This publication is based on the results of IMEMO's research project on South European debt crisis which were presented at the conference “Economic and political situation in Greece: local and global aspects”, attended by experts from IMEMO as well as Lomonosov Moscow State University, Institute of Europe RAS, Institute of Universal History RAS, Centre for Situation Analysis RAS, Russian Institute of Strategic Research and other research centers. The study covers various aspects of the ongoing debt crisis in Greece and its impact on global economy, the possible application of Greek-type anti-crisis policy to other EU countries. Special attention is given to Greece’s political developments, the current state and prospects for Russian-Greek relations.