There are two areas where the cost burden can be calculated already however, he said. Waiving interest payments on previous Greek debt would cost Germany around 130 million euros, and foregoing Germany's share of the European Central Bank's profits on its Greek debt holdings would amount to around 2.7 billion euros until 2035. He couldn't rule out further costs as developments in Greece were unclear. But he added Greek's international creditors had to keep up the pressure on Athens to implement reforms. "The advantages that we get from the single currency are much greater than the cost of all the aid measures," he told Bild am Sonntag. Germany was therefore well advised to keep supporting the single currency, he said.
German lawmakers approved the latest bailout for Greece at the end of last month by a large majority despite growing unease about the cost less than a year before federal elections. The package aims to cut Greece's debt load to 124 percent of national output by 2020. To reduce the debt pile, ministers agreed to cut the interest rate on official loans, extend the maturity of Greece's loans from the EFSF bailout fund by 15 years to 30 years, and grant a 10-year interest repayment deferral on those loans.
States also agreed to forego profits accruing to their national central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market. On Saturday Greece looked set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to its international bailout.