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
On the Wildness of Children: The Revolution Will Not Take Place In The Classroom
Carol Black11,020 views today ·
Caitlin Moran's Posthumous Advice for Her Daughter
Caitlin Moran8,095 views today ·
Paramedic's Response to "Burger Flippers" Making an Equal $15/Hour is Beautiful
Craig Carilli5,911 views today ·
I Promise, It's Not Lame to Ask a Woman for Permission
Dave Booda4,734 views today ·
The Top 100 Documentaries We Can Use to Change the World
Films For Action2,668 views today ·
Argentina: The Country That Monsanto Poisoned
Michael Warren and Natacha Pisarenko2,152 views today ·
We Need Ecstasy and Opium in Place of Prozac and Xanax
Marc Lewis and Shaun Shelly1,830 views today ·
The Revolution Is Acceptance
David Heaps1,717 views today ·
What Makes Call-Out Culture So Toxic
Asam Ahmad1,664 views today ·
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