Greekonomics: The Euro Crisis and why politicians don't get it

by Vicky Pryce

The eurozone is in crisis. Spiraling debts, defaulting banks, high unemployment - the European dream of a united nation appears to be over. All fingers point to the corrupt and greedy PIIGS: Portugal, Ireland, Italy, Greece and Spain. Profligate governments have exploited the system, squandered the benefits and now beg for bail-outs from those that prosper. But is it really that simple?

Economist Vicky Price argues that, given the flaws at its conception, the eurozone has been doomed from the very start. Politicians ignored common sense and deliberately created a system based on political not economic motives. It was a recipe for disaster and Europe now reaps the whirlwind.

Is it time for a Greek exit? Now comprehensively revised and updated, Greekonomics explores the history of the eurozone, lays bare the causes of the crisis and suggests a way out of the current mess.

Genres: Economics

256 pages, Paperback

First published September 1, 2012

Reviews

[Lars Mansåker Angelsen · Rating 3 out of 5]

Fant den i hylla til kusina mi. Fint med litt innblikk i situasjonen I EU for 9 år siden, men politikken ble litt gresk for meg

[SSC · Rating 3 out of 5]

This general read on the Euro crisis focuses on the role of Greece and the crisis' impact on Greece, economically, politically and socially. The book is detailed but provides few new insights. Most notable is the section on What Is Next For Greece? Followed by What Is Next For the Euro? Broad measures are mentioned to resolve the situation but the author does not give specifics - how much Greek debt needs to be waived for it to be manageable or how banking reform will have an impact on Greece meeting debt service obligations in the short term. The writing is lazy and could have been more detailed in parts eg French banks' exposure to Greece was enormous (however no € or % overall bank exposure provided). The author's assessment that Greece did not cause the crisis - the structural flaws of the euro and EU did - yet was impacted disproportionately is accurate and a message that gets forgotten.

[Aida Saldana Hernandez · Rating 4 out of 5]

A very good book, I learned a lot about economics in Europe.

[Kriz Jowie · Rating 2 out of 5]

Interesting perspectives, but just that. Not much insights and solutions offered but some food for thoughts planted into the mind of readers.

[Duncan · Rating 4 out of 5]

An enjoyable book written by a top economist that explains where the Greek economic crisis came from within the wider context of the Euro/EU.

Pryce argues forcefully that the entire Euro project was ill conceived from the start from an economics perspective, and that something like what has happened in recent years (with Ireland, Iceland, Greece, and now Italy and Spain) was inevitable because necessary economic policies were never pushed through.

An interesting analysis and a good read.

[Mai Radhiallah · Rating 3 out of 5]

Allahu mencabar betul nak habiskan bila masuk bab fasal hubungkait German, Perancis dan Britain. Pentas politik depa sama macam Malaysia. Bebal ahli politiknya lebih kurang sama je. Latar masa pun sama. Tahun 2004 Greece tukar mata wang depa ke Euro sebaris dengan 19 negara lagi yang menyertai Euro. Tapi sistem depa tak ready, orang depa pun tak ready, last-last melingkup. So si mamat Vicky Pryce ni ceritakan keadaan ekonomi yang berlaku di Greece.

[Adeptus Fringilla · Rating 4 out of 5]

This was quite easy to read, without too many technical economics terms. But some of the theory was a bit repetitive. I liked the chapters about the historic context of the EU in particular.