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How deep's the well? & COMMENT DEBATE YOUR LETTERS TO THE NATIONAL NEWSPAPER OF WALES.

[bar] SIR - Can somebody explain to me what is happening with the euro countries? Before entering the euro, the interested countries had to sit an examination to prove that their economy was strong enough to join the single currency. Half the nations failed and instead of telling them to go home and improve their economy they lowered the standard of entry and all the countries were accepted.

They then went on a spending spree on borrowed money and as a result have never recovered.

Now we hear almost daily that some country is in difficulty and has to be bailed out in billions. All is well with that nation for a few weeks and then they are back for more billions, having done little or nothing to put their house in order. I must ask the question, how deep is the well and when will it run dry? In business when you have a cash-flow problem you go to the back for a loan, but you will only come away with a satisfactory answer if you can prove to the manager that you have a practical scheme and that you will not be back for more and it is quite usual for those to get it wrong to be told to stop trading and sell up.

It is time for the euro countries to realise that the single currency is not working and the sooner the better.

Britain joined the ERM and realised to its bitter and expensive experience later that it had joined at the wrong rate and eventually had to withdraw.

The situation was embarrassing and not very pleasant for a few weeks and was known as Black Wednesday, but the UK economy soon recovered and went from strength to strength and Black Wednesday became known as White Wednesday.

We were going the same way as the euro countries are going at the moment, but realised in time and saved our country from disaster.

It is not too late for these countries to admit their mistake and pocket their pride like we did and save their countries from bankruptcy.

SIR ERIC HOWELLS Narberth, Pembrokeshire
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Title Annotation:Letters
Publication:Western Mail (Cardiff, Wales)
Date:Jul 12, 2012
Words:356
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