N. Kotzias formulates a new interpretation of the political-institutional consequences of the Greek and European Crisis. Through the examination of empires in the last 500 years, he concludes that the EU is evolving into an empire based on: a) financial markets, b) the bureaucracy of Brussels, c) Germany.

The author argues that in the EU, the trend of increasing inequality among its member states is dominant. A chain is created, with Germany at the top, holding primacy in the EU, and the European South at the bottom. The powerful countries of the EU, especially Germany, are now characterized by "economic-cultural nationalism" and even "racism".

The tendency of the EU to develop into an empire is linked to the evolution of Germany into a kind of "imperial state", a New Rome that is the real center of European becoming. This change is connected to the transformation of Greece into a debt colony. The author shows through past experiences and theoretical discussions, through a series of comparisons, what "debt colony" is and how it is defined.

The author analyzes the current system of governance that has been established in Greece. How it operates, with what mechanisms, institutions, programs. The destructive pursuits of the Troika and the Germans. The enormous responsibilities of the Greek oligarchy and corruption. The consequences of Greece's transformation into a debt colony on its society and economy, as well as on Cyprus. He analyzes the democratic problem and the sovereignty problem that arises for "Greece, a debt colony". He formulates proposals.