Public Debt Dynamics of Europe and the U.S.

1st Edition

Authors: Dimitris N. Chorafas
Hardcover ISBN: 9780124200210
eBook ISBN: 9780124200272
Imprint: Elsevier
Published Date: 23rd October 2013
Page Count: 388
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Public Debt Dynamics of Europe and the U.S., provides the evidence and implications of current policies by sovereigns and central banks, in dealing with the debt abyss.  It brings in perspective the diversity of opinion reigning in modern economics and finance and outlines the themes which, among themselves, are defining the society in which we live.

Our epoch has accepted the theory that leveraging is good for a person, a company or even a nation. This has led to the debt syndrome and its disastrous aftereffects. Throughout the book evidence emerges that piling up public debt can lead to an unmitigated disaster. This is demonstrated through case studies on Greece, Spain, Italy, France and the United States – in short, those western countries that nowadays have lost control of their senses and of their economy.

This book uses real life examples, using case studies as evidence of good and bad approaches to social, economic and financial life. Live events also help as undisputable demonstrators of successes and failures in the search for solutions in getting out of the hole western governments find themselves. As Denis Healey, a former British chancellor of the Exchequer, once said: “The first law of holes is that if you are in one stop digging.”

Key Features

  • Provides insight and implications on the current policies of sovereigns and central banks
  • Uses real life practical examples and case studies on Greece, Spain, Italy, France and the United States
  • Examines developing countries, particularly BRICS, and their exposure to debt
  • Focuses on public health and the effects it has on the economy


Researchers and practitioners working on economics, public health economics and public administration

Table of Contents


Part One: The West Today

1. Globalization of a Casino Society

1.1 “My Lord,” Answered Solon to King Croesus, “You Are Asking Me What I Think of Human Life”

1.2 Globalization Worked As Long As It Worked

1.3 The Web of Debt Has Led to Slavery

1.4 Policies That Brought Us to a Mess

1.5 Leveraging and Getting Deeper into Debt

1.6 Tic, Tac, Tic, Tac … The New Bubble Builds Up

End Notes

2. Kingdoms of Debt

2.1 Debt and Growth

2.2 Debt and Decline

2.3 The Debt Reduction Pact for Europe, Real or Fancy?

2.4 Outright Monetary Transactions Mean Debt to Infinity

2.5 The End of ECB As We Knew It

2.6 Still, the Big Short Is Europe

End Notes

3. Options for this Decade

3.1 Three Main Options for the Next Years

3.2 “The Worst Is Over” Is a Defeatist Slogan

3.3 The Italian Government’s Daisy-Chain

3.4 Banks Did Not Deserve the Bailout

3.5 Political Backing for Financial Stability Has Declined

3.6 Reinventing Personal and Collective Irresponsibility

3.7 Conclusions

End Notes

Part Two: Destiny in the Land of Homer

4. The Greek Economy Pays the Price of Drift

4.1 “My Lord,” Said Demaratus to King Xerxes, “Do You Want Me to Tell You the Truth or Flatteries?”

4.2 The Target Should Be Competitiveness

4.3 Fakelakia and the Wages of Corruption Buy Yachts

4.4 Coming Up from Under Is a Tough Job

4.5 Private Sector Involvement in Downsizing the Greek Debt

4.6 The PSI’s 73.5 Percent Writedown Did Not Really Help Greece

4.7 Credit Events and Bonanzas for Speculators

End Notes

5. Impact of Bailouts on the Economy of a Sovereign

5.1 Bailout Fatigue

5.2 Aristophanes, Euroland, and Greece Today



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About the Author

Dimitris N. Chorafas

Dr Chorafas has served on the faculty of the Catholic University of America and as visiting professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology. Also, the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Université de Genève, Ecole Polytechnic Fédérale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences. More than 8,000 banking, industrial and government executives have participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America. Financial institutions which sought his assistance include the Union Bank of Switzerland, Bank Vontobel, CEDEL, the Bank of Scotland, Credit Agricole, Österreichische Länderbank (Bank Austria), First Austrian Bank, Commerzbank, Dresdner Bank, Demir Bank, Mid-Med Bank, Banca Nazionale dell'Agricoltura, Istituto Bancario Italiano, Credito Commerciale and Banca Provinciale Lombarda. Dr Chorafas is the author of 161 books, translated into several languages.

Affiliations and Expertise

Independent Financial Consultant and Scholar