According to many analysts the world after the Lausanne Treaty was—in H. Kissinger’s words—a ‘restored world’, with a major part of the so-called Eastern Question being settled and a ‘rules-based’ new international regime being established, especially in terms of the creation of an ‘objective regime’ with regard to territorial settlements in land and at sea in the Aegean and in the broader Mediterranean region. Moreover, the ‘Lausanne legacy’ has constituted a clear departure from revisionism by putting total victory aside and by making war a bad option. Most importantly, the ‘Lausanne legacy’ has made evident that bilateral issues can be addressed through multilateral schemes by highlighting the compromises the states involved had agreed to make. Apart from exploring how far from—or how close to—the ‘Lausanne legacy’ Greece and Turkey stand today, this chapter discusses how particular multilateral initiatives can address the unresolved issues of the long-lasting bilateral conflict.