The recent Greek woes leave us several good lessons learned regarding with much-praised welfare state and democracy. What has happened in Greece only confirms the downsides of those systems. Welfare state only works if the government provides corresponding financing. And in turbulent times, democracy is likely not the best option.
After ruled by military junta for several years, in 1974 the Greeks regained its democracy. This also brought prominent Papandreou dynasty coming back to politics. Back to 1963 George Papandreou became Prime Minister and was toppled by military coup d’etat in 1967.
