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The recent financial crises in America and Europe have shown emphatically that the findings of the relevant risk management literature concluding that lurking risks can be converted into opportunities have unfortunately not informed policy. The assumption of the risk as a burden, often leads economies to crises that undermine the development and prosperity of states and citizens. In this context, this article aims at highlighting risk characteristics and presentation of basic management principles which should govern the operation of public service organizations. Based on literature review of the economic facts of the 2008-2015 period in Greece, the fact that emerges is that effective risk management is a necessary condition for the survival of public organizations in today's global environment. present times, we stress the need to instill risk culture in organizations and analyze the role contemporary managers must have in risk-management. The third section, through an extensive review of the literature focuses on the case of Greece and its failed attempt to manage financial risk. In the fifth section, finally, we summarize the conclusions of the paper.

Creating a Culture of Risk in Greece Amidst the Economic Crisis: A Brief Retrospect on "Ice Age"