Saturday, September 17, 2011

Greece, Chapter 837.

From today's Wall Street Journal:

"Swiss drug giant Roche Holding AG has stopped delivering its drugs for cancer and other diseases to some state-funded hospitals in Greece that haven't paid their bills, and may take similar steps elsewhere, a stark example of how the European debt crisis that has jolted global financial markets is having a direct effect on consumers...."

There are hospitals "who haven't paid their bills in three or four years," (Roche CEO Severin) Schwan said. "There comes a point where the business is not sustainable anymore."