Victor winner chicken dinner: Germany makes €3 billion from Greece's financial crisis

Germany turns out to be a major beneficiary of Greece’s debt crisis as it earned a total of 2.9 billion euros since 2010

Shut out of debt markets in 2010, Greece is set to exit its worldwide bailout program formally in August.

"After eight long years, Greece will finally be graduating from its financial assistance", the chairman of euro zone finance ministers Mario Centeno told a news conference in the small hours of Friday after hours of negotiations of the deal.

"The Greek government is happy with the agreement", Greek Finance Minister Euclid Tsakalotos said after the talks.

"In particular, the 10-year extension of the EFSF loans' maturity and most importantly the grace period on interest payments is a significant development", they added.

The creditors also agreed to a final disbursement of €15 billion, aimed to help Greece repay arrears, finance maturing debt and build up a cash buffer of €24.1 billion that will help it access financial markets.

Greece will also receive an additional €15 billion on repayment of some more-expensive International Monetary Fund loans, as well as to create a cash buffer so that it could meet financing needs in the next two years. The additional debt relief measures announced today will mitigate Greece's medium-term refinancing risks and improve its medium-term debt prospects, both of which are very welcome results.

"We are very close to the moment when we will reap the fruits of years of sacrifices and hard efforts by the Greek people", he said.

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The repayment of 96 billion euros will be pushed back by ten years to allow the country to get back on its feet after the bailout programme ends in August this year.

And it provides the country with enough ready cash to coast it over almost two more years, without having to resort to expensive global bond markets after bailout loans run out in August.

Greece has been living primarily on money borrowed from euro zone governments in three bailouts since 2010, when it lost market access because of a ballooning budget deficit, huge public debt and an inefficient economy and welfare system.

"The Greek crisis ends here tonight", said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.

They also made a decision to have the International Monetary Fund participate in a system to monitor the country's finances, even after the bailout program ends. A deal to ease Greek debt has always been seen as a key ingredient in the country's successful return to economic health and foray back into financial markets.

However, Tzanakopoulos said there was no truth in speculation that this deal was tied in any way to Greek debt relief.

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