Manual Europe in Crisis: Bolt from the Blue?

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Prime Minister Tsipras statement on the result of the British referendum

In the s, when Iceland broke with previous state-controlled economic practices, headed for liberalization and carried out privatization, there weren't any restraints that could secure the economy from becoming too liberalized, therefore credit institutions made riskier and riskier investments p. According to Berend the overexpanded lending and short-term loans led the banks to insolvency; the first signs of the crisis appeared in as the real estate bubble burst.

By the time the economic crisis hit, Iceland's reliance on the international financial market made it impossible to solve liquidity problems p.

Bolt from the blue Meaning

Greece, as Berend explains in exceptional detail, is a rather different example: its path towards the crisis was mostly paved by the pride that overshadowed economic realism. In , Greece lost the opportunity to hold the Olympic Games as the country's infrastructure was not developed enough p. Therefore, to recover from this defeat on international and even historical grounds, the Athens Olympics were in many ways overdesigned.

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Title: Ivan T. Author s : Dzsenifer Halmai. Document Type: Book review. Article Preview :. Academic OneFile , Accessed 29 June This book analyzes the European Great Recession of , its economic and social causes, its historical roots, and the policies adopted by the European Union to find a way out of it.

It contains explicit debates with several economists and analysts on some of the most controversial questions about the causes of the crisis and the policies applied by the European Union. It presents the cases of Iceland, Greece and Ireland, the countries that first declined into crisis in Europe, each of them in a different way.

Europe in Crisis: Bolt from the Blue?

Iceland is a case study for reckless banking practices, Greece of reckless public spending, and Ireland of reckless household indebtedness. At least seven other countries, mostly from the peripheries of Europe, had similarly reckless banking and spending practices.

In the center of the book are the economic and social causes of the crisis.