The inside story of the unprecedented restructuring of Greece’s debt in 2012—the largest restructuring in history—and how the Eurozone was stabilized and Greece was saved from exit from the Euro and economic calamity. One of the Financial Times Best Summer Books of 2024 in Economics.

By the spring of 2011, the European economy had exploded into a full-blown crisis with Greece at the center. The euro, a currency just over a decade old, was under severe pressure and there was growing speculation about Greece leaving the Eurozone and thereby fracturing the common currency, leading potentially to an unraveling of the euro.

Against this backdrop, urgent negotiations were launched to pull Greece and Europe back from the brink of disaster. This is the inside story of those negotiations.

Editorial Review:

"Charles Dallara’s Euroshock is a remarkable achievement. Remarkable in its authoritative and detailed insider’s account of what did (and did not) happen. Remarkable in the way it weaves “small picture” details (like dealing with collective action clauses) with “big picture” issues (like the survival of the Eurozone). Remarkable in interspersing fascinating bits of Greek history—not to mention the author’s personal history. And, not least, remarkably well written. Euroshock is and will remain the definitive account of a singular episode of financial history." — Alan S. Blinder, former vice chairman of the Federal Reserve Board and author of the New York Times best seller After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead