The Greek debt crisis has saved the German government some €100bn (£70bn; $109bn) in lower borrowing costs because investors have sought safety in German bonds, a study has found.
Even if Greece defaults on all its debt, Germany would still benefit, says the German IWH institute.
Greece is hoping to reach a third bailout agreement, worth up to €86bn, with its creditors this week.
Germany has funded €90bn so far and wants tough conditions for a new deal.
‘Thoroughness before speed’
Greece missed two key payments to the International Monetary Fund in June and July, before a deal on a bridging loan was thrashed out by EU leaders.
The terms of the third bailout need to be reached by 20 August, when Greece’s next debt repayment to the European Central Bank becomes due.