three blocks: 

1) Mediterranean Union;

2) Baltic/Teutonic Union; and 

3) Slavic Union. 

You could have a very deep level of integration among these three blocks.  Three currencies, three militaries, three tax systems, three pension/health care systems, etc., etc., etc., 

But the hubris of those in power and the fear of "ranking European nations" makes the EU's failure inevitable, then we can go back to thirty some-odd nations each doing their own thing again, which in my opinion is much less desirable than splitting it into three parts. 

My problem isn't nor has it ever been with the idea of a EU, but rather its constellation and its leadership's resistance to facts and reality that makes me want to watch the thing implode spectacularly.  

In reply to by Joe A

Haus-Targaryen Heros Fri, 06/22/2018 - 05:03 Permalink

The idea is to create three "nations" within Europe that share:

1) Language roots (making the learning of one another languages easier); 

2) Similarly looking people based on genetics; and

3) Cultures and customs, specifically concerning how they deal with money. 

At the end of the day, you down in Oberbayern share much more in common re; the above three topics with someone in Görlitz than with someone in Sicily or in Tarnow. 

While I agree some national borders need to be accessed (specifically Belgium as a country in general, Savoy, Alsace, Süd Tirol and Stettin) the goal is efficiency through homogeneity. Diversity isn't a strength, its a weakness.   

In reply to by Heros

Heros Haus-Targaryen Fri, 06/22/2018 - 05:38 Permalink

Switzerland famously has 4 languages, plus English as a fifth.  All of Bavaria is likely closer to Austria and Switzerland than Bremen and Berlin.  Süd Tyrol is German speaking.  Alsace used to speak a dialect almost the same as Swiss German (they are both Alemenni, like Schwabia).

Besides, I am talking about economic blocks.   Or free trade zones, like the EFTA where no one member tries to bully the others and each nation stays out of the others politics.  Like the SCO.  Or even like Switzerland once was.

I am a firm believer in "small" and I think virtually all power should be devolved to local communities.  IMO, already Switzerland and Austria are too big.  The problem is one band of (((internationalists))) who insist on making everyone else their slaves.

In reply to by Haus-Targaryen

land_of_the_few Haus-Targaryen Fri, 06/22/2018 - 05:24 Permalink

That might have worked a little better before the majority of the Baltic Germans left, most of that Germanic culture is gone from the Baltics since the beginning of the 20thC. Probably most of it disappeared from 1880s to 1920s... this is visible in cemetery and public building inscriptions...and the last in the 1940s repatriated to Germany or shot because of being German Jewish.

Many of the Baltic Germans were technical specialists, traders and business leaders.

Most young folks there now, and many govt. officials speak no European languages apart from English, if that actually counts at all. Apart from the older Sovietized ones that still can speak German, hilariously.

They have a few car importers who bring stuff in from Germany, maybe those are the fresh green shoots ...

In reply to by Haus-Targaryen

Dre4dwolf Fri, 06/22/2018 - 03:06 Permalink

The debt was a means to an end, everything in Greece has been sold off pennies on the dollar to german interests.

The power plants, farms, hotels, beach property, islands, gas and mineral rights, not much left to steal, now they are going for peoples houses.

The only way Greece can save itself is with its pathetic military, nationalism, but I dont think it will happen the military of greece has been thoroughly cucked to the point where I doubt if Greek soldiers still have their balls

What you witnessed in Greece was essentially the primary model for how Germany was going to conquer Europe while avoiding WWIII for as long as possible, its the new version of pre-wwII appeasement policy.


WallHoo Dre4dwolf Fri, 06/22/2018 - 04:46 Permalink

Greece's millitary(convensional forces) is stronger than germany's,italy's,spains and britain's combined.


Greece's industry was destroyed,there were actual subsidies(for real) in the past for industries to go open shop abroad(to bulgaria for example).The currency was usurped by the eurozone.Farms were closed and crops were burned with eu funds and subsidies cause dutch spanish and germans didnt like competition.There were (and still are) 4 banks and five TV chanels.2 political parties controlled everything and were funded by abroad.The myth that unions destroyed the economy was widespread and unions were busted.Nothing of value was pushed helped or subsidised...All public  industries(electricity,water,telecomunications,airports,ports,heavy industries,oil refineries,gambling and others) were sold to the private sector and now run at a loss(profits are tranfered through loans to avoid taxation) or they were asset striped and closed.


The only thing that remained was tourism,but to the horror of many this also begins to concentrate on top,let alone that initiatives as airbnb(home renting for vocations) is cornering the market.


Before the entry of greece in the eurozone the country had a balanced balance of payments.The country entered the eurozone,loans and "liquidity started to flow in,everthing was inflated,imports became the primary source of comodities since with the "hard" euro sending an email to a foreign producer is easier than actually producing your own stuff.


Finally when the engineered crisis hapened,the ECB sudenly stoped providing liquidity to banks and made it a state issue...But the state has forfeited the controll of banks to the central bank(the central bank of greece is one of the few european central banks that are not public) and the central bank is controlled by the ECB.So with a gun on its head the country decided to capitulate...


The upside?Long real estate.

In reply to by Dre4dwolf

szponiasty Fri, 06/22/2018 - 03:40 Permalink

I remember few years ago every media from left to right (and zero hedge too), cried how Greeks "don't wanna work", "have huge social benefits" etc. As it turned out, everything was bullshit and corrupted capitalists propaganda. Now the same happends when they speak about Venesuela... Suddenly from right to left every media (and zerohedge) totally aggrees in every point concerning Venesuela. That means it must be truth! :D

Killdo szponiasty Fri, 06/22/2018 - 08:38 Permalink

that was actually true - in my experience they are actually lazy and believe crap German food they get form German supermarket chain (at the price 2-3 times as high as in Berlin) is superior to the vegetables and fruit they could grow on their land.

My Greek friends have great fertile land with grapes, wall nuts etc planted by their grandparents - they are even too lazy to pick the fruit up. I remember I gathered a bucketful of great walnuts once and left it in their house. When I returned a few months later - my friends did not even touch them (too lazy to shell them). Greeks are quite lazy and what's worse brainwashed first to believe that slavish but greedy Germans are superior to them - and even worse they have been brainwashed to believe their imaginary friends are coming down from the sky to solve their problems. Children are forced to pray and cross themselves before they are allowed to enter public schools every morning (and they get punished if they refuse). 

And what's worse they are turned against each other to such an extent that nobody trusts anybody in Greece. I read that in Michael Lewis' BOOMERANG - but could not believe it. So I asked my Greek friends about it and they said it's true. 

They are friendly towards their friends and family but if they don't know you it's a very different story. Just try crossing a road on a pedestrian crossing in Greece- nobody will want to stop. They actually drive faster as if aiming to hit you. They then look at you wondering how dare you even try to cross the road (on pedestrian crossing). 

It's a fucked up country on so many levels. Brainwashed by religion to be slavish and turned against each -other they are bred to be perfect slaves. Kind of like Americans


In reply to by szponiasty

Manipuflation Fri, 06/22/2018 - 03:43 Permalink

Aww, debt yield.  I'm pretty happy that my recent Ruger GP10X 357 Magnum purchase and all of the accoutrements is starting to really come into their own.  Whoever the hell thinks that you can just go buy a gun a like that and that it will all work right out of the box is just plain stupid.  I trashed the factory sights right away and replaced with Williams Fire Sights. 

After two months, I have finally messaged the Triple K holster I bought for it with enough oil to get it to stretch enough to latch.  The speed loaders, the ammo, the sights, the holster, the gun itself is all made in the USA.  There still needs to be more work done but I am really starting to like this gun.  It's much smaller than my Super Redhawk 44 but it is much more nimble.  Was any of this cheap?  NO!  Is is worth it?  YES.  

Wait until I do away with the rough edges of the Ruger trigger.  Good things take time.  I don't need Germany for that.   

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Calculus99 Fri, 06/22/2018 - 03:49 Permalink

The EU, one big happy family there to help out if need be. 

The reality -

If you're small and on the edge of Europe, you're not that important so fuck you sucker, and while we're at it there's profit to be made from your struggle. 

Charming behaviour...