Yes. They took on new bailout loans with different people in order to pay their existing loans. They were for that purpose specifically so it shouldn't be too m

Yes. They took on new bailout loans with different people in order to pay their existing loans. They were for that purpose specifically so it shouldn't be too much of a surprise. If they didn't need the money to pay the old loans, they wouldn't have taken new loans. And likewise, since they took out new loans to pay their old loans, it's understandable that the money didn't stay in Greece. Money would only have stayed in Greece if the new loans were even bigger than the old ones. Ultimately, the risk of default was transferred from one group to another. But, the money was in Greece initially, in the form of the original loans. That money has been propping up the economy and stimulating investment for years. The money should have already had its effect, and now Greece's creditors want it to be paid back. Greece hasn't fixed a lot of its dysfunction, so it seems like the loans haven't accomplished much in the way of permanent benefit.