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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
The Full Catastrophe summary
James Angelos
Travels Among the New Greek Ruins
21 mins
Brief summary
"The Full Catastrophe" by James Angelos is a captivating and entertaining exploration of Greece's economic crisis and the impact it has had on its people, offering a unique perspective on the country's history and culture.
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The Full Catastrophe
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When Greece entered the eurozone, its economy was booming; but the boom was a bubble.
To understand the current Greek crisis and Greece’s fraught relationship with the euro, let’s first take a look at the country’s economic situation when it first entered the eurozone in 2001.
When Greece joined the eurozone, its economy was booming. Foreign investment flowed into the country; cheap credit was available and easy to obtain.
As a result, Greek citizens began consuming more, with fancy cars on the road and busy retail shops a common sight in even the smallest of Greek towns. In fact, Greece’s gross domestic product (GDP) grew by an impressive 4 percent each year.
Yet this boom was based on a credit bubble, meaning Greece’s strong growth wasn’t sustainable.
At the time, the Greek industrial sector was less developed than in other European countries. Instead of investing borrowed money to improve industry, train workers and develop new technologies, Greece’s government used it mostly to increase wages, pensions and benefits.
As a result, the economy failed to produce or export enough goods to cover its growing debts.
Yet crucially, the trust creditors had in Greece’s economic health was based on a lie.
As a member of the eurozone, Greece was by default considered creditworthy. Membership signalled financial stability, as countries were required to meet certain criteria before joining. A country’s annual deficit, for example, had to be less than 3 percent of GDP.
Yet it was realized too late that Greece from the very beginning didn’t meet the criteria, and had actually faked its numbers to join the eurozone.
In 2009, the government through a large accounting revision revealed that Greece had a projected budget deficit of 12.5 percent of GDP, instead of a previous estimate of 3.7 percent – a discrepancy so large that it couldn’t just be blamed on the global economic crisis alone.
What’s more, the EU statistical office also found evidence of previous “widespread misreporting” on behalf of the government.
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What is The Full Catastrophe about?
The Full Catastrophe (2015) takes you beyond the headlines on the Greek debt crisis to discover how citizens in Greece and beyond have survived it. Through real-life interviews with people in mountain villages, tourist resorts and in the capital city of Athens, the author lays bare the effects of government budget cuts, austerity policies and endemic corruption.
The Full Catastrophe Review
The Full Catastrophe (2021) by James Angelos is a captivating exploration of Greece's economic crisis and its impact on the country's culture and people. Here's why this book is worth reading:
- Through in-depth research and interviews, Angelos provides a comprehensive and nuanced understanding of the crisis, shedding light on the social, political, and economic dynamics at play.
- The book examines the human side of the crisis, delving into personal stories and experiences, making it both informative and emotionally engaging.
- Angelos's insightful analysis highlights the complexities and contradictions of Greece's situation, challenging conventional narratives and offering fresh perspectives.
Best quote from The Full Catastrophe
Greece had been rescued, but by this point, it was perishing by a thousand cuts.
—James Angelos
Who should read The Full Catastrophe?
- People interested in international politics or European policy
- Anyone who wants to understand the Greek debt crisis
- Economists or students of economics examining the effects of austerity
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The Full Catastrophe FAQs
What is the main message of The Full Catastrophe?
The main message of The Full Catastrophe is a gripping exploration of Greece's economic and political turmoil.
How long does it take to read The Full Catastrophe?
The reading time for The Full Catastrophe varies depending on the reader's speed, but it typically takes several hours. The Blinkist summary, on the other hand, can be read in just 15 minutes.
Is The Full Catastrophe a good book? Is it worth reading?
The Full Catastrophe is a must-read for anyone interested in understanding the complexities of Greece's recent history. It offers a compelling and insightful perspective.
Who is the author of The Full Catastrophe?
The author of The Full Catastrophe is James Angelos.
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