You’ve heard the Greek crisis myths, now here are some truths | MacroPolis

This package did indeed consist of actual cash injections from eurozone members with the exception of Slovakia, which refused to participate, and Germany that provided guarantees to its AAA-rated development bank KfW, which raised the money through bond issuance. This means that German and Slovak taxpayers have not been burdened by the Greek bailout so far. Other member states did offer actual cash to Greece.

As a result of these loans, Greece owes 185 euros to each Finn, 118 euros to every Slovenian and 141 euros to every Spaniard. Greece also owes 15.2 billion euros to KfW, the German bank, but not to the German taxpayer. Interestingly, though, there is rarely a public admission that some of these countries have benefited from the “unintentional consequence of the crisis.”

via You’ve heard the Greek crisis myths, now here are some truths | MacroPolis.

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