ABSTRACT
The article discusses the evolution of the Greek sovereign debt crisis in the context of the global crisis. It argues that the crisis of overproduction of capital prevents a return to the Keynesianism of the post-war period because it will intensify the falling rate of profit and will fuel inflationary pressure. The belated historical development of bourgeois Greece, with an absence of a strong industrial base and an over-extended, bureaucratic public sector supervising and giving fiscal and financial support to local capital, determined a debt–led growth of the economy making it extremely sensitive to the flows of foreign capital and of world trends in capitalism, particularly during its imperialist stage. It became the weakest, economically, of the indebted eurozone states. Greece's over-indebtedness has not been caused only by the corruption of its ruling class and of its politicians but also because they have had to concede to the post-1974 popular pressures from below. The deflationary measures forced on Greece by the IMF and the eurozone cannot be successful in their intent and will give rise to further political action from below.
