Massive public service reform for its dysfunctional state and a Euro exit and devaluation are the only way for Greece to break its current ‘doom loop’
AbstractMany of Greece’s problems are down to the dysfunctionality of its government. Robert Wade outlines just how dysfunctional the Greek state is, finding that 15 ministries and 48 ministers supervise some 2,500 entities, with few centralised information systems and a lengthy bureaucracy for appointments. However, the government’s recent reform efforts have exacerbated the country’s ‘doom loop’, with sharp falls in revenues as taxpayers refuse or are unable to pay. The only way out is for more Greek debt write-downs, and for the country to exit the Euro and devalue its currency.
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Date of creation: 11 Jul 2012
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-30 (All new papers)
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