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

  • Thomas Moutos
  • Christos Tsitsikas

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.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2010/wp-cesifo-2010-06/cesifo1_wp3098.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3098.

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Date of creation: 2010
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Handle: RePEc:ces:ceswps:_3098
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  1. Jose Scheinkman & Aureo de Paula, 2007. "The Informal Sector," 2007 Meeting Papers 117, Society for Economic Dynamics.
  2. Frederick van der Ploeg, 2007. "Prudent Budgetary Policy: Political Economy of Precautionary Taxation," Economics Working Papers ECO2007/39, European University Institute.
  3. Frederick Van der Ploeg, 2007. "Prudent Budgetary Policy: Political Economy of Precautionary Taxation," CESifo Working Paper Series 1973, CESifo Group Munich.
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