Greece v EU

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John Cameron (Letters, 22 August) has once again eloquently expressed the “absurdism” in the Greece-versus-EU Mexican stand-off on currency. For either side to (with)draw would mean the ultimate financial death of both.

When the Euro was invented in 1999, what was required was a central fiscal authority to control it. Each country was left with its own central bank to pursue its own selfish ends without such overall obedience.

Alexis Tsipras’s monetary promises to the Greek people gained him only temporary respite from inevitable resignation, as more unsustainable debt meant that the creditors would have to resort to stripping off Greece’s remaining assets as monetary repayment was worthless.

Ronald Rankin