Cyprus Mail
Greece

Buba chief warned Grexit would hurt German budget

Bundesbank chief Jens Weidmann has warned Angela Merkel’s cabinet that a Greek exit from the euro zone would rip a hole worth billions of euros in the German budget, German business daily Handelsblatt reported on Sunday citing government sources.

The paper said Weidmann had warned that the costs of a Grexit would hit Bundesbank profits, which flow into the budget.

The paper also said a Greek exit would mean Bundesbank losses would be greater than the 14.4 billion euros already put aside in provisions linked to euro crisis because it would make losses on Greek securities bought by the central bank.

“This would not be enough in the case of a Grexit,” reported Handelsblatt, not specifying its source.


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