It is easy to look at Greece and see four big quoted companies – Euromedica, Hygeia, Athens Medical and Iaso - who together control maybe 70% of the hospital market. Easy but wrong.

In fact, there are very large number of wealthy ship owners running their own private equity funds. A reliable source said that there are over 100 Greek ship owners, each with a net worth of more than €1bn. Typically, each of the big Greek shipowners will be investing in a different Balkan market. The Restis shipping group, for example, is heavily involved in Montenegro and Croatia and also has a healthcare fund.

Greek doctors can also make more than €1m a year. Many are ploughing their earnings into rehabilitation homes in Greece. The previous government upped the amount the state would pay for rehabilitation to around €150 a day. The net result is a flock of new rehab units, many of which are populated, not by rehabilitees, but by the elderly. Everyone knows that eventually the government will crack down, but, in the meantime, everyone is partying.

And then there are the so called listed companies themselves. Here, too, all is not what it seems - the senior management of several of these organisations have their own private investments on the side.