An academic study from the European School of Management and Technology highlights the utter futility of the bailout programs in pulling Greece out of the quagmire of debt bondage and economic depression.The report concludes:
“This paper provides a descriptive analysis of where the Greek bailout money went since 2010 and finds that, 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.”
See Rocholl *, J., and A. Stahmer(2016). Where did the Greek bailout money go? ESMT White Paper No. WP–16–02. http://static.esmt.org/publications/whitepapers/WP-16-02.pdf
Pingback: WHERE DID THE GREEK BAILOUT MONEY GO?/Πού πήγαν τα λεφτά για την “διάσωση” της Ελλάδας ;;; | JusticeForGreece
Reblogged this on Truth Troubles: Why people hate the truths' of the real world.