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’

摘要

Many of Greece’s problems are down to the dysfunctionality of its government. Robert Wadeudoutlines just how dysfunctional the Greek state is, finding that 15 ministries and 48 ministersudsupervise some 2,500 entities, with few centralised information systems and a lengthyudbureaucracy for appointments. However, the government’s recent reform efforts haveudexacerbated the country’s ‘doom loop’, with sharp falls in revenues as taxpayers refuse or areudunable to pay. The only way out is for more Greek debt write-downs, and for the country toudexit the Euro and devalue its currency.