German bonds have seen massive inflows during the Greek crisis. Every time Greece got hot more money flowed into Deutschland in a “flight to safety.” This lowered rates. Germany then had cheaper money to play with.
(From Yahoo News)
Germany, which has taken a tough line on Greece, has profited from the country’s crisis to the tune of 100 billion euros ($109 billion), according to a new study Monday.
The sum represents money Germany saved through lower interest payments on funds the government borrowed amid investor “flights to safety”, the study said.
“These savings exceed the costs of the crisis — even if Greece were to default on its entire debt,” said the private, non-profit Leibniz Institute of Economic Research in its paper.
“Germany has clearly benefited from the Greek crisis.”