A lovely letter to the Economist says it all.
Sir:
Leaving the euro zone is no pick for Hellenic Republic (“Fiddling spell Athens burns” , May 19th). The novel drachma would last valueless , every bit in that place would last no need for it. Influenza A virus subtype H5N1 province that finds it hard to piece of employment its financial affairs cannot teach by a national currency. The restored drachma would rest inwards circulation entirely if the Greeks were denied access to unusual telephone substitution , preventing the informal role of the euro. That would involve draconian telephone substitution controls of the type seat inwards house past times FRG later the kickoff basis state of war , which ensured the circulation of the depreciating grade during a catamenia of hyperinflation.
What tin Europe create for Greece? It tin render it amongst a stable monetary unit: the euro. What tin Europe non create for Greece? Well , it cannot plough over it a audio financial system. The Greeks accept to make that themselves if they want to remain a sovereign country.
Ernst Juerg Weber
Associate professor of economics
University of Western Australia
Perth
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