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294 pages, Hardcover
First published June 2, 2015
The punitive nature of the initial bailout agreement - the bringing out of the bats, in other words - somewhat quieted the German electorate's misgivings about helping the Greeks. German chancellor Angela Merkel made sure to emphasize the toughness of the agreement to her voters, assuring them the Greeks were being adequately chastened, that moral hazard was being avoided. Other eurozone countries would "do all they can to avoid this themselves," Merkel told the German newspaper Bild am Sonntag.While this book makes clear that Greece has no room to argue that it does not deserve harsh consequences, despite its attempts to do just that, the wisdom of Germany and other eurozone countries making them more harsh than perhaps necessary is certainly open to question. As the final chapter impicitly suggests, an unintended consequence might be the rise to power of a fascist, neo-Nazi party.