The financial crisis in Greece is an international disaster and one of the most peculiar monetary and political tragedies of our time. The financial woes of the country threaten the sustainability of the euro and reveal the weak points of the ideal of the European Union. The solutions proposed by European leadership have sparked a war of statements and comments and are certain to fail, according to renowned economist James K. Galbraith, because they are designed to fail.

It was precisely this hypocrisy that led former finance minister Yanis Varoufakis, when Galbraith arrived in Athens as an advisor, to welcome him with the phrase "Welcome to the poisoned chalice," which is the original title of this book. If the two men had spoken Greek, Yanis Varoufakis would have said to him, "Welcome to the martyred arena."

In this fascinating, insightful, and interesting collection of texts – which includes letters and confidential memoranda to American and Greek officials, as well as other unpublished material – Galbraith examines the crisis, its causes, trajectory, significance, and the sustainability of the austerity program imposed on Greek citizens. It is a penetrating commentary on what the author calls "economic policy as a moral abomination" and a revealing analysis of a modern Greek tragedy, far greater than the minuscule economy of the country itself.

"Having Jamie Galbraith as my advisor at the Ministry of Finance during the epic struggle against absolute economic absurdity at its peak of vindictiveness was fortunate. That I can consider Jamie Galbraith a close friend is a scandalous stroke of luck." YANIS VAROUFAKIS

"James Galbraith provides us with an excellent insider's account of Greece's brave and ultimately ill-fated confrontation with a European power structure whose policies have crushed a large part of Europe. This is a narrative of practical idealism confronted with raw political and economic power – a saga that may be the first chapter in the unfolding battle for the future of Europe." PHIL ANGELIDES, chair of the Financial Crisis Inquiry Commission, 2009-2011

"The imposition of economic austerity in Greece after the global financial collapse and the Great Recession of 2008-2009 was a complete humanitarian disaster. The book is the best account we have of how powerful policymakers and the economists advising them misinterpreted everything. Galbraith is an excellent writer: his narrative is accessible and engaging." ROBERT POLLIN, distinguished professor of economics, University of Massachusetts

"We can only agree with James Galbraith when he observes that 'the economic crisis in Greece is one of the greatest economic and political tragedies of our time and a test for the long-term sustainability of the euro.' I greatly admire Professor Galbraith not only for his contribution to economic theory but also for his ability to break free from ideological constraints and engage with reality as it truly is. I fully agree with his conclusions." GIUSEPPE GUARINO, former Minister of Finance of Italy

"To read James Galbraith is to think from scratch while simultaneously coming to terms with reality. His book is a true story: the cup truly had poison. It is at least comforting to learn the truth." MICHEL ROCARD, former Minister of Finance of France