During the post-1974 years, the so-called period of the “Third Hellenic Republic”, the Greek economy was characterized by a long-term trend of high economic growth rates. However, after the onset of the global financial and economic crisis of 2008, this trend was reversed. The downturn in total economic activity can be distinguished in three sub-periods. More specifically, during the period of the global financial crisis that evolved into an economic crisis (2008–2009), during the period of the great Greek recession or the period of great Greek economic slump (2010–2016), and during the initial stage of the Covid-19 pandemic and the Russian-Ukrainian War (2020–2022). Moreover, during the period 2008–2016 the country’s public debt jumped from 109.4% to 180.4% of GDP. The question therefore is to what extent the country’s public deficits, and by extension the Greek public debt, have been affected by the downturns in economic activity and other macroeconomic and binary variables and in particular by domestic and global economic crises and if so to what scale.