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Greece

Euroshock: Unveiling Greece’s Journey from Debt Crisis to Recovery

February 21, 2024

NEW YORK – Charles H. Dallara, the former Managing Director of the Institute of International Finance (IIF) and a central figure in the 2012 restructuring of Greece’s debt, has penned what Nick Gage describes as a “riveting narrative” of those tumultuous times. The book, titled Euroshock, is slated for release in mid-March. “Mazi for a Minute” is privileged to offer an exclusive glimpse into this compelling account, which delves deep into the personalities and events that defined a critical period for Greece and the Eurozone.

Here’s a sneak preview, ahead of the book’s release:

Dallara recounts, “I cannot recall any situation in which the debtor—Greece—seemed so incapable or reluctant to represent its own interests…Their virtually utter impotence was rather shocking.” The narrative captures the gravity of Greece’s financial crisis, highlighting the nation’s struggles on the international stage.

The election of SYRIZA on January 25, 2015, marked a significant shift, with Alexis Tsipras assuming the role of Prime Minister. Dallara reflects on the subsequent years as “lost years” for Greece, a period marred by missed opportunities and stagnation.

In stark contrast, Dallara speaks highly of Kyriakos Mitsotakis, noting, “rarely have I seen a leader as knowledgeable about the key economic challenges facing his country.” This observation underscores a turning point in Greece’s economic recovery efforts.

Dallara concludes with a note of optimism: “Greece is on the right track…Now the challenge is to sustain the progress made. If it does, the dividends for the Greek people could be tremendous.”

Euroshock promises to be an invaluable resource for understanding the intricate dynamics of Greece’s economic crisis and the path forward. Pre-order your copy now.

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