Only 5 percent of international bailout money for Greece was used to kickstart the country’s languid economy, a new study has found. The rest was used to pay back private creditors, many of which were banks.

Less than 10 billion euros ($11.5 billion) from Greece’s first two international bailouts ended up in the hands of the Greek treasury, according to new study by the European School of Management and Technology (ESMT).

Contrary to popular belief, the lion’s share of the rescue money sent to Greece was used for debt repayments, interest payments, bank recapitalization and debt restructuring, ESMT President Jörg Rocholl told DW in an interview on Wednesday.

“Most of the money was used to actually transfer risks from private creditors to public creditors,” Rocholl said. “This means money was used to repay the private creditors by taking on more debts that were taken by private creditors.”

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