What did Greece do with the money? Put on an Olympics, pay higher pensions, hire more government workers and overpay them ? Even if we admit that Greece had a debt to gdp ratio far in excess of the 60% claimed when they joined it was not 120% or 150+% when they needed their first bailout. Even Ireland and Spain's own banking regulators could have applied the brakes to their housing bubbles by simply raising the down payments to get a mortgage or construction loan. They were also bribed to buy (faulty) German submarines and unreliable metro/trams and much else by German firms like Siemens (which profited mightily by use of slave labor, even going so far as to open a branch in the Ravensbruck concentration camp). The Greeks were also inundated by loans from French and German banks, and the so-called bail out was, in fact, a bail out be the poor, long-suffering European tax-payer, including Greek ones, of those banks by the corrupt Euro-political class.
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