Pretty much. The stupidity of the spending of those loans was unbelievable - instead of focusing on buying licences to produce consumer products, they sunk so much money into 'moustache-socialist' projects.
It was also partially stolen by our own corrupt politicians and there are claims that the Russians too had a hand in this. Investing large sums of money in steel mills (a thing of the past) in the 1970s?? No one in the west would have done suck a dumb thing.
"Around 1% of our GDP growth since 2008 is because of EU money," said Poland's Regional Development Minister Elzbieta Bienkowska.
"That's almost 300,000 jobs. It's an enormous change, a kind of miracle I would say."
Cohesion funds are not designed to work alone. There has to be matching investment on a national level. In Poland the result is that GDP per capita has risen from just over 40% of the EU average when it joined the Union in 2004 to nearly 70% now.
"We would probably have made this progress in about 20 years if we had been forced to go it alone, without EU development money," Mrs Bienkowska said.
bbc.co.uk/news/world-europe-20318959
'Nearly five months after the final whistle at the European football championships, economists and officials say that Poland is reaping the benefits.
According to the London-based Brand Finance Institute, Euro 2012 helped lift Poland up its 100-nation ranking, from 24th to 20th.
In financial terms, the value of the brand "Poland" jumped 75 percent.
"The impact on our image is going to be long-term," said Joanna Mucha, Poland's sport and tourism minister.
The 677,000 fans who flocked to Poland may be worth their weight in gold -- and not only because they spent 1.1 billion zloty (266 million euros, $341 million), or 33 percent more than forecast.
A mighty 92 percent of foreign supporters surveyed by the PBS Institute in Poland at the end of Euro 2012 said they would recommend it for a holiday, and 80 percent aimed to come back.
In 2011, three million foreign tourists visited this nation of 38 million. Experts forecast that number will grow by 766,000 a year through to 2020.