Germany "profited EUR 100 billion from Greek crisis"

Germany "profited EUR 100 billion from Greek crisis"

"The sum represents money Germany saved through lower interest payments on funds the government borrowed amid investor 'flights to safety'. These savings exceed the costs of the crisis - even if Greece were to default on its entire debt," the report said, quoting the institute's paper.

"Germany has clearly benefited from the Greek crisis," the study said, and added that when investors are faced with turmoil, they typically seek a safe haven for their money, and export champion Germany "disproportionately benefited" from that during the debt crisis.

"Every time financial markets faced negative news on Greece in recent years, interest rates on German government bonds fell, and every time there was good news, they rose."

The study adds that the bonds of other countries, such as the U.S., France, and Holland, also benefited from the Greek crisis, but to a much smaller extent.