Euroshock

How the Largest Debt Restructuring in History Helped Save Greece and Preserve the Eurozone

Charles H. Dallara

• Publisher: Rodin Books
• Year: 2024
• ISBN:
  9781957588155
• Topic: Business
• Subtopic: International Accounting
• Index: Business

The inside story of the unprecedented restructuring of Greece's debt in 2012—the largest restructuring in history—and how the Eurozone was stabilized and Greece was saved from exit from the Euro and economic calamity. In the fall of 2009, the world economy was beginning to recover from the global financial crisis that had shaken global markets and had led to a sharp recession. At the same time, Europe was entering a new phase of economic stress. By the spring of 2011, the European economy had exploded into a full-blown crisis with Greece at the center. The euro, a currency just over a decade old, was under severe pressure and there was growing speculation about Greece leaving the Eurozone and thereby fracturing the common currency, leading potentially to an unraveling of the euro. Against this backdrop, urgent negotiations were launched to pull Greece and Europe back from the brink of disaster. This is the inside story of those negotiations.

Table of contents

• Cover
• Advance Praise for Euroshock
• Title Page
• Dedication
• Contents
• Preface
• Chapter 1: Late Night with Merkel and Sarkozy
• Chapter 2: Navigating to Greece
• Chapter 3: Living in Greece and Sailing the Mediterranean During the Cold War
• Chapter 4: Back Across the Atlantic and Serving as an Admiral’s Aide
• Chapter 5: Postwar Greece and the Quest for Stability and a Capable Democracy
• Chapter 6: The Fletcher School of Law and Diplomacy
• Chapter 7: The United States Treasury and the Institute of International Finance
• Chapter 8: Sarkozy on Stage
• Chapter 9: 1999–2009: A Decade of Delusion
• Chapter 10: Europe and the IMF Step Up
• Chapter 11: Austerity, Then Deauville
• Chapter 12: Debt Restructuring Looms
• Chapter 13: Descent into the Maelstrom
• Chapter 14: The Brady Plan
• Chapter 15: Moving Toward Restructuring Greece’s Debt
• Chapter 16: The Deal Is Done (Or Is It?)
• Chapter 17: The Greek Economy Implodes
• Chapter 18: The Accounting Conundrum
• Chapter 19: Adjusting the Sails
• Chapter 20: The Adventures of Tintin in Europe
• Chapter 21: Debt Sustainability, IMF Style
• Chapter 22: Sarkozy Sits and Merkel Speaks
• Chapter 23: Greece Fractures
• Chapter 24: Struggling to Close the Deal
• Chapter 25: Rounding Second Base
• Chapter 26: Papademos Steps Front and Center
• Chapter 27: Another Turn of the Screw
• Chapter 28: A Legacy of Bad Debt and Loss of Autonomy
• Chapter 29: First and Goal from the One-Yard Line
• Chapter 30: A Deal Redux
• Chapter 31: The Last Few Miles
• Chapter 32: The Deal Is Done—More or Less
• Chapter 33: This Greek Tragedy Has Another Act
• Chapter 34: Four Lost Years
• Chapter 35: Shaping the Future
• Chapter 36: Greece Ten Years After the Restructuring
• Appendices
• Acknowledgments
• Notes
• Index
• Copyright