A lively debate exists on the role of China in Europe in the wake of the debt crisis.

In this regard, Greece's case offers an interesting case for examination based on two main reasons.

First, this country has been the catalyst for European economic governance since October 2009, leading Brussels to make almost unthinkable decisions for the protection of the euro.

And second, it constitutes the most eastern part of the West, and can thus be seen as a starting point for the continuation and expansion of Beijing's presence in the old continent.

There is a common denominator in the approach of Greece and China vis-à-vis the eurozone.

Although the international positions of the countries are contrasting - the former is striving to escape bankruptcy while the latter is a rising power - they both consider the survival of the common currency as crucial to their national interests.

For Athens, a potential return to the drachma might jeopardize its economic, political and social stability.

For Beijing, a possible breakup of the eurozone might have dramatic consequences on its attempts to achieve a diversification in its currency reserves as well as on the demand for Chinese products in Europe.

On these grounds, Greece welcomes attempts made by China to play an active role in the European debt crisis and the Greek one in particular.

Nevertheless, China does not make debt purchases public.

It is, therefore, difficult to know how much sovereign debt China has bought.

But China's will to support Greece is straightforward. Premier Wen Jiabao's address in the Hellenic Parliament in October 2010 was a remarkable example outlining Beijing's policy.

As a result of the financial crisis, the dynamic between Europe and China has changed.

Various European countries such as Greece are in urgent need of cash and an injection of new resources, while Chinese companies have started to look for opportunities in Europe.

In the summer of 2009, for instance, Chinese company COSCO agreed with the Greek government on a 35-year lease of Piraeus Port's pier II.

In spite of relatively limited turnover due to the recession, COSCO's investment has been particularly successful. 

Initial tensions with trade unions and Greek workers only belong to the past. At the same time, this investment has led the chorus for additional privatizations in Greece, which are a necessary prerequisite for the release of further loans by its creditors.

COSCO's investment in Piraeus should not only be seen as a simple bilateral agreement between Greece and China.

Its importance is much greater as it can constitute the basis for an expanded cooperation network which will help the Hellenic Republic to modernize its economy, create a friendly environment for business, attract investors and return to growth.

A recently announced provisional agreement highlights this. Specifically, the US IT company Hewlett-Packard decided to choose pier II of the Piraeus Port - which is controlled by COSCO - as its central distribution point and to select the Greek state railway service operator TrainOSE for the transportation of its products.

Greece can be possibly transformed into a transit center for the broader region.

It is not only the economy, however, which explains Greece's high interest in the expanded role of China.

Athens strongly believes that various problems will be better tackled through multilateralism.

New foreign policy crises such as the revolts in the Middle East and North Africa region and difficult challenges like climate change and poverty do not require unilateral but global responses.

Athens certainly acknowledges the significance of Beijing at the world stage.

Along with this acknowledgment, it can probably go further by assisting the second to improve its relationship with the EU and NATO.

The ongoing economic crisis does not rule out the possibility for initiatives which are low-cost and are based on the logic of mediation or the role of a facilitator.

Greece is a gateway to both north and south, and its geopolitical position is not ignored by China. This is how the story of a debt-stricken country can gradually change into a successful example.

The author is a research fellow at the Hellenic Foundation for European and Foreign Policy. opinion@globaltimes.com.cn