Another 48 billion euro was allocated to the recapitalization of Greek banks and some 34 billion euro was given to private bondholders, to convince them to participate in the restructuring.
"92 percent of the money borrowed by Greece to, supposedly, be saved, has led the country to over-indebtedness," Sakorafa said.
"At this hour, Greece needs to replace the model of 'debt colony," deliberately imposed on the country, with a national development plan."
Greece was hit by the global financial crisis of 2008-2009, that left the country heavily reliant on foreign loans.
The country's debt currently stands at about $360 billion. Last week, Greece transferred an installment of 750 million euros to the IMF. The payment reportedly left Athens without money to service other loans or to pay salaries and social benefits.
