In 2001, Greece saw its application for membership into the Eurozone accepted, and the country sat down to the greatest free lunch in economic history. However, the coming years of global economic prosperity would lead to unrestrained spending, cheap borrowing, and a failure to implement financial reform, leaving the country massively exposed to a financial crisis - which duly struck.
In Bust: Greece, the Euro, and the Sovereign Debt Crisis, Bloomberg columnist Matthew Lynn explores Greece's spectacular rise and fall from grace and the global repercussions of its financial disaster. Page by page, he provides a thrilling account of the Greek financial crisis, drawing out its origins, how it escalated, and its implications for a fragile global economy. Along the way, Lynn looks at how the Greek contagion has spread like wildfire throughout Europe and explores how government ineptitude as well as financial speculators compounded the problem.
Blending financial history, politics, and current affairs, Lynn skillfully tells the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Lively, engaging, and thought provoking, Bust reminds us just how interconnected the world really is.
“Lynn’s book is fast-paced, entertaining and perceptive about the causes of the crisis. He explains how Greece cheated its way into the eurozone in 2001 by supplying the European Union authorities with data that understated the Greek budget deficit by an average of 2.1 percentage points in every year from 1997."
‘…Lynn blends financial history, politics and current affairs to tell the story of government deceit, unfettered spending, and cheap borrowing.’
—Finance & Management Faculty, October 2010.
‘The more interesting the book, the less likely you are to put it down, and I just wanted to read from beginning to end.’
—Fool.co.uk, MoneyTalk, December 2010.
‘…thrilling account of the Greek financial crisis…lively, engaging, and thought provoking…Bust, reminds us just how interconnected the world really is.’
—Hereisthecity.com, December 2010.
‘…fast-paced, entertaining and perceptive.’ (FT.com, January 2011).
Matthew Lynn is a columnist for Bloomberg, writing a weekly commentary syndicated in papers such as Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. Matthew is also a thriller writer.