As I said on the blog comments too, I would argue this is much more wide spread than just Europe. Take many Asian countries. A lot of governments are trying to artificially create entrepreneur driven markets / spaces with diverse levels of success. As I said today to a friend, it's not about the money, but about where you allocate it. And to do that, you need people that truly understand the problem, not outsiders with nothing more to do but to play "investor".
I'm quite willing to believe it; I just didn't mention it as I have zero exposure to the situation in Asia.
I doubt the investment situation will improve until those who succeed aren't (effectively) chased out of the country for one reason or another before they do succeed. I'm pretty sure you need a home-grown feedback loop.
