Whether governed by socialists or conservatives, modern Greece has seen an alarming increase in public debt and decline in public-sector efficiency. Because political patronage and clientelism have become deeply entrenched in Greek culture, the fiscal tragedy will likely worsen before conditions improve.

Panagiotis Evangelopolous is a lecturer in the Department of Economics at the University of Peloponnese in Greece.
Economic History and DevelopmentEconomyFederal Budget PolicyFiscal Policy/DebtPublic ChoiceTaxes and Budget