Greece and the Idolatry of Debt
Greece and the Idolatry of Debt
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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