To be effective political leadership in the EU requires:

Fundamentally, the Greek economy eventually faced reality. The debt-financed growth bubble that occurred upon joining the euro eventually burst. The adjustment, however, was harsher and more painful than necessary. Fiscal consolidation was too tight and too front-loaded, and debt restructuring was too little and too late. The sequence of structural reforms was plainly wrong.

The real issue about the new situation in Greece is that it is a microcosm of massive flaws in the way European political economy has moved in the last two decades at both the level of the European Union and the Member States. Neither in Brussels nor in Athens does anyone yet seem to understand that.

In what is being seen as a capitulation, Greece negotiators agreed to a list of measures even stricter than those rejected by the country's voters in the referendum. In return, Greece will receive up to EUR 86 bn in new bailout aid, on condition that measures are implemented.

• Comprehensive debt operation is required to return Greece to economic health.
• Greece needs either a debt write-down  by 30% but even with debt relief, Greece’s debt ratio would still be at 142% GDP through 2022
• Greece needs maturity extensions to 40 years from 20 years currently
• Greece’s additional financing needs through 2018 total above € 60 billion
• Greece’s year-ahead financing needs alone total € 29 billion
• Imperative Eurozone covers at least € 36 billion in finance under highly concessional terms

Several scenarios for partial or full breakup of the euro-zone are possible.

Scenario 1: Economic and political strains force some combination of Portugal, Ireland, Italy, Greece, and Spain (for which PIIGS is an acronym) out of the eurozone. If, on the heels of some or all of the PIIGS, France also leaves, then the euro-zone becomes in effect if not in name an enlarged Deutsche-mark zone.

1. Greek mandate (as a result of the referendum) persuades eurozone leaders to agree to a revised deal.
2. Greek banks collapse leading either to a eurozone rescue deal or to Grexit
3. Grexit after attempted eurozone negotiations fall apart
4. Greece joins the BRICS Bank and begins the transition back to the drachma with the backing of the East.
5. Greece fails to join the BRICS Bank and falls into economic and social disarray.

Author: Joseph E. Stiglitz, Nobel laureate in economics, University Professor at Columbia University

"The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

1. Greek tourism contributes 17% to the GDP (2013)
2. Greek tourism covers 60% of the trade balance deficit
3. Greek tourism employs 1 out of 5 residents or 9.4% of total employment (340,500 jobs)
4. An estimated 22 milion tourists (including cruise passengers) visit Greece each year.
5. The top markets for Greece are: Germany (14%), UK (12%), FYRMacedonia (8%), France (6%) and Russia (6%)
6. Among 199 countries, Greece is 23rd in terms of receipts (US$ 32.7 billion) and 17th with regard to international arrivals.

It is important to understand the crisis of austerity that has been imposed by European bankers on Greece, Spain, Italy and Portugal, among others.

What happened ?
 

1. Evaluation: Detached or objective evaluation of the issue-client-organisation before determining if it merits lobbying.
2. Priority: Once the practitioner has assume the role of advocate, the interests of the client or organisation are valued above those of others involved in the public debate.
3. Sensitivity: Balancing of client priority on the one hand with social responsibility on the other.