This paper explores the Greek economy since 1974, before and after joining the Economic and Monetary Union and some of the problems that the current global and European debt crises have created to Greek and to all European citizens. A social loss function and a partial equilibrium model are used to determine interdependence and social cost (or benefits) for the country. The most severe problems of Greece are the social chaos, which is increasing every day, due to the current financial crisis and the worst recession since the great depression of 1940s, the economic and political corruption, which are underrated by the officials, and the tremendous uncertainty that the Union has generated to its weak member-nations and their citizens. Europe has a seven thousand years old history, which comes from ancient Greek civilization and is complemented by Christianity. Greece experienced many difficulties, conflicts, and invasions by barbarians and other neighbouring countries, which had and continue to have tremendous negative effects on her economy. But at the same time, many good periods with tremendous contribution to the global scene are recorded. After World War II the nation and citizens enjoyed a huge growth, a stable development, a multiple improvement, and a preservation of their traditional social values. Lately, the European integration, the debt crisis, and the €110 billion loan from the Troika have destroyed the sovereignty of Greece and it is ruling undemocratically an entire continent and Greece, as a member of the EU and EMU. European Union’s economic and social policies cannot satisfy the welfare functions for the Europeans, like justice, fairness, allocation, equity, stability, distribution, efficiency, full employment, homogeneity, security, sovereignty, independence, self-sufficiency, certainty, and democracy. Unfortunately, Greece has lost her public and trade policies, which have increased instability and reduced growth and sustainability inside the country.
