This is the easy explanation, the excuse they use to "blur the waters" of the situation. The Greek debt after 11 years of strong austerity measures imposed by EU is going straight up and how it couldn't be like this? If you force an indebted company to get more loans, the only thing you can get is the company to sink more into debts. The austerity measures are not helping at all the economy to roll. Here in Greece we have 24% VAT and triple property tax to name some. How can a bussiness even start and consequently thrive with such a hostile economic environment? You cannot attract FDI in production, you cannot be competitive in manufacturing and innovation, all we can observe is an invasion of retail and services mostly from the Big Guys of EU. German TUI is the biggest tourist operator in Greece, Fraport( a state owned German entity) got all the airports (state owned), Ferrovie (State owned Italian railway company) got the Greek National Railways, Deutsche Telekom took the Greek National telecom company, biggest ports are for sale or sold (Piraeus port maybe the biggest in Mediterranean, sold to COSCO -the loopholes that i mentioned before-). State monopolies like Public Power Corp, Greek sugar industries, the public pension and insurance funds forced to break up and sold. Gold mines to Canadian Eldorado Gold... Every major corp of the public sector which was profitable forced to break up into pieces and be sold to foreign private or state capital either local capitalists due to "anti-market practices". Even "Larco" a state owned top to bottom Nickel and Cobalt mining and proccessing company is being forced to break into pieces and be sold, while it could be the "locomotive" of economic recovery now that new green technologies are penetrating our everyday life more and more. All the Greek right wing liberals were applauding because they would get a piece of the pie of the Public sector. They once mocking the Greek state as the last Soviet in Europe. Now they should be proud that we are a failed Banana republic in Europe.
Yes a lot of money came from EU, mostly for infastracture, but it is for sure, not for free. Most of infastracture went to private sector to operate but the state retains the expence of maintenance. Fraport, the German operator of the former state owned aiports got 200million cash from the Greek State two months ago because of the losses of pandemic. (why?because we are colonised!) The situation is insanely corrupt...Local bourgeoisie and their pets (politicians) exchanged our national sovereignity with the "easy money pouring from EU"
These, to take a little taste of the true nature of the EU if you had any delusions