In this article it is proposed to examine the dimensions of the recent economic measures taken in Greece in response to the increase in the deficit and the public debt. The basic approach will be to demonstrate that reality is entirely different from what is presented in official rhetoric. Starting point for the scenario is the expansion of the global crisis through the countries of the Economic and Monetary Union in conjunction with questions arising out of the existence of a common currency for national formations with different productivity, the specific role of financial capital in the overall conjuncture, but also maintenance of the hegemonic position of Germany within the EU.