The eurozone is in crisis. Spiralling debts, defaulting banks, high unemployment the European dream of a united union 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 Pryce 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. They failed to provide firewalls for inevitable crises and placed little emphasis on practical structural reforms for the countries that needed them. It was a recipe for disaster and Europe now reaps the whirlwind.
Is it time for a Greek exit? Focusing on Greece not only her home country but perceived as the main threat to the euro’s survival Pryce explores the history of the eurozone, the causes of the crisis and, damning the proposed official solutions as counterproductive, suggests a way out of the current mess.
“an interesting and accessible polemic”Full review
“[Pryce] does an admirable job of rescuing her homeland from the scurrilous portraits of it that have recently dominated the press”Full review
“Her account of the country's institutionalised rottenness...is shatteringly comprehensive”Full review
“She offers three persuasive, if irreconcilable, conclusions unless Germany pays much more: that a Greek exit from the euro is too dangerous; that Greece cannot repay its debts; and that a diet of perpetual austerity risks killing the patient. ”Full review
“[An] excellent achievement...”Full review