Greece

A small country hemmed in on its land borders by adversaries, Israel has always relied on the Mediterranean to avoid commercial and political isolation. New developments at sea, including the discovery of natural gas deposits and the growth of illicit trade, will only increase the importance of maritime issues for the country. Israel needs a comprehensive maritime strategy.

Two years, three sovereign bailouts, more than a trillion euros in cheap ECB loans, and dozens of summits later, the latest developments in Germany suggest that Berlin is moving to solve the continent's crisis. But the country’s idea of a solution remains a system in which Berlin gets de facto and de jure veto power over national budgets in return for eurobonds. That misses the point: the crisis is not fiscal, but financial. It began, and it will end, with the banks.

Before the first World War, Greek cities successfully managed their own affairs. Then modernization brought centralization, which paved the way for the current crisis. Now the country needs to get back to its roots.

As the European debt crisis grows more unwieldy by the day, the ECB may be the only entity with enough financial firepower -- the ability to bail out debt-ridden countries -- to reassure global markets. Critics argue the Bank should have stepped in as a lender of last resort long ago. Now the pressure is on Draghi to take risks his predecessor refused.