Sir, – The Tánaiste has lost her sense of irony. Berating Alexis Tsipras for “lecturing the rest of Europe”, she ignores the fact the Taoiseach is doing the same by telling the Greeks to follow the Irish “pro-growth” path out of recession. This path, I recall, involved slashing public spending and pay and increasing overt and covert revenue-raising measures. The truth is the IMF is opposed to the Greek solutions as they hit the richest hardest and fear that if successful, anti-capitalist pressure will build in Europe.
The Coalition here has its own agenda too. If the Greeks get a better deal than we got, the public may react against our leaders in the polls. It’s a tragedy that the vision of European integration is valued so lightly by our politicians that they prefer to focus on short-term political advantage. – Yours, etc,
KENNETH HARPER,
Burtonport,
Co Donegal.
Sir, – What is most shocking and surprising about the current round of negotiations in Brussels to solve the Greek debt crisis is the apparent scepticism from all sides on reaching an agreement.
Perhaps after years of “last-ditch talks” on forming coalition governments, social partnerships, averting strikes and cross-party agreements, I’ve become cynical and exhausted by this charade.
I’m predicting the usual “intensive negotiations”, stuff being “brought to the table”, “talks through the night” and “last-ditch efforts” until a comprise is reached. Then all sides can walk away, happy in the knowledge that the theatrics demonstrate that no side compromised on their principles and that no line was crossed without exhausting every possible alternative.
Could anyone have seen this coming? Sigh! – Yours, etc,
TOMÁS FINNERAN,
Tralee, Co Kerry.
Sir, – We're all so "Grexcited". Having studied The Irish Times and other media outlets over many weeks now, I have concluded that the term "Grexit" most probably refers to a revolving door mistakenly installed under an "Exit" sign. – Yours, etc,
PADRAIG J O’CONNOR,
Rathfarnham,
Dublin 14.
Sir, – Based on the number of letters in support of the Greek government’s opposition to further cuts in spending, it seems a large majority agree with the Syriza-led government’s decision to give a two-fingered salute to the only institutions, worldwide, willing and able to save them from self-destruction. The conditions for the loans are harsh, but the hole to be filled is massive. Some certainty regarding repayment is always a prerequisite before parting with such huge sums. As we know too well, agreed conditions must be adhered to over the course of a loan.
In this regard, the newly elected Greek government has not covered itself in glory. It has been obstructive at every turn. It was elected on solemn promises to the Greek people that it would bring an end to austerity. In retrospect, Greeks must surely feel that they took heed of the wrong voices when they elected a far-left party.
From an Irish point of view, it is sobering to think that many of us were tempted to go down the same road as Greece, but whatever else about Fianna Gael, Labour and Fianna Fáil, our main political parties had the ability to engage their brains in basic arithmetic and to act accordingly. – Yours, etc,
NIALL GINTY,
Killester, Dublin 5.
Sir, – After more than 60 years of progress and peace in Europe, our much-vaunted European Union seems unable or unwilling to solve a relatively simple but potentially disastrous situation.
Are we standing idly by as we watch the start of the break-up of one of the greatest economic and political experiments in history? – Yours, etc,
MICHAEL J LOWEY,
Dublin 18.
Sir, – In 2013, Deutsche Bank, the largest bank in Europe surprised the markets and its investors when it diluted 10 per cent of its overall equity and since then deleveraged or purged its balance sheet, quietly jettisoning billions in toxic, or potentially toxic, investments. Nevertheless, Deutsche Bank’s 2014 annual report revealed that the super-bank (in size anyway) had an astonishing €54.7 trillion net exposure to derivatives, a sum, to put it into perspective, which is 20 times in excess of the GDP of the EU economic king, Germany. During the 2014 to 2015 period the bank undertook further deleveraging of investments it deemed of risk, sold €8 billion worth of stock at a 30 per cent discount, failed banking industry “stress tests” and only this month witnessed the resignation, without explanation, of its two CEOs followed by a Standard and Poors rating of BBB+, a dangerously low rating lower than Lehman’s just prior to its collapse. Deutsche Bank’s ultimate fate remains to be seen but these indicators do not show a healthy financial institution and it goes without saying that a Greek default would have massive repercussions for Deutsche Bank and by implication the entire European banking system. This nightmare situation must be informing the thinking of Greece’s creditors, not least German chancellor Angela Merkel.
The tragic thing is that those players in the current situation, wagging fingers at Greece and portraying themselves as “adults” in all of this, are well aware of all of this background music yet the dirge plays tragically on! – Yours, etc,
JD MANGAN,
Stillorgan,
Co Dublin.
Sir, – It is particularly galling to hear the Taoiseach lecturing the Greeks, particularly in relation to tax increases. When will this Government stop peddling the myth that it didn’t increase income tax? It did – it is called USC. In addition it introduced the iniquitous pension levy. Both of those measures were, and still are, an increase in tax on my income. – Yours, etc,
BRIAN MORE O’FERRALL,
Dublin 18.