The Destiny of the First Two Greek ?Rescue? Packages: A Survey

BORTZ PABLO GABRIEL

International Journal Political Economy

Taylor and Francis

Año: 2019 vol. 48 p. 76 - 99

0891-1916

This article analyzes the financial assistance provided to Greece in the first two rescue packages granted by the Troika (European Union, European Central Bank, and IMF). By drawing on official data and documentation, this study concludes that 97.3% of the disbursed sums were used to repay interest payments and debt principal and to recapitalize Greek banks. The article also reviews the literature on the topic, which varies widely in assessments. It critically discusses different suggested means of assistance, such as the TARGET 2 system, and alternative outlays for the sums disbursed, such as the financing of capital flight and the stability of Greek pensions and depositors.