Giles. I agree with 90% of what you say. The mismanagement of the Greek economy is self evident. It would have made little difference if they had their own currency or the Euro. Certainly the banks would have been less inclined to lend in drachma for the very risk of devalution but the thing that you are overlooking is that most currencies are no longer fixed by government but float on the market like any other commodity. The value of a currency is fixed by the market, and its manipulators, and governments use internal interest rates in an effort to control exchange rates.

I'm very surprised at your being against the single currency Giles. As an importer of the main product that you sell the current overvaluation of the GBP £ must really hurt. Just imagine if you could have a price fixed in Euro.

As far as I can see the main issue with changing to Euro was the exchange rate that was set in various countries at the time of the change over.


Peter

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