The impact of EU (European Union) Structural Funds (from the European Regional Development Fund, the European Social Fund, the Cohesion Fund, etc.) channelled to Greece and other countries over the last 35 years has been thoroughly evaluated by EU‐commissioned impact reports and relevant academic studies. However, several political consequences of development transfers have been largely neglected. Concepts, methods and conclusions reached by studies of North–South development aid can help greatly to understand the medium‐ and long‐term political impact of EU funds. This article is based on interviews with EU and Greek politicians, officials, beneficiaries and various stakeholders. The conclusion is a less positive – but familiar in other parts of the world – story.