I don't think German/European financiers/bankers and politicians are fools. They know exactly what they're doing. Moreover, economists have been making the same prediction you are making since the first bailout. But to the best of my understanding this is the first time the IMF (one of the lenders) have acknowledged it in 2 different papers:I can't believe Germany's gullibility. Remember the cliche "fool me once, shame on you, fool me twice shame on me". Well, Greece already fooled Germany (and the rest of EU to a lesser degree) three times previously, and with this new round of bail-out Greece made it four! Fools or not, Germany keeps supporting Greece knowing full well that the money will never be repaid... Mark your calenders for 2017.
An update of IMF Staff's Preliminary public debt sustainability Analysis
I don't know much about economics particularly with respect to Europe but if it's anything like NA, the victim is usually the taxpayer (regardless of nationality) and the beneficiaries are the bankers/financial institutions. Maybe it's different in Europe but I doubt much of that money loaned out helped the Greek economy/average Greek citizen nor especially the European taxpayer. Maybe someone has some stats on this?