Book Review: Bust—Greece, the Euro, and the Sovereign Debt Crisis
Click to Print This Page
In his new book, Bust: Greece, the Euro, and the Sovereign Debt Crisis, Matthew Lynn provides a thorough and fast-paced account of Greece’s role in the decline of the euro and the impact felt by the rest of Europe. Lynn, a financial commentator and writer for Bloomberg Television, Bloomberg News, MoneyWeek, and Spectator, is well equipped for the task.
The reader will find it astonishing that Greece was ever admitted into the euro and lent money. Rife with economic dysfunction, governmental incompetence, and corruption, Greece has been “stuck in the past, and largely unable to compete in the modern world.” The annual household budget for bribes to get anything done is estimated at 1,500 euro. Lenders were well aware of Greece’s situation.
As Lynn shows, Germany and France came to grips with the problems of the debtor nations very late, almost at the last minute. The prospect of a truly unified European economic structure is uncertain, as is the future of the euro. Read Bust for a realistic picture of Europe’s financial challenges, and stay tuned.