The IMF Has Made €2.5 Billion Profit Out of Greece Loans
Ahead of the payment of €462 million by Greece to the IMF on Thursday 9 April, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.
By Jubilee Debt Campaign / jubileedebt.org.uk
Jun 29, 2015

The IMF has been charging an effective interest rate of 3.6% on its loans to Greece. This is far more than the interest rate the institution needs to meet all its costs, currently around 0.9%. If this was the actual interest rate Greece had been paying the IMF since 2010, it would have spent €2.5 billion less on payments.

Out of its lending to all countries in debt crisis between 2010 and 2014 the IMF has made a total profit of €8.4 billion, over a quarter of which is effectively from Greece. All of this money has been added to the Fund’s reserves, which now total €19 billion. These reserves would be used to meet the costs from a country defaulting on repayments. Greece’s total debt to the IMF is currently €24 billion.

Tim Jones, economist at the Jubilee Debt Campaign, said:

“The IMF’s loans to Greece have not only bailed out banks which lent recklessly in the first place, they have actively taken even more money out of the country. This usurious interest adds to the unjust debt forced on the people of Greece.”

Take action

4.4 ·
3
Trending Today
Revolution and American Indians: “Marxism is as Alien to My Culture as Capitalism”
Russell Means117,379 views today ·
MP Says Government is Intentionally Making People Destitute to Prevent Organised Opposition
2 min12,992 views today ·
Welcome to Marinaleda: The Spanish Anti-Capitalist Town With Equal Wage Full Employment and $19 Housing
Jade Small10,313 views today ·
15 Powerful Quotes From the World's Most Humble President
Hyacinth Mascarenhas9,758 views today ·
Every Town Needs a Remakery
Jeremy Williams6,185 views today ·
Without Saying a Word This 6 Minute Clip From Samsara Will Make You Speechless
6 min6,166 views today ·
This Short Film Plays Out Like an Epic Movie That Will Shake Your Soul - But the Movie Is Real, and We are The Actors
6 min5,510 views today ·
Today I Rise: This Beautiful Short Film Is Like a Love Poem For Your Heart and Soul
4 min4,858 views today ·
Why You Can Change the World
5 min3,820 views today ·
Load More
New
Meet The Woman Rescuing Fruit and Feeding Her Community
2 min
Debating the British Empire's 'Legacy' Is Pointless - This Is Still an Imperial World
Ibtisam Ahmed
9 Times Video Games Were Great for Mental Health
Marijam Didzgalvyte and Jish Newham
What is Populism?
6 min
5 Things You Can Do To Help Immigrant and Muslim Neighbors
Lornet Turnbull
Why We Can and Should Abolish the Police and Prison Industrial Complex
2 min
Break the Chain - Fortnight of Action Against Fracking Supply Chain Begins
Andrew Butler
Republican Fight to Criminalize Protest Tactics
5 min
Trouble, Ep. 1 - Killing the Black Snake
30 min
Load More
What's Next
Utopia on the Horizon (2012)
28 min
The Secret of Oz (2009)
110 min
We Need an International Minimum Wage
Hamilton Nolan
Like us on Facebook?
The IMF Has Made €2.5 Billion Profit Out of Greece Loans