Since the year 2013 the vast group of states in Central and South-Eastern Europe have suffered political crisis. It exposed the systemic problems of these countries - as well as the problems of the whole region. These local crises are taking place along with the crises on the higher level - the crisis of the European integration, of the Euro-Atlantic Security, accompanying the deterioration of the relations between the West and Russia. All this shows that the reevaluation of the processes that have developed since 1991 in Europe is needed. The author of the article gives his estimation of the results of the post-socialist transformation in South-Eastern Europe in the context of the current political situation in the countries. Using traditional historical methodology (narrative, retrospective, comparative and structural methods) as well as the country and area studies, he shows that the results of the transformation are not so unambiguous. The socio-economic crisis, the structural problems, the rise of authoritarism along with the remaining ethnical issues show that the traditional view on the transformation as a progressive transition from the authoritarian socialist to the democratic capitalist state system has failed. The lack of a modern approach that might reflect all current regional trends demonstrates the uncertain future of South-Eastern Europe which is probably returning to its historical role of a playground for the Great Powers.