The article focuses on the party political spaces in four Southern European countries (i.e. Greece, Italy, Portugal, and Spain) since the onset of the Euro crisis. To understand the emerging conflict structures, it argues for the need to consider that these countries simultaneously face an economic crisis and a political crisis and that both crises have strong domestic and European components. Moreover, the major driving forces of change tend to be social movements and political parties that forcefully combine opposition to austerity and to "old politics." This leads to a complex conflict structure shaped by struggles over austerity and political renewal. In this structure, divides over economic and political issues are closely aligned with each other. While this pattern emerges everywhere, there are distinct country differences. Empirically, the article relies on original data from a large-scale content analysis of national election campaigns in the four countries in the period 2011 to 2015.