Euro stampede

STRUAN Stevenson MEP is right that Greece should be thrown out of the eurozone (your report, 14 September), however, he should take Socrates’ advice and follow the argument where it leads.

Firstly, Greece is not the only state that should leave the eurozone. It is in the individual national interests of each of the others to leave.

Every one of them would revive their national economy by decoupling from the euro, devaluing and defaulting on their euro denominated debts. The alternative is further bail-outs of the French and German banks, which hold the sovereign debt of the lame ducks, that will only put off the inevitable.

Secondly, and more fundamentally, why were these states allowed to join the eurozone without their economies converging? The answer is, of course, that the euro was always a political project. Europe’s political and bureaucratic elite saw it as merely a step on the way to a United States of Europe. Indeed, the very crisis that we now face was anticipated, and intended to lead from monetary union to fiscal union.

Thirdly, what should the British government do? Well it would be a good start, if we stopped throwing good money after bad into bail-outs that only put off the evil hour. Also, we should have the long-denied referendum on our membership of the EU, as it is only outside the EU that we can adopt the supply side measures necessary for our national recovery and prosperity.

Otto Inglis

Inveralmond Grove Cramond Edinburgh