The debate on the left over how to respond to the debt crisis is fundamental for defining socialist policies. That is what this text is about. In the first part, I look at the crisis of the euro. I will argue, as many others have, that this crisis is structural and permanent, contrary to the claims of both social democracy and the right. In the second part, I look at the two options that have been put forward as alternatives to the strategy of left-wing europeanism : first the nationalist exit strategy and second the leap towards a European State. I aim to show that both these alternatives have three problems: they are profoundly contradictory, they depend on concealing their real economic and social effects, and they ignore the balance of forces in which choices have to be made. In the third part, I take a fresh look at left-wing europeanism and seek to show that an economic alternative demands a strategy of class struggle. For that, we need to go back to basics.