7 -5-2016
Joerg Rocholl and Axel Stahmer, in their capacity as members of the European School of Management and Technology, a scientific institution based in Berlin, drew up a descriptive analysis of where the Greek bailout money went since 2010.
According to their conclusion, contrary to widely held beliefs, less than €10 billion or a fraction of less than 5% of the overall programme went to the Greek fiscal budget. In contrast, the vast majority of the money went to existing creditors in the form of debt repayments and interest payments. The resulting risk transfer from the private to the public sector and the subsequent risk transfer within the public sector from international organizations such as the ECB and the IMF to European rescue mechanisms such as the ESM still constitute the most important challenge for the goal to achieve a sustainable fiscal situation in Greece.
You can have full access to this analysis here. http://static.esmt.org/publications/whitepapers/WP-16-02.pdf