Letters to the editor : An economic fix for all

Written by The Financial Express | Updated: Jan 31 2009, 05:36am hrs
It is agreed that the financing strategy of the West has failed due to excessive greed and speculation (Greed and fear). Its also because of less savings and more import of capital for consumption that have hastened the process of decay. However, in a globalised international financial scenario, the US is trying to find a solution to the issue by its massive help programmes to its domestic institutions alone. Rather, the solution demands that the problems of developing countrieswhose economies are not affected by the syndromes of the West but are sucked in to the illiquidity syndrome neverthelessare addressed by the Bretton Woods institutions. This will help ensure that developing economies do not catch the contraction symptoms of the West.

-P Esakki Muthu Mumbai