THE European Central Bank (ECB) has revealed that it made huge profits from its intervention in the eurozone crisis which hit countries including Greece, Italy, Spain, Ireland and Portugal.

Research and campaign organisation Positive Money Europe showed that the ECB made a massive €73 billion (£62.29bn) in profit while the indebted countries were forced to make massive cuts in return for loans.

Figures gleaned from information contained in reports from the ECB, the International Monetary Fund (IMF) and other bodies revealed the bank had made an estimated €18 billion (£15.6bn) in profits from Greece alone.

The group claimed the ECB had made profits from similar crisis in Spain, Portugal, Italy and Ireland with €61 (£52.77)  billion in profits so far.

It explained that the profits had been made from the Securities Market Programme (SMP), triggered in 2010 due to panic over the sustainability of the Greek debt and fears of contagion.

In response the ECB bought at least €218 (£188.89) in bonds from countries that faced similar difficulties, with the SMP becoming a huge cash-machine for the Eurosystem.

Positive Money Europe said the information was discovered after pressure was placed on the ECB in an amendment to a motion tabled by Belgian MEP Philippe Lamberts and Sinn Fein MEP Matt Carthy calling for more transparency on SMP profits.

The ECB is the central bank for the euro and administers monetary policy within the eurozone, however it is subject to limited transparency obligations in comparison to other financial institutions.

As part of the so-called troika it has been central to the European Union austerity project, inflicting cruel and punitive measures which strangled the Greek economy with huge cuts made in return for bailout packages.