Over the weekend, an icon of Greek football broadened his horizons as he made his English Premier League debut. Giorgos Karagounis' Fulham bow didn't have the happiest of endings as his new side suffered a 2-1 defeat at home to Manchester City but for the 35 year-old, who admits to being in the "twilight" of his career, it represented a considerable personal achievement.



To be able to secure a contract in the most physically demanding league in the world at such an age is testament not only to the quality of the player but also to the era that produced him. For Karagounis' professional career was forged during the 1990s, a time when the presence of two Greek clubs in the UEFA Champions League was guaranteed and when they were still a force to be reckoned with on the continent.

Some of his team-mates in that famous squad that triumphed at Euro 2004 will even be able to boast of playing in Greece when there were three clubs in the Champions League group stages. The likes of Traianos Dellas, Giourkas Seitaridis, Stelios Giannakopoulos and Theodoros Zagorakis had their talents nurtured by clubs that were in healthy positions on and off the pitch.

Barely a decade later, as Karagounis was adding England to the list of countries where his illustrious career has taken him, Panathinaikos, Aris and AEK Athens were enduring humiliating weekends back home. They too are icons of the Greek game, though unlike Karagounis, their fortunes have rapidly declined against the backdrop of an economic crisis that has devastated an entire nation.

While Panathinaikos allowed eternal rivals Olympiakos to open up an eleven-point lead over them in a title race that already appears over after just five rounds, Aris were thumped 4-1 by Thessaloniki neighbours PAOK, and AEK Athens succumbed to a fourth defeat in five games, with manager Vangelis Vlachos quickly ushered out of the club.

These clubs have two things in common. Firstly, they represent some of the biggest sporting institutions in the country, boasting long and famous histories. Secondly, they have been crippled financially by the crisis that has engulfed Greece. Football - while certainly not a priority for the state or any of its creditors at the moment - has unsurprisingly proven susceptible to wider economic problems.

Earlier in the season a report by Greek newspaper Goal News revealed just how hard top-flight clubs had been hit by the crisis: overall, the wage bill of the Greek Super League sides - excluding the newly promoted trio - had almost been halved, reduced by an average of 44.7%, dropping from a total of €93 million the previous campaign to €50 million.

While Greek football clubs aren't the only ones in Europe to have had their spending curtailed against the backdrop of a global financial crisis, the impact on the pitch has been tangible. Clubs in England, Spain and Italy that are comparatively asset rich in terms of both infrastructure and playing personnel can cope with such turbulent periods far better than their Grecian counterparts.

AEK Athens and Aris' current debt obligations have been quoted as being €35 million and €21 million respectively and their player outlay has dropped by 65% and 78.4% since last season. When you consider the size of the two clubs and the following they command, it is tragic to see them in such a state. Given they both lost virtually an entire first-team squad over the summer for very little return - in many cases they in fact had to compensate departing players for previously unpaid wages - relegation is a realistic possibility for both (AEK are currently bottom of the league with a single point to their name).

Panathinaikos and PAOK are two teams who will be expected to at least challenge Olympiakos for the domestic title this season, yet both have been under a cloud of financial uncertainty for quite some time. Salvation came for both in contrasting form: Panathinaikos were reborn under fan-based ownership while Russian businessman Ivan Savvidis took over PAOK. While he has promised an injection of funds, only €2.2 million has been raised by the Panathinaiki Alliance.

That is hardly enough to keep them even within touching distance of Olympiakos, who are currently spending €10 million more than their Athenian rivals. Though they too have been hit economically - spending 21.7% less on players than last season - they already seem set to walk away with the Super League title again. Their current squad is of a considerably higher quality and depth than any other in Greece at the moment, unsurprising considering they have been the country's most professionally run club in the modern era.



Yet in Europe they have been exposed, losing their opening Champions League fixture at home against Schalke and seemingly set for another group stage exit. That is a problem that pales in comparison to those suffered by the aforementioned trio of clubs and the rest of the league in general. Watch any highlights package of Super League matches and, save for the odd exception, you will see empty, run-down stadiums and sub-par players on torn-up pitches.

The general exodus of the league's best players from all clubs has had an immediate impact on the quality of football in Greece at the moment, which at times worryingly resembles the amateur eras of the 1960s and 70s. Though the situation has not quite regressed to that point, this season marks the sharpest decline the domestic game has seen in perhaps two decades.

Certain clubs have at this early stage, however, thrived despite the difficult environment they have found themselves in. Asteras Tripolis have been impressive along with Atromitos, who are under the guidance of the experienced Dusan Bajevic and who were unfortunate to miss out on a Europa League group stage berth. Panionios, who saw their wage bill slashed by an incredible 81.15% (€6.5 million) are equal second with PAOK after five games, just three points behind Olympiakos.

For the most part, though, clubs are suffering from the poor administrative decisions and financial mismanagement of previous owners. Combined with the country's wider financial predicament this has produced a situation from which there appears to be no immediate escape, save for the sudden influx of cashed-up investors - though would likely not concern themselves with a domestic game that is fundamentally flawed and corrupt.

That there are only two Greek clubs competing in Europe this season - both kicking off their campaigns with defeat - is a damning indictment of the current state of football back home. Amazingly, the national team continues to thrive and is contrastingly professional in its operation, while the country's brightest talents are wisely electing to move abroad to further their development at the earliest opportunity (see Kyriakos Papadopoulos, Schalke).

Without a solid foundation from which to build in Greece, however, the ideal blend of domestic and foreign-based stars that made up that famous Euro 2004 squad won't be available to future national team managers. That might not necessarily preclude success on the international stage but, more importantly, it means that suffering Greek citizens won't be able to rely on magic of a thriving football landscape to at least temporarily escape their predicament - a situation that has been aptly described by Fulham player Karagounis as "very sad".

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