This paper aims at deconstructing the nature of crisis. It goes beyond the wide- spread negative understanding of the concept as a trauma and reveals its limit- less transformative potential, while elaborating on its spatio-political dimension. Crisis is fundamentally interrelated with productions of knowledge, “normalities,” “rationalities,” “truths,” subject formation, and government á la Foucault. Thus, the lens of crisis is used to analyze and question the current urban transforma- tions in Athens: the nature of the production and management of the city and its space. We wished to narrate the story of Athens differently than the dominant rhetoric and to show how similar values that gave birth to the crisis before the of- cial “crisis” in 2008, are not only still considered “truths” but have also worked as the basis upon which new rationalities have emerged. Our narratives aimed to provide evidence of the components that emerged from deconstructing the crisis, as well as the effects of those components on social and political structures. “Cri- sis” gradually educates us to live with the loss of the city’s contested nature, thus creating a new social imaginary.