The Guardian published this letter today:
Larry Elliott is right to say that rather than crushing Greece’s economy and democracy, there should instead be a massive debt write-off and a return to sustainable economic activity in that cruelly ruined country (Condemned to debtors’ prison, barely a chink of light filtering through its bars, 14 July).
This could be achieved by the European Central Bank rediscovering its purpose of ensuring the EU’s economic stability. It is in the process of e-printing a staggering €1.1tn of quantitative easing (QE), and should immediately introduce “Jubilee QE” to pay off much of Greece’s debts to its creditors. It could then help revitalise the Greek economy by introducing “Green Infrastructure QE” – akin to the “People’s QE” that Jeremy Corbyn has called on all the Labour leadership candidates to endorse for the UK.Finally, those who want a different, more humane direction for Europe must consider campaigning for a referendum in all EU countries to see whether or not the majority reject the austerity blitzkrieg now being so ruthlessly forced on us by the EU elites.
Colin Hines
East Twickenham, Middlesex