Ligi U-Turns on Greek Bonds
Minister of Finance Jürgen Ligi said that income earned from interest on Greek bonds will be returned to the troubled nation, backtracking on a 2010 statement where the minister said the move was an investment with profits expected.
Speaking in front of Parliament on Wednesday, Ligi said that the central bank has bought cheap Greek bonds and has now turned a tidy profit.
“The agreement [with other EU states] is to divert the money into our state budget, then it will be motioned to be returned to Greece, in order to, firstly, lower Greece’s burden of debt and secondly, not to make a profit from the distress of that nation. I believe the Estonian government does not plan on keeping the money,” said Ligi.
Previously, the Cabinet named investment as the main reason for purchasing Greek bonds.
Ligi said that the profit is likely to be around 5 million euros.