Germany earned 2,9 billion euros from the Greek debt crisis

Germany is the biggest beneficiary of the Greek debt crisis because between 2010 and 2017 it earned 2,9 billion euros, according to the answer of the German Finance Ministry to the Greens in the Bundestag. "Contrary to all right-wing myths, Germany benefited greatly from the crisis in Greece," said Sven-Kristijan Kindler, who is in charge of budget policy in the Green Party, in a written statement for the Brussels portal EURACTIV.com. His parliamentary group asked the government to disclose how much profit has been made from the SMP program for Greek debt since 2010. The marketable securities program (SMP) allows euro zone central banks to buy the country's public debt on the secondary market. In the response of the German Ministry of Finance, it is stated that the amount of interest between 2010 and 2017 reached 2,9 billion euros, which was transferred to the Bundesbank and then to the federal budget. The SMP scheme actually brought in a total of 3,4 billion euros, but in 2013 and 2014, Berlin transferred 527 and 387 million euros respectively to the European Stabilization Mechanism (ESM), which means that Germany was left with 2,5 billion. However, interest from the loans of the KfW bank owned by the German state brought in another 400 million euros, so the total profit from the Greek debt crisis reached 2,9 billion. Kindler pointed out that Greece needs a "respite" and space for investments and poverty reduction. "Destructive austerity lasted too long and did too much damage," Kindler said, adding that Germany's finance minister, Social Democrat Olaf Scholz, should change his stance and support easing Greece's debt burden. Today, the Eurogroup is discussing the large Greek debt of 180% of the country's annual economic output and the possible relief of the debt burden. No country has spent longer in the ESM program than Greece - three aid programs have been implemented since 2010, the last of which expires in August.