The presentation of Michalis Sallas’s book, “What Went Wrong in Greece, and What Could Be Fixed,” held at the National Gallery, drew a large crowd of political, business, banking, and institutional figures.The hall was packed, and, as reported, many of those who came were ultimately unable to enter due to the large turnout. The book’s market performance is also indicative of its impact, as it has already sold 10,000 copies within just ten days of its release.
The evening’s speakers
The discussion was moderated by journalist Dora Anagnostopoulou, who highlighted Michalis Sallas’s career as an economist, academic, and banker with many years of experience in the Greek financial sector.
Speaking about the book were former minister and professor emeritus of economics Panagiotis Roumeliotis, London Business School professor Ilias Papaioannou, and historian Maria Efthymiu.
Panagiotis Roumeliotis highlighted Michalis Sallas’s career at Piraeus Bank and its transformation from a small bank in the early 1990s—with a market share of 0.12%—into a dominant force in the Greek banking system. He also referred to the author’s thousands of personal notes, which were utilized in the book, as well as to his analysis of the path leading to the debt crisis and the memoranda.
Ilias Papaioannou, for his part, highlighted the book’s strengths, noting that it is easy to read, sparks discussion, and leads the reader to reexamine assumptions about the country’s trajectory. As he noted, the book’s value lies in the fact that it examines Greece simultaneously through the lens of business and the public sector, while situating Greece’s post-1970 trajectory within the broader international context.
He also emphasized the book’s holistic perspective, as it is not limited to macroeconomics but examines the state, entrepreneurship, the regions, and social groups.
In this context, he also referred to the distinction Michalis Sallas makes between the four “Greeces.” The Greece of subsistence, the Greece of public protection, the Greece of extroversion and creativity, and the Greece of power, describing how these sometimes compete and sometimes cooperate with one another.
Maria Efthymiu’s emotional response
Maria Efthymiu’s remarks were particularly noteworthy; she explained that she was moved while reading the book. As she noted, although she herself is not an expert in economics, she realized how closely what Michalis Sallas writes about modern Greece aligns with her own research on the creation and evolution of the Greek state.
She focused primarily on the mentalities that permeate Greek society—the divisions, the impulsiveness, the anger, and the difficulty of reaching a common understanding at critical historical moments—thus linking the book’s economic analysis to deeper historical themes.
Michalis Salas: “I didn’t want to write a book of denunciation”
For his part, Michalis Salas emphasized in his remarks that he did not want to add yet another narrative about the Greek crisis. As he put it, the more his research progressed, the more the certainty of easy interpretations faded.
According to him, the real question is not only what happened from 2010 onward, but how the country arrived at 2010. In other words, how did a developed country in peacetime find itself facing such a profound crisis?
Mr. Salas emphasized that the book is not a work of accusation, but an attempt to connect events, mindsets, institutions, and international developments. Among other things, it examines the major changes of the 1970s, the oil crises, the Cypriot tragedy, the dictatorship, and the transition to democracy, highlighting both the successes and the weaknesses of Greece’s journey.
In particular, during his speech, Mr. Salas focused on the restoration of democracy, the creation of stable institutions, political normalcy, and accession to the EEC, which he presented as a strategic choice for security, stability, and identity. At the same time, however, he referred to fiscal laxity, dependence on borrowing, the limited productive base, and the perception that prosperity can precede production.
Looking Toward the Future
According to the author, the book does not dwell on the past. In its final section, Michalis Sallas turns his gaze to the future, arguing that Greece will not be defined by the mistakes of 1980 or 2010, but by the decisions made today.
That is why he emphasized the need for a new productive strategy, featuring greater and more targeted productivity, better institutions, a more effective justice system, strengthened education, technological modernization, addressing demographic challenges, and supporting the regions.
The book’s central message is encapsulated in the phrase with which Michalis Salas concludes his remarks: “Greece is not a country that has failed. It is a country that has achieved a great deal, but far less than it could have.”