redistributed, it's
Greece, Italy, Spain. Ireland and and Portugal are all in trouble, but the one common factor that made their - rather different - problems obvious was not socialism, but the irresponsible capitalism of America's banking system that blew up a massive property price bubble, which - when it burst - crippled economies around the world.
Spain,Portugal and Greece have spent the last couple of decades catching up with the rest of Europe after Franco, Salazar and the Greek Colonels had left them in a mess. Ireland was merely dirt-poor until it joined the European Union, when it benefited from a lot of regional subsidies which produced very real economic development. All of them - and Italy - did very well out of tourism, until the GFC discouraged people from spending money on foreign holidays. Socialism doesn't come into it. It may have been irresponsible of them to allow tourism to become such a large sector of their economies, but that certainly wasn't motivated by any kind of socialist creed that I've ever heard of.
Tell Warren Buffet that. I'm sure he'll change his story to match your point of view.
-- Bill Sloman, Nijmegen