According to the Handelsblatt, this new study proves that less than 5% of the money Greece received as part of its first two bailout programs actually went into state coffers. The European School of Management and Technology is located in Berlin and it was founded by 25 global companies and institutions.

“The aid packages were first and foremost used to rescue European banks,” ESMT President Jörg Rocholl said. “The European taxpayers have bailed out the private investors” he added.

Only 9.7 billion euros of the total sum actually went into the government budget, which stands for less than 5%, while the rest 86.9 billion euros was used to service debt and 52.3 billion euros to make interest payments.

A total of 37.3 billion euros in aid money was used to rescue Greek banks, which have lost about 98% of their market value since 2013.

Last year, Greece received yet another bailout program from the European Union member states and the International Monetary Fund (IMF) of nearly 90 billion euros. During the past weeks, Greece has been struggling to complete the first review of the third bailout in order to receive the next trance to pay for its debt on July. International creditors, and especially the IMF, have been stalling on the grounds that Greece needs to commit in even more austerity that what it has already accepted last year, in order to receive the program in the first place.