GREECE, SCHMEECE: A LETTER TO THE ECONOMIST (November 6, 2011)
Your main leader about George Papandreou’s botched-up threat of a referendum on Greece’s response to the last eurozone deal, which was meant to resolve the euro crisis, seems hopelessly confused (“Greece’s Woes,” November 5, 2011). The underlying theme is that the markets are not the single currency’s only threat, and that voters may become a serious one, as well. You even side with Papandreou in your concluding sentence arguing that the eurozone leaders need to worry about being too austere. Indeed, Greek “voters” have been rioting in earnest for quite some time already. But you also go to quite some length to explain that a withdrawal from the euro would be a “terrible mistake” for the poor Greeks, whose membership in the European Union would thus be brought into question. The rest of the eurozone and the Union itself are not in your focus, though. However, it is more than likely that the Greek withdrawal, messy is it would undoubtedly be, would offer the best chance of recovery for the rest of the eurozone. Forget about Greece, that is. Having been neglected for too long, the galloping euro gangrene now requires a quick amputation with or without Papandreou’s bungling help. And it is not likely to be the first. Several more amputations are surely in order, and soon, if the euro and the Union are to survive. Returning to your underlying theme, the surgical approach addresses both markets and voters in one fell swoop.