The results of the Greek bond buyback program are in. Perhaps unsurprisingly, the Greek government has been unsuccessful in meeting its targets. The Greek government had hoped to buy back 31.9 billion euros worth of bonds at a reduced rate with 10 billion euros. However, the Greek government asked lenders for an additional 1.29 billion euros after it became clear that the target was not going to be met.

The International Monetary Fund had said that the next bailout installment was conditional on the successful completion of the buyback program. However, despite the Greek government failing to meet its targets IMF chief Christine Lagarde is pleased: 

I can only welcome the results that have been produced by the debt buyback,

If Greece is to receive aid from other countries sticking to conditions should be the least that is demanded of its government. Lenders have already granted Greece an extra two years to implement austerity measures. It is looking increasingly likely that the rules and conditions set by lenders means little to the Greek government. But why should Greek officials struggle to implement conditional polices? They seem to be getting aid regardless.