Germany makes a €380million profit from Greece’s struggling economy

Is anyone else curious as to why Germany is still so rich? Well, the answer is because they’re absolutely cleaning up on interest when it comes to bailout loans. Nice. That Angela Merkel is a savvy one, isn’t she?

Greek news website Athens News reports that Germany has earned at least €380million from the economic struggles currently happening in Greece. Where is all this money coming from and why isn’t it being pumped to Greece, the one place where it is desperately needed?

Well the money is coming from the interest Germany is earning on the loans it paid to Greece under the first bailout for the company – this is according to official documents from the German finance ministry which have been obtained by Reuters.

Apparently Berlin’s contribution to the first bailout package for Greece in 2010 amounted to a massive €15.1billion. On this lump sum, the Greek Government had to pay interest that ranged between 3.42 and 4.52 per cent. Steep considering the situation in Greece at the time (and definitely the situation that is on-going in the country today).

At the end of 2011, Germany had smugly earned at least €380million on the initial loans to Greece. Nice. Now that’s a shrewd investment.

It is believed that while news of this windfall may make a lot of Greeks incredibly angry at Germany, it will quell some of the public frustration about having to help Greece in Germany.

Apparently some members of the German public, and German Government (Wolfgang Schaebule, we’re looking at you) are of the view that Greece is just a “bottomless pit” that will continue to hemmoraghe their hard-earned cash.

If Germany is making that much money off Greece’s struggling economy, we’d hate to see just how much they’re making off us…