Sir, – Pity it was not, as first rumored, something as harmless as a monocle that the Minister for Finance Michael Noonan was sporting. It would have looked rather fetching; and he could rightly be addressed as Herr Noonan.
As is, best wishes to the Minister for a speedy recovery and may he soften his stance in the forthcoming discussions both in Brussels and the Dáil. – Yours, etc, OLYMPIOS KATSIAOUNI New York, New York.
Sir, – Greece is probably the most powerful economy in Europe at the moment. It holds the fate of the euro and possibly the EU in its hands. If Greece defaults it begins a domino effect of bond insolvency that could cause the euro to implode and shake the EU to its foundations.
So Greece, if it holds its nerve, cannot be allowed to “appear” to default. It will probably have its debts extended to something like 100 years with 50 years remission from paying interest and principle. The interest will be added annually to the principle making it “appear” the debt is being serviced. “Appear” is the important word because “appearance” is all that really matters in the absurd economics of today.
Of course Ireland and all the other indebted economies which incidentally is all of themwill have similar terms imposed on their debts leading to a never-never payment system which makes the Monopoly board game "appear" real compared to what is going on in the great halls of economic fantasyland.
Ireland once held such power; its very economic weakness being its enormous strength, until that power was signed away into indefinite indebtedness. The Greeks can still save us. It will give an entirely new meaning to the age-old proverb of how to regard “Greeks bearing gifts”. – Yours, et c, PADRAIC NEARY, Tubbercurry, Co Sligo.