In the maelstrom of the European economic crisis, the geopolitical consequences of Greece‘s weakening and [at least theoretically] possible collapse have been largely ignored by analysts and decision-makers. This paper is making no effort to absolve Greece of its substantial responsibility. It will argue that Greece‘s (and Europe‘s) crisis is mainly –but not exclusively- economic in nature, but the geopolitical dimensions should not be underestimated. If Greece fails to recover, it may well be forced to leave the Eurozone and, according to most experts, there will be a huge economic and political impact for the Euro and the EU. In addition, there will be severe repercussions for regional stability in Southeastern Europe and the Eastern Mediterranean, as well as the EU‘s and NATO‘s ability to play a substantial role in those regions.