The Greek Crisis (taught in english)

Faculty Instructor: 
Cycle / Level: 
Compulsory / Optional: 
Teaching Period: 
Course Content: 

1. Basic terms: capitalist world-system, capitalism, empire, debt, financialisation, ideology, expropriatory accumulation, extreme Right, fascism, anti-debt movements, euro, Left, Right, extreme Right.
2. Financialised capitalism
3. The terminal crisis of the capitalist system
4. Greek debt and politics before financialisation
5. The crisis of Eurozone
6. Debt management in Greece after 2010
7. Social and political consequences of the economic crisis in Greece
8. Movements against expropriatory accumulation
9. The Debt Truth Committee of the Hellenic Parliament
10. Crisis and the rise of the extreme Right
11. Current prospects
12. Overview, recapitulation, open question

Learning Outcomes: 

On successfully completing this course, students will have learnt basic facts about the current crisis in Greece, and the main theories pertaining to explain it. They will be able to analyse its parametres, and also to trace its causes, its social, political, and economic consequences, and its possible outcomes. Also, to assess the role of political management by the Greek government and the EU institutions during the development of the crisis. And finally, to demystify racist stereotypes developed since the onset of the world crisis of capitalism against Greeks and against the peoples of periphery of the European Union.


Giovanni Arrighi, The long twentieth century: money, power, and the origins of our times, Verso, London, New York 1994.

George Caffentzis, In Letters of Blood and Fire. Work, Machines, and the Crisis of Capitalism, PM Press, Ώκλαντ, Μπρούκλυν 2013.
Bernard Connolly, The Rotten Heart Of Europe. The Dirty War For Europe's Money, Faber and Faber, Λονδίνο, Βοστώνη 1995.
Nigel Dodd, The social life of money, Princeton University Press, Princeton, Oxford, 2014.
Silvia Federici, Caliban and the Witch. Women, Body, and Primitive Accumulation, Autonomedia, Νέα Υόρκη 2004.
Heiner Flassbeck, Costas Lapavitsas, Against The Troika. Crisis And Austerity In The Eurozone, foreword Oskar Lafontaine, preface Paul Mason, afterword Alberto Garzón Espinosa, Verso, London, New York 2015.
David Graeber, Debt. The First 5.000 Years, Mellville House, Νέα Υόρκη 2011.
Sandy Brian Hager, Public Debt, Inequality, and Power. The Making of a Modern Debt State, University of California Press, Oakland 2016.
David Harvey, The New Imperialism, Oxford University Press, Οξφόρδη 2003.
David Harvey, A Brief History of Neoliberalism, Oxford University Press, Οξφόρδη 2005.
David Harvey, Seventeen Contradictions and the End of Capitalism, Oxford University Press, Oxford, New York 2014.
Michael Hudson, The Bubble and Beyond. Fictitious Capital, Debt Deflation and Global Crisis, ISLET-Verlag, Dresden 2012.
Greta R. Krippner, Capitalizing on Crisis, The Political Origins of the Rise of Finance, Harvard University Press, Cambridge Massachusetts, London, 2011.
Costas Lapavitsas, A. Kaltenbrunner, G. Lambrinidis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, N. Teles, The Eurozone Between Austerity And Default, RMF Occasional Report September 2010, London 2010.
Costas Lapavitsas, Profiting Without Producing. How Finance Exploits Us All, Verso, Λονδινο, Νεα Υόρκη 2013.
Christina Laskaridis (ed.), False Dilemmas. An Introductory Guide to the Eurozone Debt Crisis, Corporate Watch, Λονδίνο 2014.
Thomas Piketty, Capital in the Twenty-First Century, μετάφραση Arthur Goldhammer, The Belknap Press of Harvard University Press, Καίμπριτζ Μασαχουσέτης, Λονδίνο 2014 [2013].
Wolfgang Streeck, Kathleen Thelen, Beyond continuity: institutional change in advanced political economies, Oxford University Press, Νέα Υόρκη 2005.
Wolfgang Streeck, Buying Time: The Delayed Crisis of Democratic Capitalism, μετάφραση Patrick Camiller, Verso, Λονδίνο, Νέα Υόρκη 2014.
Jan Toporowski, Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics, Anthem Press 2010.
Eric Toussaint, Your Money or Your Life! The Tyranny of Global Finance, translation Raghu Krishnan, Vicki Briault Manus, Pluto Press, London 1999.
Truth Committee on Public Debt, Preliminary Report. June 2015, Hellenic Parliament, Athens 2015.
Truth Committee on Public Debt, Illegitimacy, Illegality, Odiousness and Unsustainability of the August 2015 MoU and Loan Agreement, Hellenic Parliament, Athens 2015.

Further Reading
Perry Anderson, The New Old World, Verso, Λονδίνο, Νέα Υόρκη 2009.
Alexander Anievas, Kerem Nişancıoğlu, How the West Came to Rule: The Geopolitical Origins of Capitalism, Pluto Press, London 2015.
Bastiaan van Apeldoorn, “Saving Europe for Whom? The Crisis of Neoliberal European Socio-Economic Governance”, EUI Alumni Conference, Firenze 2011.
Norberto Bobbio, Left and Right. The Significance of a Political Distinction, Translated and Introduced by Allan Cameron, The University of Chicago Press, Chicago 1996 [1994].
Geoff Eley, Forging Democracy: The History of the Left in Europe, 1850-2000, Oxford University Press, New York 2002.
Tassos Giannitsis, Stavros Zografakis, Greece: Solidarity and Adjustment in Times of Crisis, Institut für Makroökonomie und Konjunkturforschung/ Macroeconomic Policy Institute, March 2015, at .
Judith L. Herman, Trauma and Recovery. The Aftermath of Violence from Domestic Abuse to Political Terror, Basic Books, New York 2015 [1992].
Michael Hudson, Killing the Host. How Financial Parasites and Debt Bondage Destroy the Global Economy, CounterPunch Books, Petrolia 2015.
International Monetary Fund, IMF Country Report No.16/130, Greece. Preliminary Debt Sustainability Analysis. Updated Estimates And Further Considerations, International Monetary Fund Publication Services, Washington, September 2016.
International Monetary Fund, Debt: Use it Wisely. Fiscal monitor, Ουάσιγκτον, Οκτώβριος 2016. Rosa Luxemburg, The Accumulation of Capital, μετάφραση Agnes Schwarzschild, εισαγωγή Tadeusz Kowalik, Routledge, Λονδίνο, Νέα Υόρκη 2003 [1913].
Costas Lapavitsas, Theodore Mariolis, Constantinos Gavrielides, Eurozone Failure, German Policies, and a New Path For Greece. Policy Analysis And Proposals, Rosa Luxemburg Stiftung, Berlin 2017, p. 41.
Karl Marx, Capital. A Critique of Political Economy, τ. Α΄, εισαγωγή Ernest Mandel, μετάφραση Ben Fowkes, Penguin Books, Χάρμοντζουερθ 1976.
Arno J. Mayer, Dynamics of Counterrevolution in Europe, 1870 – 1956: An Analytic Framework, Harper Torchbooks, Νέα Υόρκη 1971.
Alan S. Milward, George Brennan, Federico Romero, The European Rescue of the Nation-State, Routledge 2 London New York 2000.
Alan S. Milward, Politics and Economics in the History of the European Union, Routledge, Abingdon, New York 2005. Kees van der Pijl, Global Rivalries From The Cold War To Iraq, Pluto Press, London, Ann Arbor 2006.