By Sara Malm for MailOnline and Afp.

Germany has made a billion euro 'profit' from the Greek financial crisis, according to a new study published on Monday. A team at the University of Halle has come up with the sum by calculating how much the German government would have spent over the past five years had the Greek crisis never happened.

Scroll down for video. The bn euros the German government has saved in lowered interest rates as a result of the Greek financial crash, outweighs the cost of the crisis. The Leibniz Institute of Economic Research created a model of a fictitious 'normal' situation, without the crisis, to establish what German interest rates would have been, based on inflation and slack in the economy.

The report observed a close connection between political flashpoints in the euro zone debt crisis and fluctuations in the interest rate on German government bonds. Interest on German government bonds fell sharply when markets saw bad news out of Greece, such as Greek Prime Minister Alexis Tsipras' decision in late June to hold a referendum on reforms demanded by its creditors. Similarly, rates rose on good news from Greece. The total savings from this pattern since , an estimated billion euros, far outweigh the costs of the euro zone crisis to the German economy, even if Greece were to prove completely unable service its debts, the institute said.

The estimated billion euros Angela Merkel's government has saved since , as a direct result of the Greek financial crisis, accounted for over three per cent of GDP. Germany, the eurozone's effective paymaster, has demanded fiscal discipline and tough economic reforms in Greece in return for extending repayment deadlines and new financial support. Finance Minister Wolfgang Schaeuble has opposed a Greek debt write-down while pointing to his own government's balanced budget.

The institute, however, argued that Schaeuble's balanced budget has been made possible in large part only because of Germany's interest savings amid the Greek debt crisis.

The estimated billion euros Germany had saved since accounted for over three per cent of GDP, said the institute based in the eastern city of Halle. The bonds of other countries - including the United States, France and the Netherlands - had also benefited, but 'to a much smaller extent'.

They aim for a deal before the debt-ridden country must repay 3. Both sides have indicated that the talks were going well, which would pave the way for the Greek parliament and eurozone finance ministers to approve the agreement ahead of that deadline. However Germany on Monday warned that negotiations over a third bailout for Greece must emphasise 'thoroughness over speed'. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

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