"One of the most striking and least well recognised facts about the crisis is that those who have ultimately benefited from public EU bailout funds are not the governments or citizens of periphery countries but international bondholders. The degree of financial concentration in the world today is unprecedented; bondholders belong to the richest five per cent of people in the world. Yet public bailout money has been used first and foremost to ensure that bondholders are paid in full or with minimal losses. This amounts to a fiscal transfer from taxpayers to private creditors. The cost for the rest of society is enormous: austerity measures in distressed countries have caused unemployment to surge and decades of welfare achievements to be scrapped."
The LSE blog has this good analysis of how rich creditors profit from the bail-outs while taxpayers are paying the bill.