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Germany is profiting from the debt crisis that’s debilitating most of their neighbors to the south and south-east, by saving more than 40 billion euros in interest on its government debt. Meanwhile, German treasury bonds doing fabulously well due to strong demand from investors seeking a safe haven, Spigel reported.
According to the German Finance Ministry, Germany will save a total of €40.9 billion (roughly $55 billion) in interest payments in the years 2010 to 2014, because of the difference between actual and budgeted interest payments.
On average, the interest rate on all new federal government bond issues fell by almost a full percentage point in the 2010 to 2014 period, according to the report, and Germany is a considered a very safe creditor in investors’ circles.
The rule of when it rains it pours seems to be working in Germany’s favor as well: it is seeing unprecedented high tax revenues from its robust economy, which has also led to a decline in new borrowing.
Between 2010 and 2012, the German government issued €73 billion (about $97 billion) less in new debt than it had planned.
On the other side of things, according to the Finance Ministry, the costs of the euro crisis for Germany have so far added up to €599 million, Spiegel reported.
This should be good news to all of us paranoids who fear a reawakening of the sleeping German militaristic giant who would try once more to conquer the world. Who needs to conquer the world when you can buy it for so much less?
About the Author: Yori Yanover has been a working journalist since age 17, before he enlisted and worked for Ba'Machane Nachal. Since then he has worked for Israel Shelanu, the US supplement of Yedioth, JCN18.com, USAJewish.com, Lubavitch News Service, Arutz 7 (as DJ on the high seas), and the Grand Street News. He has published Dancing and Crying, a colorful and intimate portrait of the last two years in the life of the late Lubavitch Rebbe, (in Hebrew), and two fun books in English: The Cabalist's Daughter: A Novel of Practical Messianic Redemption, and How Would God REALLY Vote.
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Printed from: http://www.jewishpress.com/news/breaking-news/rich-get-richer-germany-saves-55-billion-on-crisis/2013/08/20/
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