Russia Today commented on an article by Yannis Varoufakis regarding the ECB profiting by 840 million Euros on loans made to the Greek government. The ECB bought 4.2 Billion Euros of Greek government debt to try to lower the interest rates on future Greek government borrowing. At least that is what is claimed. The Greek government sold this debt with a 20% discount because the ECB/Greek Central Bank were supposed to be doing the Greek government a "favour" by trying to lower the government's borrowing costs. So the Greek government sold 4.2 billion Euros of debt to the ECB/Greek Central Bank for 3.3 billion Euros. (source)
July 8, 2012
Filled Under: ECONOMIC OUTLOOK
Russia Today commented on an article by Yannis Varoufakis regarding the ECB profiting by 840 million Euros on loans made to the Greek government. The ECB bought 4.2 Billion Euros of Greek government debt to try to lower the interest rates on future Greek government borrowing. At least that is what is claimed. The Greek government sold this debt with a 20% discount because the ECB/Greek Central Bank were supposed to be doing the Greek government a "favour" by trying to lower the government's borrowing costs. So the Greek government sold 4.2 billion Euros of debt to the ECB/Greek Central Bank for 3.3 billion Euros. (source)
Did Greek Central Bank Defraud Greeks of 840mln euros? (VIDEO REPORT)
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Russia Today commented on an article by Yannis Varoufakis regarding the ECB profiting by 840 million Euros on loans made to the Greek government. The ECB bought 4.2 Billion Euros of Greek government debt to try to lower the interest rates on future Greek government borrowing. At least that is what is claimed. The Greek government sold this debt with a 20% discount because the ECB/Greek Central Bank were supposed to be doing the Greek government a "favour" by trying to lower the government's borrowing costs. So the Greek government sold 4.2 billion Euros of debt to the ECB/Greek Central Bank for 3.3 billion Euros. (source)
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