In his recent article "A New Chance for Greece" published by Project Syndicate (Sept. 9), Yannos Papantoniou, Greece’s Economy and Finance Minister from 1994 to 2001 and currently the President of the Center for Progressive Policy Research, maintains that "bad governance and weak institutions are to blame for the 2010 debt crash" in Greece, because the country has forgot to modernize the state through liberalization and privatization when it became the 12th member of the Eurozone.

Despite failure of previous bailout programs because of their excessive austerity, lack of counter-balancing measures when it comes to infrastructure investments and domestic reforms, or the absence of substantial debt restructuring, he sees a potential for last month’s deal to succeed.

"Greece’s location, together with existing strengths such as tourism, shipping, renewable energy resources, and a pool of scientists at home and abroad, provides real potential for the country to grow", which yet requires both stability and genuine reform. "That means that after the election, Greece’s center-left and center-right parties must learn to collaborate in the cause of effective governance" he concludes.