In this paper we examine the institutional and economic framework of Greece during the ‘70s and the ‘80s and ask the question of why did Greece’s elites decided to change their operating model by binding their future with the EU and EMU. Our main finding is that the decision to integrate into the EU institutions was mainly a political decision interwoven within the process of bailing out the private sector after the crisis of the ‘70s. In particular, it provided the necessary funding for the completion of the restructuring process that started in the mid ‘70s together with the political support coming from the luster of a national goal. This restructuring took place under the auspices of the EU and led to a huge fall in agriculture, food dependency and stabilisation of industry to a new, lower level with a structure that complies with the specific integration of Greece in the particular EU division of labour.

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