Welcome to the Poisoned Chalice: The Destruction of Greece by James K. Galbraith

By James K. Galbraith

The fiscal predicament in Greece is a possible foreign catastrophe and some of the most remarkable financial and political dramas of our time. The monetary woes of this really small eu kingdom threaten the long term viability of the Euro whereas exposing the failings within the excellent of continental solidarity. "Solutions" proposed by way of Europe’s mixed management have sparked a warfare of prideful phrases and obdurate one-upmanship, and they're absolute to fail, in keeping with well known economist James ok. Galbraith, simply because they're designed for failure. it truly is this hypocrisy that brought on former finance minister Yanis Varoufakis, while Galbraith arrived in Athens as an adviser, to greet him with the phrases “Welcome to the poisoned chalice.”
during this interesting, insightful, and thought-provoking number of essays—which contains letters and personal memos to either American and Greek officers, in addition to different formerly unpublished material—Galbraith examines the main issue, its reasons, its path, and its which means, in addition to the viability of the austerity software imposed at the Greek citizenry. it's a trenchant, deeply felt observation on what the writer calls “economic coverage as ethical abomination,” and an eye-opening research of a latest Greek tragedy a lot more than the tiny economic climate of the country itself.

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Additional info for Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe

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The answer would come back quickly: not good enough. There would be no counterproposal. 16 The lazy punditry adverted many times to Yanis’s interest in the economic theory of games, ignoring the fact that as an academic economist he was a critic, not an advocate, of game theory. 17 The British newspapers, notably the Guardian and the Financial Times, relayed the Brussels spin to the Anglo-American world. Defense came only from a few columnists, including the excellent Ambrose Evans-Pritchard at the euroskeptic Telegraph, Wolfgang Munchau at the Financial Times, and Larry Elliott in the Guardian.

The European creditors, and especially Germany and the ECB, would have none of it. For them, to restructure the Greek debt again would mean confessing the original sin: their failure to write it down when the crisis started. So negotiations began. But as March turned to April, it became ever more apparent to the Greek team that in fact there were no negotiations. The Greek side would prepare a position, usually making some concession as a show of good faith, and present it to the institutions in Brussels.

On February 4, 2015, the ECB revoked the waiver, forcing the Greek banks to rely on another channel, emergency liquidity assistance, which the ECB ran through the Bank of Greece. This facility was subject to a ceiling, and the ECB proceeded by raising that ceiling in small stages, every week or so, so that Greek bank depositors were constantly reminded that the security of their money hung by a thread. Meanwhile non-Greek banks withdrew lines of credit, forcing the Greek banks to rely ever more heavily on the ECB.

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