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Regarding Greece, what we have experienced was a fierce take over of the public sector by the private sector in a similar way that happened in the US under G.W. Bush (the war of Hulliburton etc). For example, pharmaceutical expenses of the public sector have doubled for 2.5 to over 5 billion euros in just five years. There was no similar improvement of the level of the health of the population as a result of raising the expenses. But that was public money that mainly went to the hands of private companies (mainly foreign) and to a lesser degree to "lazy and corrupt" civil servant.

"Eurozone leaders have turned a 50bn Greek solvency problem into a 1,000bn existential crisis for the European Union." David Miliband
by Kostis Papadimitriou on Fri Feb 17th, 2012 at 04:11:55 AM EST
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