Greek economy

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Hugh Mackenzie (Letters, 9 July) is correct.

Germany owes Greece a favour, and should also pay for the entire Greek debacle, since the present EU is merely a development of the union of nations designed to prevent another war in Europe.

Germany started two of these within a period of 21 years, lest we forget, and now exerts economic control over Europe, in cahoots with the IMF, since old-fashioned invasion became politically incorrect.

And why did the IMF lend so much money to a basket case like Greece in the first place? They deserve to lose it.

The EU is also a cohort of nations, as is the Eurozone, and school taught me that you stand by your friends when they are in trouble.

Disgraceful behaviour all round.

Malcolm Parkin

Gamekeepers Road

Kinnesswood

It may be that the Greek financial situation will show us how adaptable the “real economy” is (your report, 9 July). Without detracting from people’s financial woes, it is an interesting case that economic historians will recognise. Another example is what happened when strikes closed the Irish banks three times between 1966 and 1976.

Apparently, for six months in 1970 the “real economy” worked, though people couldn’t use the banks. We shouldn’t forget the sheer ingenuity of ordinary people when “formal money” gets out of kilter.

Admittedly, the central bank had put more money into circulation before the strike began in May. However, business continued to be done, mainly by using cheques and an alternative “money” regime evolved.

Arguably Greece’s “real economy” will survive as long as there is a basic trust in whatever becomes “money”.

Ellis Thorpe

Old Chapel Walk

Inverurie