The literature dedicated to the impact of Greek crisis on European economy focuses mainly on the fiscal and debt aspects. Regional and bilateral effects are not in the focus. This article offers a non-conventional diagnosis of the causes and nature of Greek crisis as a result of structural rather than fiscal factors, as more European than specific Greek crisis. The author argues that the European lessons from this case are not well perceived and learned. The article analyses the state of Greek economy after the completion of the rescue programmes and the challenges ahead that may further affect the neighbouring countries and particularly Bulgaria. The Greek economy lost its role as an important driver for economic growth and reforms before the crisis in the region. The study identifies the main channels through which both positive and negative impulses to the neighbouring economies occur.