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How did Greece, with less than 3% of the population of the European
Union, become the epicenter of Europe's "existential crisis?" Why
did Greece opt for an obligation-laden bailout rather default or
leave the Eurozone, as many said it should? Could it have avoided
the disappointments that followed, including needing a second
bailout, holding repeat elections, and swearing in its fourth prime
minister in a year? The conventional narrative answered these
questions by viewing the Greek crisis as the result of a "flawed
currency union." Many economists, moreover, thought Greece was
foolish to seek a bailout rather than renege on its debts or leave
the Eurozone. And as the crisis deepened, economists again blamed
the international community for pushing "austerity" onto Greece.
Beyond Debt offers a different account of this crisis. It sees it,
first and foremost, as a Greek crisis, best understood through the
lens of Greek history, politics and economics. The crisis was
triggered by global events, but it was not caused by them. As the
book shows, Greece's chosen path-a bailout-made infinitely more
sense than either a default or the abandonment of the common
currency that many economists called for. And while others see
"austerity" as the problem for Greece's woes after the bailout,
Beyond Debt blames instead an indecisive government that could not
see reform through to the end.
In July 2018, CSIS embarked on a major analytical assessment that
centered on the following research question: What will be the
strategic consequences for the United States by 2050 if America's
two near-peer military competitors, China and Russia, continue to
develop their long-term economic and security interests in the
Arctic, but the United States does not? Russia's growing economic
and military ambitions in the Arctic, as well as China's increased
physical presence in the region, underscore that both nations have
long-term strategic designs for the Arctic region. Data analysis,
satellite imagery, and scenario development all demonstrate the
continued growth of Russian and Chinese presence in the Arctic and
heighten the sense of stasis in the U.S. military and economic
presence. Unless the United States wishes to lose access to
portions of the Arctic and have increasingly diminished
capabilities to defend and deter attack against the homeland, the
United States must return to the Arctic.
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