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The new interpretation (NI) offers a particular understanding of important problems in value theory, especially the value of money and labor power and the structure and dynamics of capitalist accumulation. The NI is to be welcomed for raising these issues but not for the way in which it has dealt with them. Above all, the NI falsely assumes that value is directly and immediately represented by money. The authors propose alternatives that emphasize the processes (mediations) through which value is expressed as price. They draw on an alternative methodology and understanding of money, the value of labor power, and production and circulation of capital in the context of accumulation. JEL classification: 020; 050 Keywords: transformation problem; labor theory of value; labor power; value of money; Marxist theory of price

The Greek turmoil commenced as a balance of payments, or "sudden stop," crisis induced by large current account and primary government deficits. It became an economic and social disturbance of historic proportions. Its proximate cause was loss of competitiveness within the Eurozone due in large part to domestic German wage policies. The bailout policies, imposed by the lenders primarily for reasons of Eurozone stability and adopted by Greece, have had disastrous effects on both economy and society. The "historical bloc" that dominates Greek society willingly submitted to the bailout strategy, losing sovereignty, for reasons including fear and identity. [ABSTRACT FROM AUTHOR]