See
What Greek “Austerity”? by Steve H. Hanke of Cato.
"It’s hard to find anything written or spoken about Greece that
doesn’t contain a great deal of hand wringing about the alleged
austerity – brutal fiscal austerity – that the Greek government has been
forced to endure at the hands of the so-called troika. This is Alice in
Wonderland economics. It supports my 95% rule: 95% of what you read
about economics and finance is either wrong or irrelevant.+
The following chart contains the facts courtesy of Eurostat. Social
security spending as a percentage of GDP in Greece is clearly bloated
relative to the average European Union country—even more so if you only
consider the 16 countries that joined the EU after the Maastricht Treaty
was signed in 1993. To bring the government in Athens into line with
Europe, a serious diet would be necessary – much more serious than
anything prescribed by the troika.
"
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