Crisis in the Eurozone
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.
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A general squeeze
Dealing with failed banks
How to create a global crisis
Political economy of alternative strategies to deal with the crisis
Austerity and further liberalisation
Appendix 2B Construction of aggregate debt profiles
Appendix 2C Decomposition of aggregate demand
Class interests and institutional fixes
Restrengthened links between banks
The social and political significance of breaking up
Cutting the Gordian knot
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aggregate demand Argentina assets austerity balance sheet Bank of Greece banking crisis banking system bonds borrowing capital central bank competitiveness consumption core banks core countries current account deficits debtor-led default default and exit dollar domestic drachma EFSF euro area Europe European banks Eurostat Eurosystem eurozone countries exchange rate exposure external debt Financial Accounts financial markets financial system financialisation fiscal policy Germany global Greek Greek banks Greek debt Greek economy Growth Pact households imposed income indebtedness institutions International Monetary Fund investment Ireland Italy labour costs lending liabilities liberalisation liquidity loans Maastricht Treaty monetary policy monetary union NCBs neoliberal ofthe package particularly percent of GDP peripheral countries political Portugal pressure private sector privatisation problem public debt public sector recession reforms rescue reserve currency restructuring result rising risk securities social Source sovereign debt crisis Spain Stability and Growth swap wages workers world money