Yes, basically that money was used to bail out irresponsible lenders. Now, Greece were irresponsible borrowers, but the bailouts basically solved none of their problems, they were just delayed a few years, and here we are again.

Now for the economical elites this is a much better situation, they get to present the whole situation as lazy Greeks causing problems, present the rest of Europe as the good guys, and pretend that the money we lent them should have saved them somehow.

It's important not to forget all the sides that caused the problems on 2008, just because we already solved the problems of one of the sides it doesn't absolve them from the responsibility.