"May I first say how wonderful I find your service? I have been a subscriber for many years from the days when I worked in The City and received your monthly hard copies. (I am a proud owner of one of your umbrellas).

"Today, I am an aloof observer of the world from my home here in Marazion, Cornwall and pretty much rely on your website to stay in touch. The last few years have certainly been full of economic history and like yourself I have always believed the euro was potentially structurally flawed and that the cracks would appear in the first serious recession. Please forgive me if I am ill informed but amongst all the options of loans, write offs, default and pulling out of the euro I have not yet read of the possibility of reintroducing the Drachma and 'pegging' it to the euro, (Clearly at a more competitive rate). Is this something that you believe is being considered or is it simply a naive idea? Maybe it could be part of a politically acceptable, while economically workable solution. Of course, to the Greeks, the default option, reintroduction of the drachma and complete withdrawal from the euro could be perceived as highly desirable. I know where my next holiday destination would be."

David Fuller's view You may indeed. Thank you for your interest over so many years, also for your brolly winning contributions to The Chart Seminar.

Your suggestion that Greece pull out of the euro, reintroduce the drachma and peg it to the euro at a lower level is certainly interesting. However, when we consider that the euro was initially conceived for political and security reasons - mainly to end the centuries-long history of Europeans waging war with each other - we also recall that the economic convenience of a single currency was a secondary consideration, albeit not unrelated.

Had the reasons for creating the euro been primarily economic, I doubt that Greece would have been admitted. As the euro zone increased in numbers, Europeans made no secret of their desire to create a united states of Europe. If Greece were to pull out, or be thrown out, it would create a precedent for the shrinkage of grand ambitions. For Greeks, fattened by the windfall of low interest rates for all member states during the euro's earlier years, plus generous EU grants, withdrawal from the euro would be a leap back into the unknown.

Re your next holiday, if the Greek Tourist Board is smart, it will learn to profit from adversity cause by the country's deflation. Perhaps it should encourage tourist destinations to slash rates and advertise bargain holidays in the Cornish Times and elsewhere. Alternatively, perhaps hotel rates are now negotiable.