> To be fair, the vast majority of the bailouts have gone to paying back debts. Those debts were held with corporate German and foreign banks. Let me cite fro

> To be fair, the vast majority of the bailouts have gone to paying back debts. Those debts were held with corporate German and foreign banks. Let me cite from another economist, Hans-Werner Sinn: "At that time (late March 2010), French banks had a 53 billion euro exposure to private and public instances in Greece, the German ones a 33-billion euro exposure, the US 10 billion, and the UK 9 billion. [....] At the end of March 2015, the sum of current account deficits accumulated since early 2008 was 108 billion euros, equivalent to one-third of the multilateral and intergovernmental loans provided to Greece, which amounted to 325 billion euros. Two-thirds of the public credit was thus apparently used to finance capital flight and one-third to finance the current account deficit – ultimately the living standard that could no longer be financed with the income of the Greek citizenry. Thus, over the entire crisis period it can hardly be argued that barely 10 percent of the public credit benefited the Greek people, as Finance Minister Varoufakis does. Apart from the above, Greek debtors benefited from the fact that the international community helped them meet their obligations towards foreign creditors, and also made it possible for them to bring their wealth out of the country."