The Recent Economic Crisis in Greece and the Strategy of Capital.

The deficit and public debt crisis in Greece, part of the expansion of the global crisis through the countries of the Economic and Monetary Union, raises questions about the existence of a common currency for national formations with different productivity, the specific role of financial capital in the overall conjuncture, and the maintenance of the hegemonic position of Germany within the EU. In Greece the problem of the deficit and the debt is employed as a bridgehead for the deployment of aggressive class policies. The effort is centered on rapid transfer of wealth from labor to capital--reduction in salaries, greater labor flexibility, loosening of restrictions on firing, reduction in pensions--with an intensity unprecedented in modern times. Through this project the Greek bourgeoisie calculates that it will acquire the capacity to deal with the pressures to which it is being subjected by capitalist formations of higher productivity. [ABSTRACT FROM AUTHOR]

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