Greece’s biggest creditor Germany has made a huge profit on the country’s debt crisis over the last 5 years as it saved through lower interest payments on funds borrowed amid investor "flights to safety."
Each time investors got bad news about Greece, they rushed to the ‘safe haven’ of Germany, with the interest rates on German government bonds falling, according to the study from the private, non-profit Leibniz Institute of Economic Research, Agence France-Presse reported Monday.
The estimated €100 billion Germany had saved since 2010 accounted for over three percent of its GDP, the report said.
"These savings exceed the costs of the crisis - even if Greece were to default on its entire debt," the study said.
The bonds of countries such as the United States, France and the Netherlands had benefited "to a much smaller extent."