Greece's 'Odious' Debt

Overview

For more information please visit the book website:

http://greecesodiousdebt.anthempressblog.com/

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 ...

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Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community

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Overview

For more information please visit the book website:

http://greecesodiousdebt.anthempressblog.com/

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 ongoing 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.

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Editorial Reviews

From the Publisher

‘[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’

‘There have been plenty of books about the Wall Street crisis of 2008 but fewer, to date, about the sovereign crisis that followed it. So it is good to be able to recommend Jason Manolopoulos’s work, ‘Greece’s “Odious” Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community’. […] Mr Manolopoulos is actually a hedge fund manager who takes a very clear-headed view of the crisis. […] The combination of a currency link and weak economic policies doomed Greece to its eventual crisis. But the author entertaining[ly] recounts the long series of denials by EU officials, Greek politicians and investment banks.’ —Philip Coggan, ‘The Economist’

‘…[One] of the first to immerse into the Greek debt crisis in an intelligible manner. [...] [Manolopoulos’s] book is to be recommended to anyone who is endeavouring to picture the Greek misery to its whole extent.’ —Norbert Härin, ‘Handelsblatt’

‘Most of us are familiar with bits of the story and aware of the social and economic strains in Greece itself. But until now there has been no straightforward analysis of the sequence of events that led to the collapse, still less a sketch of how the story might end. Manolopoulos is a Greek hedge fund manager, and so doubly qualified to provide this. […] The author is tough on Greece but he is also tough on Europe. The euro was mis-sold and the temporary bail-out has made matters worse.’ —Hamish McRae, ‘The Independent’

‘Blunt, rigorous and shrewd, Manolopoulos resembles a wise uncle explaining how a ne’er-do-well cousin gambled away the family’s future: He spares his compatriots no embarrassment, yet recalls in memorable detail how fickle German friends and French moneylenders egged them on.’ —James Pressley, ‘Bloomberg’

‘As with so much economic history, Manolopoulos reveals just how many factors, and negligent hubristic individuals, helped cause the monumental disaster. He is even-handed in apportioning blame – everyone carries some.’ —David Walker, ‘Investment Week’

‘Jason Manolopoulos’s new tome is an enjoyable romp through the story of how Greece got caught out in the international economic crisis.’ —Business Diary, ‘The Independent’

‘The author, who is also a founder of an emerging-market hedge fund, sets out to analyze the Greek fiscal crisis and its larger reverberations. […] This is a brave, complicated and timely book.’ —Nancy F. Koehn, ‘The New York Times’

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Product Details

  • ISBN-13: 9780857287717
  • Publisher: Anthem Press
  • Publication date: 5/1/2011
  • Series: Anthem Finance Series
  • Edition description: First
  • Pages: 304
  • Sales rank: 1,271,447
  • Product dimensions: 5.30 (w) x 8.40 (h) x 1.00 (d)

Meet the Author

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.

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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; INDEX 2

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