Abstract
Following a radical political economy, this paper offers a distinctive account of the crisis of the Greek economy. The public debt crisis of Greece is better understood when positioned within the neoliberal turn of global capitalism, which has shaped the prevailing European Monetary Union (EMU), and under the severe negative impacts of the current international crisis on weaker economies. However, the Greek debt crisis is deeply rooted in the unsettled capitalist development of the Greek economy and in its troubled integration in the European Union and global markets, manifest in the country's declining competitiveness. The austerity program currently implemented will lock the country into a deadly spiral of debt deflation. Greece needs a radical break from uneven and combined capitalist development.
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