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Title:Whither public interest: The case of Greece's public finances PDF Logo
Authors:Moutos, Thomas
Tsitsikas, Christos
Issue Date:2010
Series/Report no.:CESifo working paper Fiscal Policy, Macroeconomics and Growth 3098
Abstract:During the last three decades there has been an almost continuous undermining of the public interest by private interests operating either outside or inside Greek public administration. The result of this infiltration has been a gradual loss of bureaucratic autonomy to pursue the public interest. The web of relationships developed between private interests and the two dominant political parties have eroded both the efficacy of public administration and the dynamism of the private sector as incumbent firms and public (or quasi-public) sector functionaries have been using their power to prevent the birth of new firms and to raid the state coffers. The upshot of these have been the emergence of permanently large budget and current account deficits, which have in turn driven Greece's foreign indebtedness to alarming levels, necessitating the current bailout by the EU/ECB/IMF.
Subjects:debt
deficits
political economy
fiscal crisis
Greece
JEL:E21
H11
H41
H62
H63
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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