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

Euroshock recounts the 2012 restructuring of Greece's debt, the largest in history, and its role in stabilizing the Eurozone and preventing Greece's exit from the euro. Following the global financial crisis and initial recovery in late 2009, Europe faced mounting economic stress. By spring 2011, a full crisis had emerged with Greece at its center. The euro, then just over a decade old, came under severe pressure as speculation grew about Greece leaving the Eurozone, which threatened to fracture the common currency and potentially unravel the euro entirely. In response, urgent negotiations began to avert economic disaster for Greece and Europe. This book provides an insider's account of those negotiations and the restructuring process that followed.