Published: April 2011, 2nd Edition: July 2011

With the global crisis as its starting point, the book focuses on the analysis of the Eurozone crisis, as well as causes and consequences of the debt crisis in Greece, as a ‘concise’ expression of the crisis in Greek capitalism. Analyzing European Summit decisions made in the past years, it shows that sustainability of the Eurozone is not safeguarded by neo-liberal ‘formulae’, but by the re-foundation of the ‘European vision’, according to the interests of the peoples and workers of the EU. Therefore, Greece’s debt crisis cannot be overcome by implementing ‘Memorandum’ measures and a policy of ‘controlled default’, but by writing-off the greater part of the debt, in accordance with international legislation.

Extra attention is given to the ‘default of payments’, as a possibility within the context of an alternative, political and progressive ‘exit strategy’ in a socialist perspective. The growth of a strong resistance movement against the ‘Memorandum’ and common action of the broader Left are the preconditions for creating a ‘radical-left government’ that will implement a program of progressive ‘exit strategy’ and pave the way for a hopeful prospect for both the youth and Greek society as a whole.

The book enriches existing bibliography by bringing to the fore the term ‘odious debt’ and the necessity of forming a special ‘Audit Commission’ of the Public Debt of Greece (ELE).