Department of Economics Working Papers,
Vienna University of Economics and Business, Department of Economics

Abstract: In the years following the financial crisis, Greece experienced a severe loss in real per capita income and accumulated a public debt much higher than GDP and that of any other EU country. The article briefly analyses the causes of this development, including the policy failures of Greece and the EU. It develops a game-changing strategy, which could return the country to a growth path. This starts with the vision that Greece can make use of its unique location between Europe, Asia and Africa to build a bridge connecting these regions with fascinating and productive complementarities. Given this new strategy, including regional leadership in decarbonisation, youth reform boards, and the Greek diaspora as a manager of reforming and financing new activities, Europe should cut a substantial part of the debt. This would be in the interest of Greece, the EU and Europe´s neighbours.

Keywords: European strategy, a vision for Greece in the globalized world, new actors for reforms

JEL-codes: A13; D22; E02; E61; F13; F42; L52 February 2019

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