ABSTRACT
This chapter argues that political destabilization in Greece is best described by the term of hegemonic crisis referring to the ability of the dominant classes to 'represent the general interest vis-a-vis the dominated classes.' It describes concisely the implementation of the strategy of internal devaluation as a macroeconomic disaster that plummeted Greece into a long depression and the popular classes in material deprivation and poverty. The chapter shows in what ways the social consequences of the strategy turn into a crisis of social reproduction. It shows how social reproduction crisis generates a tendency to hegemonic crisis and its counter-tendency to passivity. The Greek Depression is not an accident, nor the outcome of wrong policies or mistaken ideas; it is the outcome of a meticulously elaborated strategy, namely internal devaluation. Since the implementation of the first Memorandum of Understanding, which was agreed between the troika and the Greek Government in 2010, the economic and social indicators have deteriorated dramatically.
