Belgium has saved 12 billion euros in interest on its public debt since 2010. This corresponds to the difference between the interest Belgium currently pays and a calculation of what it would have been without the crisis in Greece, La Libre Belgique reported on Thursday. The paper spoke to Eric Dor, the director of economic studies at the Lille Catholic University (IESEG).
“We could assume that if the debt crisis involving the countries on the outskirts of the Eurozone hadn’t happened, the rates would have gone back to their normal level: the same level as before the financial crisis of 2007”, explains Eric Dor. He says the crisis in Greece caused a large reduction in the interest rates applied by investors lending to countries like Belgium.