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Wednesday 7 March 2012

Why Do Germans Complain, When They Earned €380 Million in Interest On Loans To Greece?

Why Do Germans Complain, When They Earned €380 Million in Interest On Loans To Greece?

Why do German taxpayers complain for financing the Greeks? Giving loans to Greece with an interest rate of 3.4% and 4.5% brings a much better profit than just deposit it at a German bank. For example, the German contribution of 15.17 billion euro to Greece’s rescue package of 2010 brought a profit of 380 million euro. Within one year. Now if the German taxpayers did not see this amount written down in their saving books at the banks (“Sparbuch”), they should complain to Finance Minister Wolfgang Schaeuble…
I assume the same applies for the angry Dutch and Finns and all those EU taxpayers who helped bailout debt-ridden Greeks, Portuguese and Irish.

“”Germany earned 380 million euros ($502.83 million) in interest on the loans it paid to Greece under the first bailout for the debt-strapped country, according to Finance Ministry documents obtained by Reuters.
Berlin’s contribution to the 2010 rescue package for Greece amounted to 15.17 billion euros, on which the Greek government paid interest ranging between 3.423 and 4.528 percent.
As of the end of 2011, Germany had earned 380 million euros on the loans. News of the windfall may help quell some of the mounting public frustration at having to help struggling Greece, portrayed by some in Germany as a “bottomless pit”.”" ( Reuters)

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