Greece Needs a Fresh Start

31 Oct 2013, Thessaloniki, Greece — Thessaloniki, Greece. 31st October 2013 — Greek small holders hold banner during a protest rally on Thursday demanding return of their money, after the PSI restructuring last year meant substantial losses for them. — Dozens of Greek small bond holders stage a protest rally on Thursday demanding the return of their assets after the PSI debt restructuring last year which meant substantial losses for them in Thessaloniki, Greece. — Image by © Orhan Tsolak/Demotix/Corbis

by Aristides N. Hatzis 

He is an associate professor of law and economics at the University of Athens. He is the founder of The Greek Crisis, a blog, and is on Twitter.

Greece is a part of a continent overwhelmed by crisis while economic power shifts to emerging countries. But only Europe can help Greece recover.

During its tumultuous history modern Greece has always managed to be part of the winning alliances. Right after its independence Greece was attached to the powerful British Empire. In the two world wars Greece was an energetic ally of the western powers. After a ferocious civil war it saved itself from becoming the southern part of the iron curtain and during the Cold War it was a member of NATO and an ally to the U.S. These alliances  (despite their predicaments) helped Greece to realize two dreams: national integration and economic development (from 1929 to 1980 Greece had an average rate of growth of 5.2 percent).

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