Public Debt and Austerity in the EU

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Elena Papadopoulou and Gabriel Sakellaridis (eds.), The Political Economy of Public Debt and Austerity in the EU, Athens: Nissos Publications 2012, 290 p., ISBN: 9-789609-535465


The book is a compilation of analytical articles initially presented in a European Conference on the crisis of public debt in Europe, organized in March 2011 by the Party of the European Left, transform! europe, Nicos Poulantzas Instistute and the Coalition of the Radical Left (Synaspismos) in Athens.

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  • Elena Papadopoulou, Gabriel Sakellaridis: Introduction

Section 1 – Understanding the European Debt Crisis in a Global Perspective

  • George Stathakis: The World Public Debt Crisis
  • Brigitte Unger: Causes of the Debt Crisis: Greek Problem or Systemic Problem?
  • Euclid Tsakalotos: Crisis, Inequality and Capitalist Legitimacy
  • Dimitris Sotiropoulos: Thoughts on the On-going European Debt Crisis: A New Theoretical and Political Perspective

Section 2 – The Management of the Debt Crisis by the EU and the European Elites

  • Marica Frangakis: From Banking Crisis to Austerity in the EU – The Need for Solidarity
  • Jan Toporowski: Government Bonds and European Debt Markets
  • Riccardo Bellofiore: The Postman Always Rings Twice: The Euro Crisis inside the Global Crisis

Section 3 – Facets of the Social and Political Consequences of the Crisis in Europe

  • Maria Karamessini: Global Economic Crisis and the European Union – Implications, Policies and Challenges
  • Giovanna Vertova: Women on the Verge of a Nervous Breakdown: The Gender Impact of the Crisis
  • Elisabeth Gauthier: The Rule of the Markets: Democracy in Shambles

Section 4 – The PIGS as (Scape)Goats

  • Portugal – Marianna Mortagua
  • Ireland – Daniel Finn
  • Greece – Eric Toussaint
  • Spain – Javier Navascues
  • Hungary – Tamas Morva

Section 5 – Overcoming the Crisis: The Imperative of Alternative Proposals

  • Yiannis Dragasakis: A Radical Solution only through a Common Left European Strategy
  • Kunibert Raffer: Insolvency Protection and Fairness for Greece: Implementing the Raffer Proposal
  • Pedro Páez Pérez: A Latin-American Perspective on Austerity Policies, Debt and the New Financial Architecture
  • Nicos Chountis: The Debt Crisis and the Alternative Strategies of the Left
  • Yanis Varoufakis: A Modest Proposal for Overcoming the Euro Crisis

Section 6 – The Crucial Role of the European Left – Political Interventions

  • Alexis Tsipras: A European Solution for a European Problem: The Debt Crisis as a Social Crisis
  • Pierre Laurent: People Should Not Pay for the Crisis of Capitalism