The deal in Brussels brings down not only Greece's interest payments but also those of struggling Portugal, the left-liberal daily Der Standard writes, but points out that this also means Germany will earn a little less from the crisis: "The creditors for the euro bailout measures will give the Greeks cheaper loans after all, and accept lower yields. … [Portugal's prime minister] Passos Coelho will also benefit indirectly from this. The interest paid by Portugal, which is also receiving billions in loans, will soon sink to a similar level. And this is only fair, because up to now states with top ratings like Germany have earned a pretty sum with the 'bailout business': on the one hand because of the high interest they were able to charge for loans, and on the other because of the cheaper market rates at which they themselves could take out loans as a result of the crisis in southern Europe. According to a study by economics researchers based in Cologne, Germany has saved 45 billion euros without having to do anything for it, simply thanks to the market. This demonstrates how inextricably and paradoxically intertwined everything is in the Eurozone." (21/02/2012)
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