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.



  • “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.”


  • Making Sense of the Brexit Referendum: writers on the crisis

    In The Brexit Crisis: A Verso Report  an ebook available for free download  leading writers provide their thoughts on the EU referendum. Includes contributions from Étienne Balibar, William Davies, Akwugo Emejulu, John R. Gillingham, Peter Hallward, Laleh Khalili, Stathis Kouvelakis, Sam Kriss, Rebecca Omonira-Oyekanmi, Lara Pawson,  Wolfgang Streeck, and more.

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  • Why They Left

    This piece appeared first in Jacobin.

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    The Leave victory in the British referendum represents a moment of political confusion — a hiatus in the opposition between social classes. No class appears capable of directing events. The ruling class has no clear plans for the future, and seems temporarily stunned.

    The working class and the poor have expressed great anger at the state of affairs of both society and nation, but are also deeply divided, with contradictory ideas prevailing in their midst. The formless middle class is deeply frustrated at the turn of events and would like a firm hand at the tiller, but has no idea how to achieve this outcome.

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  • “Defend free movement, without illusions”—On the Significance of Immigration

    Sam Kriss is a UK writer who blogs at Idiot Joy Showland and has previously written about the post-Brexit Labour coup on the Verso blog. Here he unpicks ‘immigration’ as an empty signifier in which the totality of modern life's general miserableness is encapsulated and given false explanation — yet one that now threatens the end of freedom of movement, which argues the left must defend, without illusions.

    Our policy is to end free movement: people were unhappy about the drudgery and uselessness of social life, and the ruling classes encouraged them to call that miserable situation ‘immigration’; now, to fix the situation, the same ruling class is proposing to actually end immigration. The politicians have decided that Europe means immigration, but immigration only means itself. It’d be hard to imagine a more ridiculous outcome; it’s as if someone in a restaurant was unhappy with the food, and the manager tried to fix things by tearing up the menu. 

    Britain is obsessed with immigration; nastily obsessed. The vote to leave the European Union was, it’s now solemnly agreed, really a vote on open borders and freedom of movement. Apocryphal tales of people voting Leave because they thought it meant that all the migrants would be made to leave; more concrete, more harrowing instances of bigotry that have nothing to do with European migration law: assaults and attacks on black Americans and British Muslims, people who weren’t covered by any of the referendum’s overt content, but who carried the physical marks that signal migration. What does it actually mean when people talk about free movement, about unrestricted mass migration, about all these foreigners coming in?

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Other books by Costas Lapavitsas Preface by Stathis Kouvelakis