It has been revealed that Germany ‘s treasury has profited from the eurozone crisis.
Finance Ministry calculations showed almost 41 billion euros in reduced interest payments on its borrowings between 2010 and 2014.
The profit comes because Germany is seen as a safe haven by investors who have been buying government bonds in huge numbers thus cutting the amount of interest Berlin has to offer on those bonds.
There are political overtones to the news. It came out as the result of a parliamentary inquiry from a member of Chancellor Angela Merkel’s Social Democrat party five weeks before elections there.
According to the Finance Ministry the crisis has so far cost Germany just 599 million euros.
Shortly after the figures were released the German Finance
Minister Wolfgang Schaeuble appeared to negate any election help they might have provided for Merkel.
At a campaign event Schaeuble said for the first time that Greece will need another bailout.
Analysts have long predicted more aid will be required, but Merkel has tried to keep Greece out of her campaign to avoid angering German voters who fear they will foot the bill.
However at a campaign event in northern Germany, her outspoken
minister departed from that line, breaking what had been seen as a taboo in the run up to the election. “There will have to be another programme in Greece,” Schaeuble said.
Just hours before he spoke, Merkel was quoted in a regional newspaper as saying there was no point in discussing additional aid to Greece before the end of next year, when its second rescue package will expire.
As Europe’s biggest economy, Germany takes the biggest share of the bailouts, which are unpopular with taxpayers.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 10Iceland volcano ‘pollutes Paris’ | euronews, world news
- 11European Union News | euronews: latest breaking news and headlines about European Union
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13International tv news | euronews: European and International tv news bulletin
- 14Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 15Learning through “serious games” | euronews, learning world
- 16euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 17All you need to know about the Ebola virus | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 20Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
Wires > Business
- 12:11 CET HSBC boss says EU banker bonus cap a ‘retrograde’ step
- 12:08 CET Daimler eyes stake in motorbike maker MV Agusta – report
- 12:04 CET Exclusive: ECB looking at corporate bond buys, could move as soon…
- 11:59 CET FTSE 100 rebounds, GKN gains after results
- 11:50 CET Air France KLM, Delta, Alitalia offer concessions to settle …
- 11:40 CET UKFI says RBS bonus plan over-ruled to avoid major controversy
- 11:36 CET Nepoch drops ties with ‘princeling’ He Jintao – sources
- 11:32 CET Exclusive: ECB looking at corporate bond buys, could move as soon…