A new study by the non-profit Leibniz Institute of Economic Research states that Germany has profited from the Greek crisis. Germany gained a total of 100 billion euros that were saved through lower interest payments on funds the government borrowed amid investor “flights to safety.”

The same study states that German “savings exceed the costs of the crisis – even if Greece were to default on its entire debt.” The study states that export champion Germany “disproportionately benefited” from Greece’s woes. “Every time financial markets faced negative news on Greece in recent years, interest rates on German government bonds fell, and every time there was good news, they rose.”