Crisis of Greece or crisis of the euro? A view from the European 'periphery'.

The article discusses why the eurozone--those countries of the European Union (EU) that use the euro as their currency--was so severely affected by the global economic crisis that started in 2008. A particular focus is Greece, and more broadly the economic relations between the core and periphery of the eurozone and the EU Economic and Monetary Union. Following a discussion of the logic of capitalism from a Marxist perspective, including neoliberal ideology, a detailed analysis of economic trends in Greece and the rest of the eurozone is presented.