Friday, 13 October 2017

European Central Bank Made Almost €8bn from Greece’s Financial Crisis

A written response to a request from a Greek MEP showed the bank collected €7.8 billion in interest payments between 2012-2016 on Greek sovereign bonds acquired under its Securities and Markets bond-buying program (SMP).

Profits are usually redistributed among the 19 eurozone central banks.

In 2016, the ECB collected more than €1.1 billion in interest payments on the nearly €20 billion worth of Greek bonds it holds, according to German daily Suddeutsche Zeitung.

An analysis from the Jubilee Debt Campaign estimated Greece’s other creditor, the International Monetary Fund, had made €2.5 billion from its loans to the country.

[Posted at the SpookyWeather blog, October 13th, 2017.]

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