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Bust: Greece, the Euro and the Sovereign Debt Crisis (Bloomberg (UK))

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Bust: Greece, the Euro and the Sovereign Debt Crisis (Bloomberg (UK))

4.85 97,483 ratings · 8,559 reviews
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Overview: 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 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.Q&A with Author Matthew LynnAuthor Matthew Lynn Bust looks at how the sovereign debt crisis started in Greece, but why did it start there?Greece was one of the most profligate nations in the world. It has been virtually continually in default on its debts in one form or another ever since the modern Greek state was created in the nineteenth century. So it was always a fairly good candidate. At the start of 2010, the markets were already getting worried about sovereign debt. It was essentially Act II of the credit crunch. Governments all around the world had fixed a private debt crisis by turning it into a public debt they ran up these huge deficits, both to bail out their banking systems and to boost their economies. But the public debts were never any more sustainable than the private debts. Greece happened to be the easiest country to make an example of. But if it hadn’t been Greece, it would have been someone else. This was really a crisis about the markets refusing to sanction unending government deficits – and that’s what the book explores. But the book implies this is a story about the euro as well? Why is that?It certainly is. The sovereign debt crisis blew apart the euro, and it is going to be very hard to put it back together. Europe’s single currency celebrated its first decade of existence in pretty good shape. The currency was stable, new members were joining, and it was gaining ground on the dollar as the world’s most important currency. But then the Greeks came along and put a bomb underneath it. Greece lied and cheated its way into the euro. It completely made up the figures that squeezed it into the euro, and, once it was inside, made no attempt to play by the rules. When confidence in the country collapsed, they expected the rest of Europe to bail them out. But what kind of club is it where you can cheat your way in, ignore the rules, then expect the other members to pick up your bar bills? Not one that anyone is going to want to belong to for long. So this is not just a story about the sovereign debt crisis – it is a story about how the euro is falling apart, and how that will change the European Union as well. What did you learn from writing the book?The book was a real education for me. That was one of the reasons I wrote it. I wanted to learn more about how this fairly small country right on the edge of Europe which no one usually paid very much attention to was suddenly right at the epicentre of a major financial crisis. It’s not the kind of story you can make sense of just by reading a few headlines. There were so many strands that had to be pulled together. The history of Greece, and why its economy was so underdeveloped. The design of the euro, and all the compromises that led up to its creation that proved to be crippling once the crisis struck. The changing nature of Germany, how it had overcome post-war guilt, and why it was refusing to bail-out the rest of Europe any more. The build-up of government debt right around the word. All of these big themes came together to produce this crisis, and that is what made it such a fascinating book to write. What are the implications for the world economy of the themes you explore in the book?Firstly, it’s the end of the euro, at least in its current form. It was a disaster to bail-out Greece, and, curiously enough, I think a lot of the people right at the very top of the policy-making debate knew that. It created a single currency with all the wrong incentives. It would have been far better to let Greece go bust and then to deal with the consequences of that than to try and patch up a broken system. But, in the end, and this process is detailed in ...

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Book details & editions

ISBN
10003446
Publication date
December 21, 2010
Pages
N/A pages
Reading Options
PDF · EPUB · Mobi
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Matt Lynn is a writer and avid reader based in the Pacific Northwest. Before pursuing writing full-time, they spent over a decade working in education. When not working on their next book, Matt Lynn can usually be found hiking with their dog or trying out new coffee shops in their neighborhood.

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Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre.
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Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
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Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
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Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
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Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
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Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
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Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
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An acceptable diversion. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Suitable if your reading queue is empty.
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Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
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Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall.
Donald Robinson
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A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
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A decent, if standard, experience. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. A fair 3 stars.
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A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
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A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
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Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
Andrew Phillips
Andrew Phillips June 20, 2025
A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
Melissa Garcia
Melissa Garcia January 05, 2025
Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Brian Allen
Brian Allen December 04, 2025
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Michelle Miller
Michelle Miller September 27, 2024
A decent, if standard, experience. The prose was competent, yet the characters lacked the depth I usually seek. Suitable if your reading queue is empty.
Thomas  Parker
Thomas Parker June 25, 2025
A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel.
Charles Diaz
Charles Diaz April 18, 2024
Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
Sandra Anderson
Sandra Anderson September 19, 2025
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
Deborah Moore
Deborah Moore November 03, 2025
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall.
George Jackson
George Jackson February 21, 2025
A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem.
Joseph Taylor
Joseph Taylor September 19, 2024
I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
Mary Wilson
Mary Wilson December 27, 2024
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Edward Allen
Edward Allen February 13, 2024
I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
Richard  Parker
Richard Parker July 22, 2025
I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
Karen Jackson
Karen Jackson September 29, 2025
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
Emily Campbell
Emily Campbell November 01, 2024
Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
Daniel Martin
Daniel Martin December 13, 2024
Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Suitable if your reading queue is empty.
Anthony Hall
Anthony Hall January 10, 2024
Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
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