Greece's 'Odious' Debt
The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community
About This Book
“[An] excellent study both of the eurozone and of the Greek case by Jason Manolopoulos, Greece’s ‘Odious’ Debt (Anthem Press). He shows conclusively that the eurozone is far from an optimum currency area.” —Samuel Brittan, Financial Times
Jason Manolopoulos combines his experience of the global financial system, European politics and Greek society to demonstrate how one of the EU’s smaller countries played a catalytic role in a crisis that threatens the future of the euro, and possibly even of the European Union itself.
He explores the historical legacy and psychological biases that have shaped an on-going drama. While leaders of the European Union criticise ‘the markets’ for destabilizing the single currency, Manolopoulos interrogates the shared beliefs of the EU and the investment banking community – and how they colluded for a decade in the illusion that lending huge sums to peripheral eurozone countries was safe.
Policy and investment errors bear marked similarities with earlier financial crises – in particular the Exchange Rate Mechanism system and the Argentine debt crisis. This inability to learn history’s recent lessons begs fundamental questions of policy making, which this book discusses.
Greek society also comes under scrutiny, as shocking details of a kleptocratic political class and a wasteful public sector are revealed. Manolopoulos traces these developments back to dictatorship and civil war, but argues that there is no excuse for their continuation in a modern democracy.
Readership:
Undergraduate and graduate students of economics, finance and European studies, as well as the general reader interested in current events in finance and economics.
Author Information
Jason Manolopoulos is the co-founder of the emerging markets hedge fund Dromeus Capital, an alternative asset management firm focusing on macro and special situations investments in emerging markets.
Table of Contents
1. From Buenos Aires to Athens; 2. Getting Lucky; 3. The Euro: A Hard Sell, or a Mis-sell?; 4. Western Branding, Eastern Legacy: A Country on a Fault-line; 5. The Looting of Greece: Scandals, Corruption and a Monstrous Public Sector; 6. Getting Unlucky: It All Begins to Unravel; 7. The Euro in Practice; 8. Liquidity Boom; 9. The Entertainers; 10. A Temporary Bail-out? A Crisis Made Worse by Satisficing; 11. The Man in the Arena; Notes; Index
Links
- ‘[An] excellent study both of the eurozone and of the Greek case by Jason Manolopoulos, ‘Greece’s ‘Odious’ Debt’ (Anthem Press). He shows conclusively that the eurozone is far from an optimum currency area.’ —Samuel Brittan, ‘Financial Times'
- ‘One in four Greeks now want to get out of the euro: Greece dispatch’ – Jason Manolopoulos quoted in article by Nick Meo, ‘The Telegraph’
- ‘Eurozone debt and the Greek tragedy’ – interview with author Jason Manolopoulos on ‘Investment Week’
