Financial crises are nothing new in Greece. Back in 354 BC, at a time when Frankfurt was still a swamp, the Athenian general Xenophon wrote a briefing paper designed to help his city negotiate the aftermath of a disastrous war. His proposals mixed supply-side reform with Keynesian stimulus. The regulatory powers of Athenian officials, so Xenophon suggested, should be streamlined and enhanced; simultaneously, the city should invest in increasing its commercial and housing stock.
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Available from the Spectator Bookshop, £21.95 Tel: 08430 600033. Tom Holland has written extensively on the ancient world in Rubicon, Persian Fire and In the Shadow of the Sword.
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