What should a genuine socialist government do in the face of the severe economic and financial crisis that has hit Greece? The only real answer is a socialist programme based on the nationalisation of the banks and the commanding heights of the economy. There is no other way out. [This article was published in the latest issue of the Greek Marxist paper Marxistiki Foni, Marxist Voice, of the Marxists inside the Synaspismos party.]

The crisis of Greek capitalism is clear for all to see. The bosses want draconian economic policies to be implemented, but the workers have already given more than they can afford to give. Bosses and workers are on a collision course as the call for a 24-hour general strike on February 24 clearly demonstrates.

Greek capitalism is in a deep crisis. It is the weak link in the chain and it is beginning to break. The country risks defaulting on its debt repayments, posing a serious threat to the stability of the euro. Severe austerity measures are being imposed and these are provoking a working class backlash.

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