120 billion euro? Internets, you so funny.
To put things in perspective:
1. Estimates of just medicare/medicaid fraud in the US easily approach $100 billion. I'd bet those estimates are conservative.
2. Medicare/medicaid spending is only about a fifth of the US budget. (That doesn't necessarily mean that total US fraud is 5 times the above figure, but suggests it's much larger than $100B.).
3. The Eurozone's GDP is about equal to (slightly larger than) that of the US.
Put it all together, and tell me with a straight face that fraud in the Eurozone is 120 billion euro (about $160 billion). Keep in mind that for every Sweden there's an Italy.
Yeah, it's "probably" much higher, like the Broncos "probably" lost.