This paper examines the current financial and economic crisis in Greece from a perspective of the East Asian Financial Crisis. The paper traces some of the distinctive features of the ongoing economic crisis in Greece, comparing them with those of the financial crisis in East Asia in late 1990s. This comparative analysis of the origin and process of the current Greek crisis shows that the aggravation of the Greek economic situation is primarily due to the IMF and the Troika’s misguided bailout conditionality, just as the IMF’s bailout programs in East Asia severely damaged many East Asian economies, 17-18 years ago. The paper draws some policy lessons from this comparison and proposes a series of common reform agenda. These include (1) a reversal of myopic financial liberalization and of the relegation of fiscal and monetary authorities to a supranational entity, (2) a need of international extension of the US Chapter 11 bankruptcy provision to sovereign states, (3) a creation of an effective international lender of last resort, and (4) a complete overhaul of the existing austerity-oriented bailout conditionality in favor of inclusive development-oriented criteria.