I think that the route by which German money gets to the Greek government will be opaque and circuitous for face-saving reasons, but I expect such an outcome.
Greece‘s latest bailout repayment to the International Monetary Fund may turn out to be one of the debt-saddled nation’s least expensive payments ever.
The article goes on to describe what it calls a “shell game,” a shorter way of saying “opaque and circuitous.”
If the SDR fund is replenished by the Germans or the ECU, then you have a point. If this new debt is still left to the Greek’s responsibility, then no.