This article engages the argument that the 2008–2009 Great Recession forced a revisiting of the period of transitions in Spain, Greece, and Portugal as “political masterpieces,” especially among a younger generation of activists. It argues that this radical reevaluation turned the conflicting generational recollections of the past into pivotal components of present political contestation. Moreover, it shows how the redeeming power of the transitions animates the political, cultural, and public discourse of young politicized people who, although (or precisely because) they have not experienced these events directly, keep returning to them to make sense of contemporary politics. The complex relations between past and present are analyzed using oral histories with the so-called Generation 2 of the transitions, namely people who have only “projective memories” of these events during the 1970. Especially relevant is the effects of their participation in the 2011 indignados movements.

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