Germany benefits according to the study of the Greek crisis – tagesschau.de

Even in the case of a total failure of all Greece loans benefited Germany by the crisis – as the result of a study. Thanks to sharp decline in interest saved the federal government since 2010 about 100 billion euros. That’s more than the German share of the aid for Greece.

Germany according to a study financially benefited greatly from the crisis in Greece and other euro-zone countries. Thanks to sharp decline in interest rates on German government bonds, the federal government had saved a total of about 100 billion euros since 2010, the Leibniz Institute wrote für Wirtschaftsforschung Halle (IWH). This sum’ll be at least partly attributed directly to the crisis.

“Germany benefits from the Greek crisis”

“These savings exceed the costs of the crisis – even if Greece would not serve its debt completely, “the researchers write in their study. The German share of the assistance programs for Greece sun at about 90 billion euros. “Germany has so benefited in any case from the Greek crisis.”

The positive interest effect in Germany has already been observed for years. In times when the debt crisis intensified in the euro countries, investor demand rose for government securities, which are considered safe. Investors therefore invested their money preferably in bonds issued by countries, which received the top credit rating of AAA by the three major US rating agencies. The only applicable in Europe alongside Germany for Luxembourg. Due to the great demand for German government bonds, interest rates over the past year fell so strong that investors sometimes even gave up a return. In some cases, the federal government earned with the debt even make money

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interest for crisis three percentage points lower

” Every time there was negative news on Greece for the financial markets in recent years, fell, interest rates on German government bonds, “the IWH researchers wrote. Thus, the interest rates on government bonds have fallen in a single day in January by 0.3 points, as a victory of the now ruling party Syriza loomed. The bonds of other countries – such as the US, France or the Netherlands – have benefited, “but in a much smaller extent”

For its calculation of the German savings due to the crisis. estimated the IWH, as interest rates on German government securities without the Greek crisis and the debt problems in other euro-zone countries would have changed. The difference between this scenario and the actually incurred interest rates lay at an average of three percentage points. From this, the researchers calculated savings of the Federation in the amount of at least 100 billion euros. This sum corresponds to turn more than three percent of Germany’s gross domestic product.