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Crisis in the Eurozone

A controversial call to break up the Eurozone and stop the debt crisis.

First, there was the credit crunch, and governments around the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt crisis, which has hit the eurozone hard. The hour has come to pay the piper, and ordinary citizens across Europe are growing to realize that socialism for the wealthy means punching a few new holes in their already-tightened belts.

Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself.

Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.

 

Reviews

  • “This book is indispensable for anyone trying to make sense of the European Union’s implosion.”
  • Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work”
  • “The most comprehensive, thoughtful, and insightful dissection of the Eurozone’s problems. If you could only read one item on this momentous crisis, this book would be it.”
  • “The authors advocate a different approach that lies between political economy and radical economics.”

Blog

  • A Reply to the Sophists by Stathis Kouvelakis

    Since Syriza was elected, Stathis Kouvelakis, who is a member of the party's Central Committee, has been providing vital insight and analysis of the rapidly developing situation in Greece. Below he addresses current understandings of the Greek government's agreement with the Eurogroup, including that of Étienne Balibar and Sandro Mezzadra, posted earlier today.



    In the last few days there have been two sophisms circulating among those who refuse to look reality square in the face and recognise the retreat that Syriza has been forced to make, as well as its possible consequences. Or rather, two and a half. And I say ‘forced’ with good reason, because the new government has been trapped by its mistaken strategy: though I wouldn’t say it was a ‘betrayal’ or ‘capitulation’, since these are moralising terms that are of very little use for understanding political processes.

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  • 'A Reply to the Sophists' by Stathis Kouvelakis

    Since Syriza was elected, Stathis Kouvelakis, who is a member of the party's Central Committee, has been providing vital insight and analysis of the rapidly developing situation in Greece. Below he addresses current understandings of the Greek government's agreement with the Eurogroup, including that of Étienne Balibar and Sandro Mezzadra, posted earlier today.



    In the last few days there have been two sophisms circulating among those who refuse to look reality square in the face and recognise the retreat that Syriza has been forced to make, as well as its possible consequences. Or rather, two and a half. And I say ‘forced’ with good reason, because the new government has been trapped by its mistaken strategy: though I wouldn’t say it was a ‘betrayal’ or ‘capitulation’, since these are moralising terms that are of very little use for understanding political processes.

    Continue Reading

  • 'Syriza wins time—and space' by Étienne Balibar and Sandro Mezzadra

    Alongside the comments made by Costas Lapavitsas and Stathis Kouvelakis on the Greek government's "capitulation" in the Eurogroup negotiations, Étienne Balibar and Sandro Mezzadra argue for a different approach to the present moment.


    So is it true, as many of the papers tell us, that Athens has given in to the Eurogroup’s demands (as La Repubblica puts it) or that it has take the first step toward returning to austerity policies (as the Guardian reports)? If we believe certain leaders of the left wing of Syriza, the new government’s courage didn’t last long, and the ‘capitulation’ has already begun…

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Other books by Costas Lapavitsas Preface by Stathis Kouvelakis