Financialisation of the State: Eurozone Crisis and the Case of Greece

Ali Rıza Güngen

Financialisation of the state; based on legal changes, fiscal reforms presented as the extension of international consensus and steps to be taken for international financial integration, and the isolation of economic policy making from political struggle, is the transformation of the state into the watchman of the financial sector. The socialisation of the losses of the financial sector and legal reforms in line with the rule-based fiscal governance approach amidst the debt crisis in Greece and the Eurozone implies that such a strategy is at work on European scale in the aftermath of the credit crunch. Analysis of debt restructurings at Greece suggests that the transformation of the state in these terms, state intervention and new public policies may not result in the resolution of the crisis. Financialisation of the state weakens the search for alternatives and class-based politics while at the same time provides support for the radicalization of neoliberalism.

Keywords:  Financialisation, state, Eurozone crisis, public debt.

Article Type:  Original Paper

Language:  Turkish

Suggested Citation: Güngen, Ali Rıza 2013. Devletin Finansallaşması: Avro Bölgesi Krizi ve Yunanistan Örneği. (Financialisation of the State: Eurozone Crisis and the Case of Greece). Atılım Sosyal Bilimler Dergisi 3(1-2), 47-62.

Türkçe Öz    Volume 3(1-2)