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An editorial in Der Spiegel rejects the idea is benefiting from the European crisis.Sven Böll argues that Germany stands to lose much more on loans and guarantees than it has gained from record-low bond rates.
Böll cites economist Clemens Fuest in putting Germany’s cumulative financial benefit since 2009 at only few billion euros.
This profit is offset by Germany’s €15 billion loan to Greece; it’s €211 billion guarantee of the European Financial Stability Facility; and its €22 billion contribution to the European Stability Mechanism
Fuest says: “If Germany ultimately emerges from the crisis in the black, it would be a great miracle.”