When it comes to dissecting the finer points of the economic situation in Greece, there is no finer candidate for doing the talking than economist Vicky Pryce. Lucky then that Vicky, author of Greekonomics: The Euro Crisis and Why Politicians Don’t Get It, has been busy speaking with Nobel Prize winner Christopher Pissarides to the European Council on Foreign Relations about just that subject. You can listen to the discussion here If that doesn’t satisfy your lust, why not check out Vicky’s book?
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?
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.
“The future of the euro matters hugely to everyone in Europe, whether we are in or out of the single currency. I am delighted that Vicky Pryce has produced this book on the economic and political issue of the moment.” Peter Mandelson
“A fresh perspective on the underlying causes of Greece’s economic crisis, and the challenges looming ahead.” Former Greek Prime Minister, George Papandreou
“In this important book, Vicky Pryce turns her attention to the current crisis in Europe and in the process reminds us that political decisions without strong economic foundations can all too easily turn sour.” Gus O’Donnell
“I very much welcome Vicky Pryce’s book, which explores the political and economic thinking in Europe and the serious problems that the single currency has created across the continent.” Norman Lamont
“I am delighted Vicky Pryce has used her experience to give her own perspective on the eurozone crisis.” Alistair Darling