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.
'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.