Crisis in the euro zone
Sir, – An ex-prime minister of Italy recently commented that perhaps Germany rather than Greece or any other state should be the one to leave the euro zone.
The former leader has a reputation as a man of infinite jest but perhaps, wittingly or otherwise, he has hit on rather a neat solution to the problems bedevilling the participating nations.
Without the Germans, the remaining 16 states would see a substantial devaluation of their currency; exports would rise and unemployment would fall.
The move would be especially beneficial to those member states most in need, as an important part of whose revenues consists of income from tourism.
Ample time would thus be provided for the 16 to work out (free from the threat of imminent catastrophe) in an orderly, if not leisurely fashion, a new political and fiscal alignment.
The new German currency, however denominated, would undergo a revaluation; energy and raw materials would become cheaper, no small benefit for a major manufacturing and exporting country. Any negative aspect of a rise in the cost of exported goods would be offset by the incentive to the workforce of knowing that their hard-earned wages were not to be squandered on indolent neighbours.
And when they visit these neighbours on more affordable, and hence more frequent, holidays, they would not be met with resentment and antipathy, but with that welcoming warmth which is the due of incoming lucre. – Yours, etc,
A chara, – Has anyone asked Noel Dempsey or Dermot Ahern if they have heard anything about a potential bailout for the Spanish banks? – Is mise,