This volume investigates the policies and politics of extreme austerity, setting the crisis in Greece in its global context. Featuring multidisciplinary contributions and an exclusive interview with former Greek Prime Minister George Papandreou, this is the first comprehensive account of the economic crisis at the heart of Europe.

For most of the first part of the 21st century Greece has been seen as a critical battlefield for the survival of the powerful and the adjustment or extinction of the weak, as if all the historical contradictions of the global financial crisis and the eurozone crisis were concentrated in that tiny part of the world, with a population of just 11 million people and a GDP of less than 2% of that of the European Union as a whole. While the country has been overpowered by the disciplinarian and deeply authoritarian policy mix of ordoliberal/neoliberal rules, as this book attempts to show, there is hope. Defeat does not end the crisis, and crisis means constant opportunity. In this state of affairs, all types of agencies try to take advantage of the conditions and opportunities in order to advance towards positions of power and provide the best of solutions for the class interests they represent. Thus, harsh conflict is inevitable and if history provides a yardstick, it is that in periods of conflict and crisis, the winner, usually, is the one who manages to strike the right political and social alliances at the right time. The editors have assembled in this volume a number of interdisciplinary chapters and arguments which, despite their differences, share the strategic aim of a critique of both neoliberalism/ordoliberalism and new authoritarianism. Chapters examine the eurozone crisis from a variety of angles with reference to Greece, and Greek politics and society. With this collection of heterodox and scholarly essays, the authors and editors aim to offer a progressive understanding of current historical circumstances. Constantine Dimoulas is an Assistant Professor in social administration and evaluation of social programmes at Panteion University, Greece. Vassilis K. Fouskas is Professor of international politics and economics at the University of East London, UK, and the founding editor of the Journal of Balkan and Near Eastern Studies (Taylor & Francis).

This collection explores the current economic and political crisis in Greece and more widely in Europe. Greece is used to illustrate and exemplify the contradictions of the dominant paradigm of European modernity, the ruptures that are inherent to it, and the alternative modernity discourses that develop within Europe.

The “Greek Crisis” in Europe: Race, Class and Politics, critically analyses the publicity of the Greek debt crisis, by studying Greek, Danish and German mainstream media during the crisis’ early years (2009-2015). Mass media everywhere reproduced a sensualistic “Greek crisis” spectacle, while iterating neoliberal and occidentalist ideological myths. Overall, the Greek people were deemed guilty of a systemic crisis, supposedly enjoying lavish lifestyles on the EU’s expense. Using concrete examples, the study foregrounds neoorientalist, neoracist and classist stereotypes deployed in the construction and media coverage of the Greek crisis. These media practices are connected to the “soft politics” of the crisis, which produce public consensus over neoliberal reforms such as austerity and privatizations, and secure debt repayment from democratic interventions.

Since 2009, Greece has grappled with a serious debt crisis. Most economists believe that Greece's public debt, 180% of Greek gross domestic product (GDP), is unsustainable. The ramifications of the debt have been felt throughout the Greek economy, which contracted by 25% from its pre-crisis level. A fifth of Greeks are unemployed, with youth unemployment at nearly 50%, and the Greek banking system is unstable. Although other Eurozone governments, the International Monetary Fund (IMF), and the European Central Bank coordinated a substantial crisis response, Greece continues to face serious economic challenges. The economic crisis in Greece is also one of several major challenges currently facing the 28-member European Union (EU) that have heightened concerns about the legitimacy and structure of the EU and its institutions and raised questions about the bloc's future shape and character. Acrimonious debates among European leaders about the appropriate response to the Greek crisis and other challenges have heightened political tensions in Europe that could negatively affect the EU over the longer term. In particular, the crisis in Greece has exposed problems with the institutional architecture of the Eurozone, whose member states share a common currency and monetary policy, but retain national control over fiscal and banking policies. Recent Developments and Outlook In the short-term, attention is focused on whether the Greek government can make 6.3 billion (about $6.7 billion) in debt payments falling due in July. The Greek government and European creditors are in negotiations to unlock disbursements of financial assistance to the Greek government that would allow it to make the July repayments. If an agreement cannot be reached, Greece may again default on its debt. A key issue in current negotiations is the role of the IMF. The IMF did not participate in the third rescue package for Greece, but left open the possibility of doing so at a later date. The IMF is pushing the Greek government to implement pension and tax reforms and pushing European creditors to grant debt relief to Greece. After seven years through the crisis, how the crisis will ultimately be resolved remains unclear. Possible scenarios could include (1) Europeans continue to "muddle through" the crisis, providing financial assistance to Greece in exchange for reforms, while keeping Eurozone membership in tact; (2) Europeans provide greater flexibility to Greece on debt relief and reforms, allowing Greece to grow out of the crisis while maintaining membership in the Eurozone; or (3) an eventual splintering of the Eurozone, with Greece choosing or being forced to leave the euro in favor of a national currency ("Grexit"). Issues for Congress Impact on the U.S. Economy: Although direct U.S. exposure to Greece is limited, Europe as a whole is a major economic partner of the United States. The pace of economic recovery in the Eurozone and in Greece is expected to pick up, albeit at a still relatively low rate, but should ease some of the pressure on financial stability and on the dollar. IMF Involvement: Some analysts criticize IMF involvement in Greece, particularly extending large loans when questions surrounded the sustainability of Greek debt. Other analysts argue that IMF programs in Greece were critical for stemming contagion and ensuring stability in the global economy. U.S.-European Cooperation: The United States looks to Europe for partnership in addressing a range of global challenges. Political tensions in Europe and a focus on the Greek crisis could prevent the EU from focusing more intently on other key U.S.-European policy priorities, such as deterring Russian aggression in Ukraine and Eastern Europe and responding to conflict in the Middle East and North Africa.

"In this real-life political thriller, former Finance Minister George Papaconstantinou tells the inside story of the six years during which the Greek drama changed Europe and riveted the world. It is the story of a country forced by past mistakes into unprecedented actions with enormously painful consequences. A story about the people who shaped events by trying to respond to rapidly evolving circumstances often beyond their control. About decisions - good and bad, right and wrong - taken in official and behind-the-scenes gatherings in Brussels, Berlin, Frankfurt, Paris, London, New York, Washington and Athens; in Luxembourg châteaux courtyards, Davos kitchens and Bilderberg gatherings; in elegant offices and dreary basement meetings rooms.... Six years down the road since the crisis erupted, Greece is in its third bailout, still in a severe social and economic crisis, and there are so many questions. Were other solutions available? Should Greece have threatened to default in order to get a better deal? Should there have been debt relief from the beginning? Would Greece have been better off if it had left the Euro? Has Greece saved the Euro but not itself? The book addresses these questions with the eye of someone at the heart of decision-making during the crisis."--

Since 2010 Greece has been experiencing the longest period of austerity and economic downturn in its recent history. Economic changes may be happening more rapidly and be more visible than the cultural effects of the crisis which are likely to take longer to become visible, however in recent times, both at home and abroad, the Greek arts scene has been discussed mainly in terms of the crisis. While there is no shortage of accounts of Greece's economic crisis by financial and political analysts, the cultural impact of austerity has yet to be properly addressed. This book analyses hitherto uncharted cultural aspects of the Greek economic crisis by exploring the connections between austerity and culture. Covering literary, artistic and visual representations of the crisis, it includes a range of chapters focusing on different aspects of the cultural politics of austerity such as the uses of history and archaeology, the brain drain and the Greek diaspora, Greek cinema, museums, music festivals, street art and literature as well as manifestations of how the crisis has led Greeks to rethink or question cultural discourses and conceptions of identity.

This book sheds new light on the Greek economic challenges and helps readers understand the current debt crisis. Chapters from leading experts in the field identify and outline potential solutions to the on-going decline of the Greek economy by considering both Eurozone-adopted current policy framework explanations and potential alternative explanations. In contrast to the standard chronological approach toward the Greek debt crisis typically adopted by other texts, this book draws on the experience and views of specialized economists and offers divergent opinions that could potentially form alternative solutions. It will be of interest to researchers and academics interested in the Greek economy, modern financial modelling, and risk management.

This book offers a comprehensive guide to the on-going Greek debt crisis. It identifies and explains Greece’s idiosyncratic weaknesses, and highlights the existing rigidities in the EU architecture that make the recovery prospects of the Greek economy challenging. Chapters from expert contributors highlight aspects of the performance of the Greek economy with focus on export performance, labour market conditions, political cycles and regional income disparities. The book then goes on to outline the banking system in Greece in the post-crisis era, and includes analysis that explains how the credit rating score affected Greece’s borrowing capacity prior to the start of the insolvency crisis. The final part analyses and compares alternative scenarios of fiscal consolidation, seeking to identify whether there are alternatives to fiscal austerity and the impact of each one of them. This section also clarifies various misconceptions about the significant determinants of international competitiveness. Despite the focus of the book, the lessons drawn from the chapters are not limited to Greece. This volume will be of interest to academics, practitioners and policy makers who wish to take a closer look at the Greek debt crisis and learn more about the challenges the Greek economy is currently facing.

Since its onset, the Greek crisis has given rise to an abundance of relevant text and talk. This volume offers an insider’s view of the discursive manifestations of the crisis, focusing on discourses in the Greek language and by Greek social actors. The contributions investigate the diverse ways in which the crisis has been communicated to the public by domestic policymakers or debated by elite, non-elite and resistant participants. Crisis discourses are also examined in the light of the rise of neo-nationalism and the extreme Right in both Greece and Cyprus. All contributions seek to meaningfully combine critical discourse and corpus linguistics perspectives for a better understanding of the Greek crisis as a socio-economic episode and as a discourse construct. Discourse-driven quantification and corpus-driven quantification complement each other in the critical examination of textual data as diverse as official government communications, party leader speeches, newspaper articles, public assembly resolutions, song lyrics, social media commentary and terrorist proclamations.