Manos Matsaganis is Associate Professor at the Athens University of Economics and Business. In 2014-2015 he has been visiting the US as a Fulbright Scholar (Center for European Studies, Harvard and Center of Equitable Growth, UC Berkeley). The text is a version of his talk at a mini conference on “The Political Consequence of the Eurozone Crisis in the Debtor States”, at the Minda de Gunzburg Center for European Studies, Harvard University (March 3, 2015).