Greece crisis: How has Greece spent its money and who does it still owe €242.8bn to?

Only 10 per cent of borrowed money has gone to the Greek people

Almost all the money owed by Greece has been used to pay off its lenders, with only 10 per cent of it going to the Greek people, according to the Jubilee Debt Campaign.

“Greece is right not to pay the IMF. The IMF should never have lent the money in the first place, with over 90% of it being used to bail out European financial institutions,” Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign

Clifton said that in 2010 when the IMF loans were agreed, developing countries on the IMF Board argued that banks should share in the costs of the crisis they had helped to create.

They argued banks should cancel some of the debt, rather than bailing the banks out with IMF loans. Europe and the US overruled them. Ever since, the Greek government has been in crisis.