Is Germany on the verge of losing billions of euros because of loan guarantees it offered to Greece as part of its bailout?
Florian Diekmann, Spiegel Online: The Bill: Germany Faces Billions in Losses If Greece Goes Bust
Vast amounts of German money are at stake if Greece goes bankrupt -- with liabilities as high as €84 billion. Even though that figure is a large one, it would be paid over years and dangers to the Berlin budget are limited.
"So far, Germany hasn't had to spend a single euro from the federal budget on Greece." It's a line one has heard dozens of times on German talk shows in recent years. Soon, though, the claim may no longer hold true. A Greek insolvency is now within the realm of possibility and if the country does go bust, it could directly burden the German federal budget.
But how many billions of euros in German money are actually at stake? It may seem like a simple question, but there are no easy answers, because Germany's actual liability for Greek debt depends on a number of factors.
WNU Editor: A good analysis on who Greece owes the most money to .... which in this case is Germany. But while €84.5 billion is a lot of money .... in the entire scheme of things .... a drop in the bucket for the German economy and its government.
3 comments:
WNU Editor,
It's not Germany, it's German Banks.
I think German banks and Germans should write this debt off, cut their losses, and move on.
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