By now, the story of Syriza’s capitulation to the European creditor institutions is well-known.

Syriza came to power in January 2015 with a mandate to resist the imposition of austerity. Instead, Syriza folded under the pressure of the troika, accepting intensified austerity measures and dashing the hopes of its supporters.

In this interview with George Souvlis, economist Elias Ioakimoglou describes the resultant crisis that continues to wreak havoc on Greece a full year after. According to his figures, the Greek depression is now deeper and more severe than the American Great Depression of the 1930s. The following transcript has been edited for style and clarity.