Euroshock

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. One of the Financial Times Best Summer Books of 2024 in Economics.

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.

"Charles Dallara charmingly narrates, sparing no detail, the entire course of negotiations that would lead to the haircut of the Greek public debt but also to Greece's return to a path that could save it from the impasse it had fallen into. Participating in these processes himself, Dallara seems more able than anyone to recount and illuminate them."--Kostas Kostis, professor of Economic and Social History at National and Kapodistrian University of Athens; author of History's Spoiled Children: The Story of Modern Greece
"The account is informed, detailed and penetrating. It reveals how fragile the architecture of the Eurozone was. Despite improvements, the problems of managing this currency union have not been resolved."--Martin Wolf "Financial Times, Best summer books of 2024: Economics"
"Charles Dallara has created a captivating personal account about one of the world's most complicated and dangerous sovereign debt crises in modern times. He demonstrates in stark detail the human misery and economic cha¬os that can be generated by debt crises, underscoring the threat that they can pose not just to a country in trouble, in this case Greece, but to neighboring countries and the world at large. The United States is potentially on a path to an even more catastrophic debt crisis, and this book represents a clarion call to both politicians and economists to take action to avoid this calamity. A must-read."--Nouriel Roubini, distinguished economist; professor emeritus, New York University; and author of MegaThreats: Ten Dangerous Trends That Imperil Our Future, and How to Survive Them, and Crisis Economics: A Crash Course in the Future of Finance
"Charles Dallara's Euroshock is a remarkable achievement. Remarkable in its authoritative and detailed insider's account of what did (and did not) happen. Remarkable in the way it weaves "small picture" details (like dealing with collective action clauses) with "big picture" issues (like the survival of the Eurozone). Re-markable in interspersing fascinating bits of Greek history--not to mention the author's personal history. And, not least, remarkably well written. Euroshock is and will remain the definitive account of a singular episode of financial history."--Alan S. Blinder, former vice chairman of the Federal Reserve Board and author of the New York Times best seller After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
"Drawing on his unique experience and exceptional access, Charles Dallara offers a captivating behind-the-scenes look and a feel into a historic process. Dallara's skillful handling of both financial intricacies and macroeconomic analysis serves as a poignant reminder of the delicate and often underappreciated interplay between bottom-up and top-down factors during times of crisis."--Mohamed El-Erian, president of Queens College Cambridge, former CEO of PIMCO, co- author of Permacrisis
"In the summer of 2011, Charles Dallara led a small group called upon to play a pivotal role in determining the fate of a people teetering on the edge of financial collapse. This was not just any society, but the Greek people, whose ancestors had given us democracy, individual rights, equal justice under law and the word economics. In a riveting narrative supported with irrefutable documentation, Dallara reveals in Euroshock how such a smart people got into such dire straits, and how they were prodded, pressed, and pushed to find the wherewithal to save themselves."

--Nicholas Gage, author of Eleni and other bestselling books

"There can be no-one better placed than Charles Dallara to give the inside story of the biggest crisis the Eurozone has experienced so far. As head of the Institute of International Finance, he was very close to the banks, and has a rare understanding, for an outsider, of the mysterious dynamics of European policy-making. He also has an eye for the personalities and the drama, which make this a compelling read."--Sir Howard Davies, chairman of NatWest Group, former director The London School of Economics, and author of The Chancellors: Steering the British Economy in Crisis

Charles Dallara is a highly experienced international economist who has spent much of his career dealing with sovereign debt and global financials issues. In 2011 and 2012, he led private creditors in negotiating a restructuring of Greek debt--the largest in history. Dallara is currently an Advisory Partner and Chairman of the Board of Partners Group USA, a global private markets investment firm.

This item is eligible for free returns within 30 days of delivery. See our returns policy for further details.