Investors Pay to Lend Germany Money
[Spiegel Online]
While many euro-zone nations are struggling to obtain credit, investors are practically throwing money at Germany. The country on Monday raised almost 4 billion euros in six-month debt at a negative interest rate. In effect, investors paid Germany to be able to lend it money. The move highlights the economic imbalances in crisis-ridden Europe.
Investors in Europe are so worried about the euro crisis and so desperate to find a safe haven for their cash that they decided to forego an interest rate, and even paid a premium, for the privilege of lending Germany money on Monday. The auction of six-month German government bills on Monday produced a negative interest rate.
Even the Federal Finance Agency, which manages Germany's debt, was astonished. "That has never happened before," said a spokesman.
Lire : spiegel.de
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