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Prime minister admits Greek deal will cost the Netherlands cash

Tuesday 27 November 2012

Prime minister Mark Rutte on Tuesday admitted he had not been able to ensure the new rescue deal for Greece would not cost the Netherlands money, as promised in the general election.

'If I am honest, I have not been able to entirely keep my promise that the delay should not cost us any money,’ Rutte said. Political compromises are inevitable, the prime minister added, pointing out the new deal does not give any extra money to Greece or a discount.

The new rescue package for Greece agreed between the eurozone and International Monetary Fund will cost the Netherlands around €70m a year in lost interest over a period of 14 years, finance minister Jeroen Dijsselbloem said after the meeting.

Next round

Eurozone finance ministers and the IMF took 12 hours to reach a deal to cut Greece’s debts by €40bn and open the way for releasing the next round of bail-out cash.

The exact sum the deal will cost the Netherlands will be worked out in the coming days, RTL news quoted the minister as saying. The agreement is within the terms of agreements with the Dutch parliament, the minister added.

‘We said no new money and no new guarantees and that is what has happened,’ Dijsselbloem said. ‘We are losing out on some income [from interest on the loan].’ The Netherlands has made a profit on its cash support for Athens over the past three years, the minister said.


The Dutch parliament is divided on the deal, with Socialist and PVV parliamentarians saying it does not offer a structural solution. ‘Rutte is again soft on the Greeks and tough on the Dutch,’ PVV leader Geert Wilders said using the microblogging service Twitter.

MPs from the ruling VVD, the Christian Democrats and GroenLinks said they would wait for a statement from the minister before commenting.

More on the deal

Eurozone finance ministers agree deal on Greek bail-out
Eurozone agrees Greek bail-out deal

Was this the best option? Have your say using the comment box below.

© DutchNews.nl


Readers' Comments

that's not the only promise you were not able to keep. what happened to tax free savings upto 35K?

By dork | 27 November 2012 3:38 PM

Oh! Dear. Next election date 1st of april.

By Terence Hale | 27 November 2012 6:24 PM

Please note how Rutter avoids his first question by sidetracking with his usual boyish grin & optimism.

He talks about the profit earned by the interest on the money loaned to Greece, but forgets to add that the banksters (again) are the ones that profit! :P

By The visitor | 27 November 2012 10:48 PM

Better to lose some interest than to lose the capital invested. Time for Greek to sell some national monuments?

By ufo | 28 November 2012 8:12 AM

@ufo You are able to write this bull#@# because of the Greeks (democracy, sciences, philosophy, etc)... please show some respect to a country with 3000 years of history that gave the grandle of civilization to the rest of the world.

By Anubiss | 28 November 2012 10:18 AM

UFO, try to build your own culture and monuments instead of smoking marijuana and trading black cocaine via europort, and then ask for national monuments of others.

By v | 28 November 2012 10:54 AM

Dear Mr. Rutte,

At this time I would like to request immediate intervention by the Netherlands government and the EU. My debt in relation to my GDP is approaching critical levels that are not permitted by the EU. In addition to my mortgage payments (which are going to increase), my healthcare costs, the BTW increase, the cost of fuel, and the ever increasing tax burden on myself, I am unable to reduce my debt-load and am in danger of exiting the European Union. Assistance of a small amount (€500,000) is necessary to keep me in the European Union and paying taxes at these levels. Please assist !

By John Smith | 28 November 2012 2:39 PM

Suggested title:"Dutch Finance Minister admits that they made a profit on its cash support for Greece over the past three years. It was not enough and they want more!"

It is appalling how the average Dutch citizen is manipulated to believe that they lose money because of the southern countries. The truth is that Dutch do not only lose but their companies earn. At the same time, the term "crisis" is used by all politicians to increase taxation (to cover the imaginative/speculative loses) and cover any internal political problems.

UFO, you sound like a vulture waiting around the corner. I feel sorry for you and your lack of respect to culture and the citizens of Greece.

By Jo | 28 November 2012 3:26 PM

@ 'ufo':I hope your comment about Greece having to sell national monuments is only a 'bad' joke.

By Christine | 28 November 2012 8:36 PM

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