From Mr Giles Conway-Gordon.

Sir, Martin Wolf’s scepticism that a true cure will be found for the eurozone crisis is well founded (“There is no sunlit future for the euro”, October 19).

The key necessary condition, politically, socially and economically, of any durable solution to the crisis must surely be that the so-called Club Med countries are enabled to return to sustainable economic growth. Without future growth, any financial restructuring (whether it takes the form of fiscal union, a massive European financial stability facility, eurobonds or bank recapitalisation) will be unavailing, regardless of scope and size.

As the last 10 years have confirmed, these economies will not grow while they share a currency with Germany and the northern bloc.

The least disastrous solution would seem to be for the northern bloc to leave the euro to the Club Med countries. This would avoid resurrection of the drachma, lira and so on and would place the burden of economic adjustment on the economies best able to shoulder it.

Giles Conway-Gordon, Managing Partner, Cogo Wolf Asset Management, San Francisco, CA, US

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