On July 5, Greece held a historic vote to decide whether or not to accept a bailout offer from the European Commission (EC), the International Monetary Fund (IMF) and the European Central Bank (ECB). The bailout referendum had both economic and political significance. Amid mounting criticism from lenders and the world's financial elite, eccentric Prime Minister Alexis Tsipras doubled down on his Syriza-led government's challenge to the establishment by warning that he would resign if the pro-austerity camp triumphed. In the end, Mr. Tsipras kept his job and in an obvious effort to make a point about making compromises, sacked the country's controversial finance minister. If you have nothing to lose, the Greeks appear to have thought, at least keep your pride.

Despite the traditional rivalry between Turkey and Greece, the bailout controversy stroked a chord of amity as days before the referendum Prime Minister Ahmet Davutoğlu said that his government was ready to help Greece recover from its financial troubles by cooperating more closely on tourism, energy and trade. "We want Greece to be strong," Mr. Davutoğlu added. In a rare display of bipartisanship, politicians from across the political spectrum echoed the prime minister's message of solidarity.

There is no doubt that Turkey's own experiences with financial trouble and foreign debt have a major influence on its approach to the economic crisis in Greece. Faced with pictures of empty supermarket shelves and people forming long lines in front of ATMs, many Turks inevitably remembered the late 1990s and early 2000s when the country went through a series of economic crises itself. "While foreign tourists cancel their reservations," the Istanbul-based papers proudly announced, "Turks remain committed to their holiday plans." The Turkish people, who know what austerity feels like, almost intuitively sided with David against Goliath.

The situation in Greece might look bad for Mr. Tsipras and his colleagues, but deep down, it hurts the European Union itself. One of the main reasons behind Turkey's sympathy for its embattled neighbor was the perception that EU members sought to take advantage of Greece's troubles, personified by German Chancellor Angela Merkel, seeming more interested in drawing blood than fixing problems. For millions of Turks whom Ms. Merkel and likeminded European politicians gradually alienated in recent years, the EU no longer represents a source of good in the world, but a corrupt, interest-driven institution. The EU leadership will have to work harder to fix its image. Admitting Turkey and other members of southern Europe is one thing, but Brussels will have to remain a source of attraction for its own good.

While the Greek debt crisis creates new challenges for Turkey's neighborhood, the ongoing episode also entails certain opportunities. The fragile situation in Eastern Europe inevitably causes more people to appreciate Turkey's role as a source of stability - which was certainly less significant when the world wasn't dealing with terrorists forming pseudo-states and overdue multi-billion-Euro bills.

Turkey's new government will have a responsibility to share its experiences with financially troubled neighbors and make a positive impact on the region. The country's ability to help its neighbors, however, inevitably hinges on its political stability.

As Daily Sabah, we commend the Greek people's courage and call on the European leadership to show due respect to and work with Greece's elected government in the future. Turkish politicians, in turn, must keep in mind that their ability and willingness to act responsibly has a profound effect on the Turkish people as well as Europe's oppressed nations.