The European Union and its Debt Crises: The Deception of the Greeks

John N. Kallianiotis
University of Scranton, Scranton, PA

Series: European Political, Economic, and Security Issues
BISAC: BUS027000

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The latest global financial crisis has troubled the United States and caused very bad debt crises in many Eurozone member nations due to their integration, common currency, and public policies, but with different economic structures among themselves. The European Union and its Debt Crises: The Deception of the Greeks provides readers with in-depth historical, structural, political, and practical knowledge of the European Union, the Eurozone, and how to confront the latest financial, economic, and social problems.

The literature has been enormous on this unique debt crisis for the last eight years, but this book goes beyond the theoretical arguments of different outsider technocrats and gives details concerning the role of the EU institutions, the role of the EU member governments (especially of Greece, which has been deceived so much and for so many years by three different political parties in its government), the role of the Troika (Eurogroup, ECB, IMF, and later the Quartet), and the effects of the crises on the poor European citizens. These crises have unfortunately continued and reanimated recently in Italy. This book also discusses the ineffectiveness of the common public policies, the loss of sovereignty, and the challenges for the future of these “structures”, the EU and EMU. It also outlines some policy suggestions and recommendations for the European – primarily Greek – citizens in this globalized world, which is becoming more strenuous each day.

Preface

Acknowledgments

Chapter 1. Introduction: From the Old “Holy Roman Empire” to Its Anabiosis with the Treaty of Rome (pp. 1-28)

Chapter 2. The “Innocent” European Economic Community and the “Guilty” EU and EMU (pp. 29-48)

Chapter 3. European Expansion and the Current Debt Crises (pp. 49-122)

Chapter 4. European Union’s Neoliberal Policies and the Deception of Greeks (pp. 123-142)

Chapter 5. The Anti-Democratic, Autocratic, and Anti-Greek Behavior of the European (German) Union (pp. 143-178)

Chapter 6. The Lost Public Policy and Sovereignty (pp. 179-202)

Chapter 7. The Ineffectiveness of Troika’s Public Policies: Challenges for the Future (pp. 203-240)

Chapter 8. Policy Implications and Conclusion (pp. 241-270)

References (pp. 271-292)

Appendix (pp. 293-298)

About the Author (pp. 299-302)

Index of Names (pp. 303-306)

Index of Terms (pp. 307)

“This book explains why the European debt crisis, which started in 2009, continues until today. It argues, among others, that national identity and the large cultural differences among the European countries, do not allow them to work together for the common good. Dr. Kallianiotis presents the historical background of the European Union and explains the causes of the European debt crisis. The debate about the European debt crisis is a very interesting one and this book is an important contribution to this debate, useful for all social scientists (economists, political scientists, historians, and others).” - Dr. Christos Pargianas, Associate Professor of Economics, Economics/Finance Department, University of Scranton, Scranton, PA, USA

“European Union and its Debt Crises: Deception of Greeks offers a thought-provoking heterodox view on the modern-day economic and debt crises in Europe with an emphasis on its implications for the Greeks. As an academic economist who has a strong interest in history, I found this volume particularly interesting as it offers a serious account of most important historical developments that starting from the Holy Roman Empire led up to the formation, evolution, and modern-day peril of the European Union. This is definitely a worthwhile read for anyone interested in the topic and who is also open to new ideas and opinions.” - Dr. Aram Balagyozyan, Associate Professor, Department of Economics and Finance, Kania School of Management, The University of Scranton

“This book is an important contribution to the vast and growing literature on the debt crises that have been occurring in the European Union (EU), and especially in the Euro-Zone which represents the EU’s approximation to Economic and Monetary Union (EMU). Dr. Kallianiotis carefully and efficiently points out that what appears to be a singular debt crisis in the EU that has been in existence over the past several years is actually linked to several other crises, debt and otherwise, that have their basis not just in failure to recognize and understand basic concepts in economics and economic policy-making but, on a deeper level, in a lack of ethics and social responsibility. He pointedly and successfully argues that the various debt crises are tied to economic, financial, political, and social problems, issues, and inequities that the EU, the EMU, and the IMF all either ignored or took for granted. In that vein, his book makes valid, solid, and pertinent contributions to the political economy of the EU and the EMU and how the economic, political, and social systems in these organizations and their various institutions were tied together and how all were factors in the recent and current malaise that has inflicted and continues to inflict negative consequences on the citizens of the EU and EMU. I recommend his book highly for not just college and university courses related to international economics and finance, as well as the EU and EMU, but also for professionals who study and conduct research on the EU and EMU and all the consequences and issues and problems within each.” - Dr. Richard J. Torz, Associate Professor of Economics, St. Joseph’s College New York

“History helps the reader better understand the present and plan for the future. This book does just that. The author pays tremendous attention to historical detail. Economic analysis relates to public policy, calling attention to the potential that Greece would have sans EU and EMU. The last chapter draws worthy conclusions suggesting a strong position that needs to be taken for the country to thrive. This is the moment of truth for the author and his country. Readers will be enlightened by the plethora of examples of sovereign decisions making as parallels to use and abuse of corporate power for specific gain. The book can be used by economists and business educators as well as practitioners. I recommend this book to my colleagues, business contemporaries and students. Let us learn from the Greek experience.” - Cathyann D. Tully, Professor of Finance, Nicolais School of Business, Wagner College, NY USA

Keywords: European Union, Euro-zone, European Debt Crisis, Troika’s Austerities, Troika’s Public Policies, Public Policy and Sovereignty, The Greek Economic Crisis, The Deception of the Greeks

Audience: Social Scientists, Economists, Political scientists, Historians, Sociologists, Financial analysts, and students studying these fields.

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