ABSTRACT
The administration of George Papandreou represents the first stage of the modern Greek drama, while the unity government of Lucas Papademos and the coalition one of Antonis Samaras represent its natural continuation. The Greek economy, the state and its citizens are imprisoned in a vicious circle with no light at the end of the tunnel. The successful bond exchange, which was completed on 8 March 2012 in the framework of the so-called private sector involvement, releases Greece from its obligation to pay back a significant part of its private debt. International media welcomed the formation of the unity government in Greece in November 2011. The European debt crisis which started in Greece and has expanded to other countries of the EU, mainly Ireland, Portugal, Spain, Italy and also Cyprus, is far from over.
