Greece's sick health service could lead to disaster

Europe needs to get to grips with the state of Greece's physical and mental health. If we don't, we could unleash far more than a mere economic catastrophe.

The Greek government has cut spending on healthcare by $2.5bn in the last two years. That's 13%. And in a continuation of its attempt to meet the bail-out conditions imposed by the rest of us, it will be cutting another $1bn this year. Worse, all this comes at a time when hospitals are already in a ropey state.

According to The Lancet, hospital budgets dropped significantly between 2007 and 2009, something that means that the medical sector entered this crisis already understaffed.

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Merryn Somerset Webb
Former editor in chief, MoneyWeek