The Great Eurozone Disaster - From Crisis to Global New Deal

The last couple of years have seen the eurozone lurch from crisis to calamity. With Greece, Portugal and Ireland already driven to the brink of economic catastrophe, and the threat that a number of other EU countries are soon to follow, the consequences for the global economy are potentially dire. In The Great Eurozone Disaster, Heikki Patomäki dissects the current crisis, revealing its origins lie in the instability that has driven the process of financialisation since the early 1970s. Furthermore, the public debt crises in the European deficit countries have been aggravated rather than alleviated by the responses of the Commission and leaders of the surplus countries, especially Germany. Providing a captivating narrative about how Europe ended up in its present predicament, Patomäki presents a radical new vision for 'global economic democracy' as the only viable way out of the current crisis.

1. Introduction 2. The Economic Theory of Debt Crises 3. The Predictability of Global Financial Turmoil 4. Contradictions at the Heart of the EMU 5. The Trouble with the EU's Official Reform Proposals 6. European Futures 7. How Should Debt Crises be Solved? 8. Towards Democratic Global Keynesianism Glossary of Key Terms and Acronyms Bibliography