In this fascinating, insightful, and thought-provoking collection of essays—which includes letters and private memos to both American and Greek officials, as well as other previously unpublished material—Galbraith examines the crisis, its causes, its course, and its meaning, as well as the viability of the austerity program imposed on the Greek citizenry. It is a trenchant, deeply felt commentary on what the author calls “economic policy as moral abomination,” and an eye-opening analysis of a contemporary Greek tragedy much greater than the tiny economy of the nation itself.
In fits and starts, to varying degrees on varying issues, this project has managed to achieve extraordinary success over the past seven decades, enabling Europe to reach levels of peace and prosperity at which previous generations could only have marveled. But the endeavor has always been more popular with elites than with the masses, has lurched from crisis to crisis, and has struggled to deal with the differences that keep Europe’s disparate parts from forming a seamless whole.
Foreign Affairs has been covering the effort closely from the beginning, and as the Greek crisis comes to a head, we’ve decided to pull together highlights of our analysis of the quest for economic union in particular. This collection provides an unparalleled look at the past, present, and future of Europe’s common currency, showcasing more than two dozen of the world’s leading experts on European economics and politics to help you better understand the story behind the headlines.
Both the curious reader and the specialist will find interesting information and explanations on the recent events, and a basis for investigating Greece's structural inadequacies further.
The last section of the book analyses the outcomes of the negotiations between Greece and its creditors--the Eurogroup, other EU institutions and the International Monetary Fund--and providers commentary on the possible next movements of Athens. It also discusses how the incumbent government, headed by Alexis Tsipras, may turn the challenges his country faces, after the signature of a third bailout on 14 August 2015, into a golden opportunity to effect true change and achieve eradication of the chronic ills of Greece, which is the surest path towards future competitiveness and prosperity.
The financial and social crisis in Greece has deep roots in the country's society and history. In this new Penguin Short, the leading Balkan commentator and Oxford University historian James Pettifer explores the reasons for Greece's current situation, tracing the deep fissures caused by unresolved issues dating back to the Second World War, Greece's often difficult relationships with Turkey and the Balkan neighbours to the north, and its problematic position in the European Union. In 1981, Greece became the tenth member of what was then the European Economic Community, and for a time seemed to be making good progress in democratisation and economic development. Now that achievement is at serious risk.
The author has extensive experience in Greece dating back to the time of the Colonels dictatorship in the early 1970s and its bitter aftermath. The Making of the Greek Crisis sets the scene for the country's intractable financial crisis and associated conflict with the European Union institutions in Brussels, and explains the practical, difficult choices facing the Greek people at this important turning point in their history.
Little has been written about the instability of the Euro, but it’s a very real threat to investors worldwide, as well as to the global economy. In The Fall of the Euro, the Global Head of Currency Strategy at Nomura describes why the breakup of the Eurozone remains a real risk and outlines investment strategies for the most likely scenarios.
Over the last two years, swings in global asset markets have been increasingly driven by developments in Europe. This is something new: in the past, Europe was one of the most stable parts of the global economy, and its typically minor economic fluctuations would have little bearing on US equity markets. In the new environment of European turbulence, Europe's economic and political developments will be a persistent source of shocks for global financial markets. If the path ahead involves a disorderly breakup of the Eurozone, the instability to come will be much more intense than what we have seen to date. As an investor, you need a roadmap. This book provides it.
Jens Nordvig is Managing Director, Head of Fixed Income Research, Americas and Global Head of Currency Strategy at Nomura, the global investment bank. Previously, Nordvig worked as a Senior Currency Strategist for investment management firm Bridgewater Associates, the largest hedge fund in the world.
Is Greece hopelessly corrupt and lazy as a matter of national character? This book starts out by refuting these widespread cultural stereotypes with hard empirical data. It then offers a more refined and complex explanation for Greece’s troubled present by taking a scientific, international political economy based approach in a language that is accessible even to non economists. Hard data and graphs are used to illustrate arguments, as opposed to subjective opinions.
The author takes a longer term perspective, reminding readers that in the post war decades Greece was the super high growth star economy of the time, posting solid 7-9% per cent growth rates annually for three continuous decades, with almost do debt. After the change to democracy in 1974, Greece decided to enter the European Communities, at which point its growth rate immediately dropped to almost zero, and the country deindustrialised in the face of fierce competition from Northern member states. Left wing populist prime minister Andreas Papandreou is often blamed for this collapse, but the author uses hard evidence to challenge the view that the original sin of reaching a debt level of above 100% of GDP in this period could be blamed squarely on him.
The book then describes how, by the early nineties Greece was already in a state of sovereign debt crisis, twenty years prior to the present disaster. Participation in the Eurozone enabled Athens to avoid the impeding default. The critical (and still not corrected) birth defects of the Eurozone construction even fuelled a long decade of artificial boom, hiding from a generation of Greeks the fact that the economy of their country has severe structural weaknesses in an international economic context that turned increasingly unfavourable. A corrupt political class allowed special interests to capture the Greek state against the wishes of uninformed voters.
The bubble burst in 2009, after which the EU and the IMF attempted to cure Greece’s troubles by causing even more harm with austerity and a debt ‘haircut’. They shifted the burden to ordinary citizen, but failed to address crucial issues that play a critical role in the Greek crisis, such as offshore tax havens, untaxed shipping, excessive military spending, one sided economic structure and inadequate investment into human capital.
These are turbulent times for Europe. The European debt crisis has dominated headlines, toppled elected leaders, and even called into question the survival of the Euro itself. In fact, not a day goes by without headlines screaming about the eurozone in crisis.
But what are the key issues at stake? What exactly caused the crisis...and what might happen next? Julian Knight walks you through the issues and explains - in plain English - what the crisis means for you, and for the global economy.
Open the book and find:How the crisis came about What it means to you Crystal ball predictions on what might happen next ‘Must know' facts about the crisis