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Whither Public Interest: The Case of Greece's Public Finances

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  • Thomas Moutos
  • Christos Tsitsikas

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 has eroded both the efficacy of public administration and the dynamism of the private sector as incumbent firms and public- (or quasipublic-) sector functionaries have been using their power to prevent the birth of new firms and to raid the state coffers. The upshot of this process has 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, and IMF.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 66 (2010)
Issue (Month): 2 (June)
Pages: 170-206

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(201006)66:2_170:wpitco_2.0.tx_2-d

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Related research

Keywords: debt; deficits; political economy; fiscal crisis; Greece;

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References

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  1. Frederick van der Ploeg, 2007. "Prudent Budgetary Policy: Political Economy of Precautionary Taxation," Economics Working Papers ECO2007/39, European University Institute.
  2. Aureo de Paula & Jose A Sheinkman, 2007. "The Informal Sector," Levine's Bibliography 122247000000001663, UCLA Department of Economics.
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Citations

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Cited by:
  1. Chen, Yu-Fu & Funke, Michael, 2010. "Global Warming And Extreme Events: Rethinking The Timing And Intensity Of Environmental Policy," SIRE Discussion Papers 2010-48, Scottish Institute for Research in Economics (SIRE).
  2. Giancarlo Corsetti & Michael P. Devereux & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2011. "Chapter 3: Greece," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 97-125, 02.
  3. Daly, Hounaida & Smida, Mounir, 2013. "La coordination des politiques monétaire et budgétaire: Aperçu théorique
    [Coordination of monetary and fiscal policies: Theoretical Overview]
    ," MPRA Paper 48020, University Library of Munich, Germany.
  4. Thomas Moutos & Lambros Pechlivanos, 2013. "The Democratization of Rent Seeking in Greece," CESifo Working Paper Series 4331, CESifo Group Munich.
  5. Alfons Weichenrieder & Jochen Zimmer, 2013. "Euro Membership and Fiscal Reaction Functions," CESifo Working Paper Series 4255, CESifo Group Munich.
  6. Gustav A. Horn & Fabian Lindner & Torsten Niechoj, 2011. "Schuldenschnitt für Griechenland - ein gefährlicher Irrweg für den Euroraum," IMK Report 63-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  7. Daly, Hounaida & Smida, Mounir, 2013. "Interaction entre politique monétaire et politique budgétaire:Cas de la Grèce
    [Fiscal and Monetary Policy Interactions : The Greece Case]
    ," MPRA Paper 45931, University Library of Munich, Germany.
  8. Georgia Kaplanoglou & Vassilis T. Rapanos, 2013. "Fiscal Deficits and the Role of Fiscal Governance: The case of Greece," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 43(1), pages 5-30, March.

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