We will return to the global economy in a moment, but first consider the plight of Greece.

A detailed study shows that of €215.9 billion in Greek aid, only €9.7 billion went to Greece. The rest went to banks and other creditors.

Greece still has to pay back the rest, and is struggling to do so.

Bailouts for Banks, Not Greeks

With insiders warning that Athens may soon be in need of more aid, a new study finds that the Greek bailouts so far have benefited European banks, not the Greek people.

Please consider Study: Bailouts for Banks, Not Greeks

After six years of ongoing bailouts amounting to more than €220 billion, or $253 billion in loans, Greece just cannot get out of crisis mode.

It is tempting to blame those who refused to reform the country's pensions and labor markets for the latest calamity. But a study by the European School of Management and Technology, a copy of which Handelsblatt has obtained exclusively, gives another perspective.