I just finished reading "Bomerang' by Michael Lewis, one of my Christmas gifts. Like most of Lewis' work it was an easy read, but packed with information. The book reviews the financial worlds of Iceland, Greece, Ireland and us in the 21st century.
Greece was the big surprise for me. I didn't know just how bad things were there. Basically, the Greeks invented their financial statements so they conformed to the norms demanded by the EU, which didn't really audit the books. In summary, Greece borrowed $1.2 trillion, which worked out to about $250,000 for every Greek. In Lewis' words the Greeks turned "their government into a pinata stuffed with fantastic sums and gave as many citizens as possible a whack at it".
1 comment:
I,too, recently read, "Boomerang". It's quite an eye-opener. Lewis certainly did his homework.
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