Crisis in the Eurozone

Preface by Costas Lapavitsas
Acknowledgements
Introduction: The End of Europeanism by Stathis Kouvelakis
Glossary

PART 1: BEGGAR THYSELF AND THY NEIGHBOUR
Several dimensions of a public debt crisis
Macroeconomic performance: Stagnation in Germany, bubbles in the periphery
Labour remuneration and productivity: A general squeeze, but more effective in Germany
International transactions: Trade and capital flows in the shadow of Germany
Rising public sector borrowing: Dealing with failed banks and worsening recession
The financial sector: How to create a global crisis and then benefit from it
Political economy of alternative strategies to deal with the crisis

PART 2: THE EUROZONE BETWEEN AUSTERITY AND DEFAULT
Introduction
A profusion of debt: If you cannot compete, keep borrowing
Rescuing the banks once again
Society pays the price: Austerity and further liberalisation
The spectre of default in Europe
Appendix 2A: The crisis last time: Argentina and Russia
Appendix 2B: Construction of aggregate debt profiles
Appendix 2C: Decomposition of aggregate demand

PART 3: BREAKING UP? A RADICAL ROUTE OUT OF THE EUROZONE CRISIS
Hitting the buffers
Monetary disunion: Institutional malfunctioning and power relations
Failing austerity: Class interests and institutional fixes
Centrifugal finance: Re-strengthened links between banks and nation states
The social and political significance of breaking up
Default and exit: Cutting the Gordian knot

Index