Greece's semiperipheral development and foreign policy in the contraction period of the world-economy is the focus of this chapter. In world-system analysis, the period that began in the early 1970s corresponds to the relative decline of American hegemony and the emergence of Europe (the EC/EU) as a new economic and political centre of power. Accordingly, this chapter investigates whether, in the changing world context, Greece's internal economic and political dynamics and processes responded semiperipherally.