As the debt crisis in Europe continues to unfold, renewed attention is placed increasingly on public (and private) investment as a vehicle for reigniting growth and counterbalancing the austerity effects of fiscal consolidation policies. Nowhere is this more urgent, or salient, than in Greece. However, there is remarkably little research, at least in that country, examining the criteria under which public investment is allocated across functional categories and across space. This article offers an extensive analysis of the spatial and functional allocation of public investment in Greece over a 33-year period and for various political-economic sub-periods. It examines the prevalence of criteria relating to redistribution, efficiency and equity; the temporal stability and functional complementarity of the observed allocations; and the extent of specialisation, concentration and clustering. Our results offer little evidence of regional or functional targeting, the exploitation of synergies and scale effects (efficiency), or the pursuit of objectives related to equity or redistribution. This raises serious questions about the efficacy of past public investment allocations in Greece and, with the expected increase in funding emanating from the EU, highlights the need for (re)defining the priorities and criteria for the spatial and functional allocation of public investments in the future.