Laughably, in order to qualify for it, Greece has to pay back millions of Euro's to the Bank.
Yes, you've got it.
The European Central Bank is lending, or should that be giving, more money to Greece.
And the Greeks will pay back some of the money they already owe, with more money they get from the bank.
So indeed, the Bank is recirculating the debt.
It will receive part repayment, with its own money.
If only we could all lend ourselves money.
The sooner the Euro and the E.E.C. collapses, the better.