Your editorial states that Greece must be given assistance to grow as part of its debt reduction ("If Greece is to survive it needs a plan for growth", February 13).

I would agree but also go much further. The austerity package passed by the Greek Parliament is a humiliation and one that will undoubtedly increase the deficit as it leads to greater recession. To tell a debt-stricken country in the middle of a deep recession to further shrink its economy is complete madness.

Greece must be helped. There are some hopeful signs. Last week several German newspapers published editorials stating Greece had suffered enough and the time had come for Germany to help Greece. It is good that German attitudes are changing, but this is yet to reach its Government.

What Greece needs is an enormous stimulus to return it to growth so that it can reduce its borrowing. What must be understood is that minus some brain drain, Greece's productive capacity remains what it was before the crisis and the reason it is producing far less now is because of a shortage of money. The European Central Bank must increase the money supply to Greece to return it to levels where there is enough demand to have a growing economy.

Current rules prevent it from increasing the money supply to any particular country as opposed to general control of the euro. These rules should be changed and the ECB should increase the amount of currency in Greece by covering a large part of borrowing through lending to the Greek Government through ultra-low interest loans.

The Greek Government's spending should be focused on economic stimulus, primarily through reducing unemployment. To do this it should nationalise failing businesses and in the first instance use these new state-owned enterprises to reach full employment, even if it means operating at a substantial loss. Only when this is achieved should the Government reorganise them to make them profitable and use this revenue to pay off the deficit. Similarly there should be no privatisation of currently state-owned enterprises. To sell them at bargain basement prices to pay for one year, thus depriving the Government of revenue for all subsequent years, is the height of stupidity.

The Greek Government should reverse many of its tax increases until the economy turns to growth. Only taxes on wealthy tax dodgers should be increased in the immediate future. Tax rises right now are actually decreasing Government revenue by further harming the economy.

These policies will return Greece to growth and once it is growing it can reduce its deficit and return to a sustainable level of sovereign debt. Until it is growing, there should be no attempts to reduce borrowing as these are paradoxically depriving the Government of more revenue than it is saving.

The only immediate debt reduction from Greece should be to heavily bring down its debt and in some cases suspend interest payments. The policies I have outlined will not be cheap but they shall be much cheaper than the current path that is being followed, which will only make the Greek problem worse. By bringing Greece into growth and full employment the need for bailouts will soon end, by humiliating and punishing Greece no end shall be found.

Iain Paterson,

6 Methven Avenue,

Bearsden.

Watching the sad scenes of Athens burning at the hands of its own people, I can only say how glad I am that the Elgin Marbles remain safe in London and have not been returned to such a savage, not to mention fiscally irresponsible, nation.

I wonder if the price of yet another euro bailout of Greece could be the transfer of the remaining portion of the Parthenon to London, where it could be reunited with that removed by Lord Elgin to the British Museum for safekeeping and the whole rebuilt in the east end after the Olympics have moved on?

John Eoin Douglas,

7 Spey Terrace,

Edinburgh.