California: The American Greece

What do Europe's most bankrupt nation-state and America's most bankrupt united state have in common, aside from being bankrupt? In what is undoubtedly a coincidence noticed only by free-market fundamentalists, it turns out that Greece, that sun-drenched paradise on the Aegean, and California, that sun-warmed El Dorado on the Pacific, are the worst places to do business in their respective economic zones. Greece manages to drive out business activity with a vengeance rarely seen in Europe. In the World Bank's Doing Business 2010 [pdf] survey, Greece came in 109th place worldwide, sandwiched between countries on the go Lebanon and Guatemala. That lands the cradle of democracy dead last in the European Union for business friendliness...more