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ECB monetary easing hurts German savers but heals state finances

Germany's regions have had their debt servicing costs cut by an average of 40 per cent in eight years, says S&P Global

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"Given the scarcity of German Bunds, we think that the ECB does not have any chance other than becoming even more active in the German sub-sovereign market." - Citi strategist Michael Spies

London

MANY Germans see the European Central Bank's (ECB) bond-buying scheme and interest rates cuts as subsidising indebted southern eurozone members at the expense of northern savers, but it has also transformed the finances of Germany's regions.

The central bank started cutting

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