By Jason Manolopoulos
Jason Manolopoulos combines his adventure of the worldwide economic climate, eu politics and Greek society to illustrate how one of many EU’s smaller international locations performed a catalytic function in a hindrance that threatens the way forward for the euro, and doubtless even of the ecu Union itself.
He explores the historic legacy and mental biases that experience formed an on-going drama. whereas leaders of the ecu Union criticise ‘the markets’ for destabilizing the only foreign money, Manolopoulos interrogates the shared ideals of the ecu and the funding banking group – and the way they colluded for a decade within the phantasm that lending large sums to peripheral eurozone nations used to be safe.
Policy and funding blunders endure marked similarities with past monetary crises – particularly the trade fee Mechanism method and the Argentine debt concern. This lack of ability to benefit history’s contemporary classes begs basic questions of coverage making, which this e-book discusses.
Greek society additionally comes less than scrutiny, as stunning information of a kleptocratic political type and a wasteful public quarter are printed. Manolopoulos strains those advancements again to dictatorship and civil warfare, yet argues that there's no excuse for his or her continuation in a latest democracy.
Read Online or Download Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community (Anthem Finance) PDF
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Additional info for Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community (Anthem Finance)
In both cases, the freedom to borrow in effectively a hard currency coincided with a desire in the investment community to seek opportunities in government bonds. With unreformed economies, and a state geared towards dispensing favours rather than investing in future capacity, this was a dangerous temptation. In Argentina government borrowing figures were subdued for a while. ' This reflected widespread confidence in the investment community that the country was truly reformed. But it appeared just as the Argentine government's fiscal position was beginning to deteriorate after Menem's reelection.
More recent literature has focused on four key features: the extent of trade; the similarity of shocks and cycles; the degree of labour mobility; and the system of risk sharing, typically through fiscal transfers. 7 Literature and experience indicate that it is highly unlikely that formalising a single currency area in itself will affect progress towards achieving the features of the optimal currency area. In chapter 8, as I review the operation of the single currency, I will return to these six characteristics and see how many had been fulfilled - and how far along the road to the destination labelled 'convergence 5 we had come.
There are, however, difficulties with implementation. For example, some of the criteria are difficult to measure - 'convergence' can have a subjective element. 8 There is also a question of priority: is labour market flexibility more important than converged inflation rates, for example? Nonetheless, the literature clearly indicates that a reasonable conclusion of convergence on all, or nearly all, of the above criteria is necessary for a monetary union to function effectively. Economists in the European Commission and European Central Bank (ECB) knew this.