Most of the economists around the world seem to agree that the agreement offered by the euro zone to Greece on July 13, will be a Sisyphean task for the country. However, some analysts like Aristos Doxiadis, a renowned Greek commentator and entrepreneur and Yannis Ioannides, an economist at Tufts University, argue that "debt is ultimately the lesser problem. Productivity and the lack of competitive exports are the much more important ones."

In his personal blog as well as in New York Times Doxiadis has recently argued that for Greece to grow bigger businesses is needed, as well as more foreign investment, more experiments with new business models, and more innovation. For Doxiadis it matters little what the Greek government can negotiate on debt and fiscal deficits for "unless it can export more, Greece will fail in the anti-austerity phase of the crisis, just as it failed in austerity."

Similarly, James Surowiecki, in an article for the New Yorker magazine, titled How Can Greece Take Charge?, tries to find ways out of the impasse for Greece. He reports the above mentioned opinion of Ioannides on debt and argues that Greece has only one option—to make the economy more productive and, above all, to export more.

This could be achieved by tackling the several structural issues underpinning the country’s economy: small manufacturers and low productivity; a legal and business environment that discourages investment; contractual disputes that take too long to be resolved; and myriad regulations designed to protect existing players from competition. 

Despite the difficulties, simple reforms could have a big impact. Especially as the country has important assets that it hasn’t taken full advantage of. For instance Greek olive oil is mainly sold in bulk to Italy; it should be processed and sold with own label. Similar stories could be told about other products and of course tourism. Greece also needs to halt its current brain drain, by capitalizing on its climate and its educated workforce.

Surowiecki concludes with the words of Yannis Ioannides, pointing the Greek prime minister should forget about what Europe isn’t going to do, and focus on what Greece can do for itself.