March 2010- This paper is based on a discussion the author gave at the Wilson Center with the same title.
Greece faces the greatest challenge since the restoration of democracy and the war in Cyprus in 1974. The challenge is economic and social, but, unless successfully managed, it may threaten the foundations of the political system, as well. Structural reform that needs to be implemented in the medium term – over the course of the next few years –if the crisis is to be put under control in the long haul. Such reform should extend to practically all areas of policy and should correct the long-established distortions and ‘conventional wisdoms’ of the economic, social and foreign policy of the country. more