Iphi, an unemployed actor in austerity-ridden Greece, imagines a theatre adaptation of a classic tragedy, Iphigenia at Aulis, in which the heroine is sacrificed on the altar of austerity by politicians. While writing her playscript, Iphi has a dream: she is taken to the sacrificial altar, not by politicians, but by her own parents, the generation who lived through the affluent years before austerity. Iphi's generational-analogical thinking introduces a politically inspiring historicity, which offers insights into the accountability of austerity. It also allows us to reassess the notion of generations as a local category and an anthropological analytical construct. The article indicates the emergence of an as yet not fully articulated generational awareness-a new structure of feeling-about austerity, which is outlined here as it develops in an incipient form. I argue that the emerging generational historicity communicates a critical message, but also hides from view less visible inequalities. Imagine a stage with a sacrificial altar, like those of ancient Greece. Imagine a chorus impersonating impoverished people, the victims of austerity … Imagine the heroine, 'Iphigenia of austerity' , pale, tainted, waiting for her sacrificers, Merkel, Lagarde, and Schäuble, to strike her with knives as they enter the stage. How do you feel at this thought? The audience, people who have suffered from austerity, will reach a state of catharsis from the very first scene! Iphigenia, who shared these thoughts with me, is a 33-year-old unemployed actor and playwright in austerity-ridden Greece. She bears another classical Greek name, but she has adopted 'Iphigenia' (shortened to Iphi) as her pseudonym for this article. 'I don't want to hide my identity' , she said, well aware of academic writing practices; 'rather I want to give a name to my generation … I am Iphigenia, standing for all Iphigenias, a generation sacrificed at the altar of austerity. I want to speak for the people of my generation'. Iphi's provocative ideas invite us to examine an emerging 'generational' historicity which addresses accountability-regarding austerity-in terms of consequences felt by particular age groups. To aid the analysis that follows, I rely on Raymond Williams's notion of 'structures of feeling' (Williams 1977; 1979; Williams & Orrom