Home Foreign news How Merkel’s Germany PROFITS from Greek debt misery with £1BILLION pocketed so...

How Merkel’s Germany PROFITS from Greek debt misery with £1BILLION pocketed so far

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As one of Athens’ biggest creditors, the eurozone’s largest economy has banked millions in interest on loans to the heavily indebted state over the last two years alone.

A loan from Kreditanstalt für Wiederaufbau (KfW), the state development bank, has raked in about £350million (€393m) from interest payments since 2010, according to the Süddeutsche Zeitung.

Politicians are now demanding the interest is paid back to Greece.

It comes after Athens recently received a further £7.5bn (€8.5bn) as its latest bailout continues.

Green budget expert Sven-Christian Kindler said: “It may be legal for Germany to make money from the crisis in Greece.

“But it’s not legitimate in a moral sense of solidarity.”

Jens Spahn, parliamentary state secretary in the Federal Ministry of Finance, rebuffed the calls to refund the cash.

He said: “The Federal Government is currently not planning such a referral.”

Germany also benefits from the European Central Bank (ECB)’s bond-purchasing programme in 2012 designed to help crisis hit countries like Greece.