By James Pressle
If you’re still wondering how an Aegean wonderland of sun, sea and sand slid into a money pit and began dragging the euro with it, pick up Jason Manolopoulos’s “Greece’s ‘Odious’ Debt.”Blunt, rigorous and shrewd, Manolopoulos resembles a wise uncle explaining how a ne’er-do-well cousin gambled away the family’s future: He spares his compatriots no embarrassment, yet recalls in memorable detail how fickle German friends and French moneylenders egged them on.
Manolopoulos is a hedge-fund manager who specializes in emerging markets at Dromeus Capital Group. As he sees it, Greece is more emerging than developed and had no business joining the euro to begin with.
Forget the clever “Western branding” of his homeland as the cradle of philosophy and government by the demos. Greece today has become a kleptocracy, not a democracy in the northern European sense, he says.
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