The main objective of the current paper is to establish the deficiencies of teaching Economics in the Greek educational system. It also proposes critical education as a way of partially overcoming these issues and the way it can contribute to the protection of the everyday man and woman against the rising and current existential threats of the capitalistic market in this period of austerity capitalism. The basic hypothesis, which is put to test in the paper, is that the failure of the Greek economic system can be partially (but only partially) linked to the inadequate teaching of Economics in Greek schools. Thus, multiple generations of the Greek population have remained in a state of economic and financial illiteracy. The hypothesis is tested via the study of the "Economics" schoolbook, and of the chapter referring to the Banking System in particular. Through the mufti-level analysis implemented in the study, specific findings about the inadequacy of both the textbook and the teaching methods are presented. Concluding, the paper establishes the crucial attribution of critical education in teaching Economics. In this direction a curriculum that can help eliminate the existing deficiencies is proposed.