Germany made 2.9B euros from Greek debt crisis


Yields on Greek bonds dropped with the 10-year note falling as much as 1.01 percent at 11.57 am Athens time on Wednesday to nearly a month low, while the Athens Stock Exchange General Index rose as much as 1.1 percent in intraday trading amid optimism that euro-area finance ministers will reach a deal on Greece on Thursday.

Greece expects euro zone finance ministers to deliver on promised debt relief this week so that it can at last plan its financial future "like any ordinary country", the government spokesman said on Wednesday.

The report in The Local also said the figures published by the government yesterday show that Germany made 3.4 billion euros in interest payments on the bonds and only paid Greece 527 million euros in 2013 and 387 million euros the following year.

European creditors will probably grant frontloaded debt relief to Greece by using the funds left over in the third bailout to buy out part of the IMF loans, said Miranda Xafa, senior fellow at the Centre for International Governance Innovation.

"There have been enormous sacrifices", said Mr Moscovici.

"I think it is the end of the Greek crisis", Tsakalotos said in Luxembourg early Friday.

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Overall, Greece will be leaving the program with a sizeable cash buffer of 24.1 billion euros covering the sovereign financial needs for around 22 months following the end of the program in August 2018, which represents a significant backstop against any risks.

Greece's euro-area creditors struck a landmark deal to ease repayment terms on some of the nation's mountain of debt and clear the way for the country to exit the lifeline that's kept it afloat since 2010.

However, Tzanakopoulos said there was no truth in speculation that this deal was tied in any way to Greek debt relief.

The document foresees quarterly reviews of the country's finances by auditors representing the European Stability Mechanism, the European Commission, the European Central Bank and the International Monetary Fund.

"There is no doubt in our mind that Greece will be in a position to access financial markets", IMF Managing Director Christine Lagarde said, adding that for the medium term, the agreed measures would ensure Greek debt remained sustainable. The profit emerged from interest rates through purchases of Greek government bonds under the Securities Markets Program (SMP) of the European Central Bank (ECB).

Once the bailout is over, Greece will have to finance itself by borrowing on worldwide bond markets.