Greece was able to float enough new debt to pay its old debt and avoid default. What a charade. They got the money from the bailout fund and used it to pay back the bailout fund:
The auction, which attracted more than €4.2 billion in bids, was more show than substance, mainly reflecting Greek banks’ borrowing from the Eurosystem at one window to repay it at another.
The banks have used “emergency liquidity assistance” from the Bank of Greece to buy the bills, and are expected to pledge them immediately at the Bank of Greece as collateral for more such loans.
Nothing has really changed there. The Eurozone governments keep doing the same thing, which is to kick the can down the road in the hope that reality can be avoided or postponed again until some miracle occurs.
Greece cannot pay its debts even with bailouts:
Eurostat estimated Tuesday that the economy shrank by 6.2% year-on-year in the second quarter, and senior bankers said more than 20% of loans to the domestic economy are now officially “nonperforming.” They warned that the problem may overwhelm the sector and derail the country’s bailout program.