Letters: Greek revival

The European elite promulgate the view that Greece would sink into a state of Byzantine destitution if it left the euro – but what if it did not and rebounded like Iceland?

The thought occurs to me that what is keeping the Eurocrats up at night is the possibility that Greece might steady the ship and after a few wretched months claw its way back.

Apart from debt interest payments, Greece’s primary deficit is small and after a period of capital control, cheaper exports and hugely competitive tourism would start to tell.

It is difficult to imagine things could get much worse for ordinary Greeks and the same dire warnings were heard from the same people when the UK exited the ERM in 1992.

If that happened, other nations in thrall to an over-valued currency and fed up with the bullying of Grossdeutschland II might do the same and the euro project would implode.

(Dr) John Cameron

Howard Place

St Andrews