The International Monetary Fund has made €2.5bn (£1.8bn) of profit from its loans to Greece since 2010, according to the Jubilee Debt Campaign.
This is how the JDC makes its calculation:
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 €2.5bn 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 €8.4bn, over a quarter of which is effectively from Greece. All of this money has been added to the Fund’s reserves, which now total €19bn. These reserves would be used to meet the costs from a country defaulting on repayments. Greece’s total debt to the IMF is currently €24bn.
Tim Jones, economist at the Jubilee Debt Campaign, said the “usurious interest” imposed by the IMF “adds to the unjust debt forced on the people of Greece”.