BUSINESS

Berlin to return 660 mln euros

TAGS: Finance

Berlin wants to make a payment of 660 million euros to Greece, according to German media reports this week.

“The federal government is ready to pay a total of 660 million euros to Greece when it meets certain requirements,” daily newspaper Die Welt said.

Citing the German Treasury, it said this amount concerns interest earnings on Greek bonds.

More specifically, 243 million euros has reportedly been earmarked for reimbursement in the 2017 budget, while some 417 million euros will be included in the 2018 budget.

The Bild newspaper ran a similar story on Tuesday, saying that “Athens can hope for a hundred million euros in interest rate gains on Greek bonds held by the Bundesbank (the German central bank).”

However, it added that the amount is “locked” in the budget and that the “green light” is required from the German Parliament before it can be disbursed.

The paper added that a prerequisite for the money’s return is the successful completion of Greece’s third adjustment program.

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