Greece has suffered a prolonged period of economic crisis and contraction unlikely to end any time soon, although signs of recovery are on the horizon. Scientists and political leaders alike, not only in Greece but also internationally, are in a desperate search for methods to revitalize the Greek economy. The structural problems facing the Greek economy are perhaps not unique to this country, and the attention of the global community is unlikely to be driven by mere curiosity.
The financial crisis in Greece and elsewhere is a case-in-point that our financial institutions are becoming obsolete in facing the pressing challenge of economic growth and individual well-being in modern societies. In this article, I call for a rethinking of financial institutions starting first from principles for the benefit of growth and prosperity. Urgent attention should be paid to such desiderata in austerity-driven economies, such as that of Greece or other economies of Europe, especially in its southern periphery. That said, the scope of my proposal is global.