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‘Unfortunately We Are Bankrupt’

It is often noted that people remember the past to better manage the present. One major driving force of economic behaviour is expectations of the future or ‘imagined futures’, as the sociologist Jens Beckert calls them. But whereas these expectations are oriented towards the future, the frames in which they arise are strongly influenced by the past. During economically difficult situations, economic crises of the past were especially intensively remembered and discussed. The thesis of this chapter is that actors in the public sphere remember crises in alarming situations to orient themselves, construct fictional expectations of the future, and legitimize decisions that have to be taken in the present. The Greek debt crisis from 2009 onwards is used as a case study. The past crisis most recalled in collective memory in this period is the one that followed the Greek bankruptcy of 1893.