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Europe's OrphanThe Future of the Euro and the Politics of Debt$
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Martin Sandbu

Print publication date: 2017

Print ISBN-13: 9780691175942

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691175942.001.0001

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Greece and the Idolatry of Debt

Greece and the Idolatry of Debt

Chapter:
(p.48) Three Greece and the Idolatry of Debt
Source:
Europe's Orphan
Author(s):

Martin Sandbu

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691175942.003.0003

This chapter evaluates the case of Greece's sovereign debt crisis. Greece only makes up one-fiftieth of the eurozone economy. The problems it has caused the monetary union, however, are out of all proportion to its size. Greece is where the sovereign debt crisis started; and it is the one eurozone economy whose membership of the euro remains unsettled. That is why a detailed examination of Greece's travails is the right place to start a retelling of Europe's crisis. It reveals just how stubbornly the eurozone has stuck to the goal of trading financial transfers for more centralised power — from the first crisis in early 2010 to the renewed stand-off between Greece and the rest of the eurozone after left-wing radicals won power in Athens in January 2015.

Keywords:   Greece, sovereign debt crisis, eurozone economy, monetary union, euro, eurozone, financial transfers

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