Is Greece an economic delinquent or a victim of systemic failure? The
question and its answer have wider resonance: the Euro - a currency
without a state - was always going to be about owning and sharing
responsibility in a less than perfect monetary union, in a more than
troubled world. Combining historical perspective with up-to-date
analysis, and using elite interviews published for the first time, this
book foregoes apportioning blame, in favour of delving into the complex
forces that turned a sovereign debt crisis into a crisis for the
eurozone. In the process, it subjects theoretical insights on
rule-following and compliance to fresh empirical testing, while
introducing a concept of policy ostrichism. Greece in the Euro: Economic
Delinquency or System Falure? contributes to three important debates
about the euro area crisis: the 'new' economic governance versus the old
approach, the IMF/EU experiment in problem solving and, finally, the
democratic ownership of the national economic policy process. 'The
Europeans have engaged in a protracted and often highly uncivilized
blame game as the euro crisis moves from one phase to the next. This
book examines the interaction between national and systemic failure,
with Greece as a test case. It is lucid, well documented and cogently
argued. And it pulls no punches.' Professor Loukas Tsoukalis University
of Athens '
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