It's more like poetry and it's difficult to interpret it. I'll give a try to explain but this doesn't mean that what I say is right. This is just my point of view, every person has its own way to see things. So if someone has another opinion, let us know so we can complete the puzzle and have a whole picture. 
In my opinion, the whole idea of this song is our 'hero's' (if I may call him like this) relation with nature.
Γεμάτο δάκρυα στάζει το πέλαγος - The ocean seems like crying
Μοιάζει το χιόνι σου φέτος να καίει - and the snow this year is getting hotter (due to climatic changes)
Μοιάζει το μέλλον να είναι απροσπέραστο - our future seems to be inaccessible (is at stake maybe)
Σ’ ένα παρόν που στενάζει και κλαίει - living in desperate times
Είναι χλωμό του ουρανού το στερέωμα - Sky's wan (because of the contamination maybe?)
Και τούτη η πόλη φαρμάκι να στάζει - and this city is full of poison (the pollution has made the atmosphere in the big cities intolerable)
Έχω πια χάσει καιρό το δικαίωμα - I've lost the right a long ago
Να σ’ αντικρίζω καθώς θα χαράζει - to face a clear sky as it will be breaking
Όσο μ’ αγάπησες τόσο σε πρόδωσα - As much as you loved me, so much I betrayed you (it's well known how humans treated earth, I don't need to explain more
)
Όσο με πρόδωσες σ’ είχα αγαπήσει - As much as you betreayed me, I had loved you (when we realized what we did it was too late to fix things)
Όσο με άφηνες τόσο σε άφηνα - as much as you were going away from me, I was going away from you
Κι όσο με μίσησες με έχω μισήσει... - and as much as you hated me, I've hated myself (and we've hated ourselves for what we've done)
Κλείνω τα μάτια και βλέπω το αύριο - I close the eyes and I try to imagine our future
Κι είναι ένα αύριο δίχως εικόνες - and it's a future without images (without color maybe? or a future that we can't even imagine, that we don't know what is gonna happen)
Ίσως να ζει η αγάπη μεθαύριο - maybe love's still alive the day after tomorrow (he's hoping that people will still love each other the day after tomorrow)
Ίσως περάσουν κι αυτοί οι χειμώνες - maybe these winters end (he's hoping that these tough times will pass)
Είναι η πόλη μας τώρα πια φάντασμα - Our city is like a ghost (maybe all the gas and car exhaust make the city look ghostly)
Μοιάζει με πίνακα που έχει ξεβάψει - it looks like a faded painting (without colors for the reason I said above)
Κι έχει απομείνει μονάχα η θάλασσα - and only the sea is left
Να μου θυμίζει ότι έχω ξεχάσει - reminding me all the things I've forgotten
Έτσι κοιτάζω την πόλη που αγάπησα - So I'm looking at the city I loved
Όταν σε είχα σε αυτή συναντήσει - where I first met you
Έτσι κοιτάζω την πόλη που άφησα - so I'm looking at the city I left
Όταν στην άβυσσο μ’ είχες αφήσει... - when you left me in the abyss
The last verse is difficult to interpret...
So that's (I repeat) my point of view
Άνθρωποι τύχης είδωλον επλάσαντο, πρόφασιν ιδίης αβουλίης.
~Δημόκριτος~