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by banach
3651 days ago
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I am not sure that I understand your use of the term "welfare state". My dictionary says: > a system whereby the government undertakes to protect the health and well-being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits. The above is standard in all of the northern-European countries typically lauded for their economic success. Clearly, this was not what caused the collapse of the Greek economy. Of course, there are many alternative theories, but the most convincing one I am aware of is that it was the result of subprime lending by north-European (predominantly German) banks. |
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That has not been going particularly well for France or Spain either.