The Greek Workshop of Debt and the Failure of the European Project

Much has been written on Greece's sovereign debt crisis and the disintegrative tendencies of the EU in conjunction with the global financial crisis that hit the West since summer 2007.

This paper reviews the most important contributions to the debate and advances an original analysis as to what the sources of the Greek debt crisis are and what steps should be taken in order to get out of it. The argument put forth is that responsibility for the country's debt should be placed squarely on Greece's two main parties ruling the country since 1974 (New Democracy and PASOK) in conjunction with the Euro-Atlantic political elites, the inter-section of which is straddled by a comprador-cum-financial oligarchy Greek-style. In addition, as the two ruling parties pick up their pieces from political and electoral debacles, the urgent political task of the Greek and the European Left is a policy of socialist seisachtheia.