To deal with the sovereign debt crisis，the newly elected Greek government under Papandreou implemented a package of draconian fiscal austerity policies. The adjustment programme was underpinned by a comprehensive structural reform in public administration，pension system and medical & health care. This triggered waves of protests and general strikes. However，the Greek economy remains lackluster and shows no sign of recovery. Meanwhile，affected less heavily by the global financial crisis，the neighboring Cyprus and Malta have walked out of the sluggish period with a relative stable political situation.