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Readers’ reactions: We are part of the Greek tragedy

By Owei Lakemfa

Here are readers reaction to Lakemfa columns as published by Vanguard Newspaper(hard copy) on Friday21 May,2010.

Tata :
THERE is a flaw in your argument…because while you can say NAFTA, and EU…there is no functioning single African market also confirmed by your reference to the Francophone nations…thus, any benefit would be illusory..I think with the dearth of infrastructures and poor development habits…the EU would find a way to shift the burden on poor African countries using the Greece experience as an excuse…

Lekan :
Thanks for your interest in Greece economy and budget deficit.The problem with African countries is that we lack foresight and we always prefer death after medicine.Nobody is talking about unemployment rate,industries closing down, our worthless naira value and future for all-The old,youth,women, men and children.We are busy with unimportant issues like election, successions, etc that are capital in nature but no value added to an average Nigerians.

Felix Osunde:
I agree with you. First the Greeks were spending what they do not have , or produce. Either way, it is simple arithmetic. Countries make money in relation to goods and services produces. Look at Greece; what is their national income sources? Nothing, except for social services, and internally generated revenue. So they virtually depended on the hard working Germans to pay their bills.

One of the reasons behind euro currency, was to make them a strong zone for the continent and the international communities and also as a challenge to the dollar. Now it is  clear that Germans and the French, who run the Euro, can no longer carry these weaklings who now want to suck out the steam from their hard working tax payers. Yes, let them crash; we can stand the storms, but they cannot. Look at Asian countries, they are moving on.

Europeans with their tendencies to exploit others for their benefit will learn to be fairer in formulating economic policies in future. Of course, the Euro will go away, if not managed properly. The foundation is faulty and on the cliff edge. The following economies like South Africa, Nigeria, Kenyan, Uganda, etc. will benefit greatly. For Nigeria, it is a plus game.

A stable government now with Dr. Jonathan and  a Vice President will bring in good dividends on investments and investors also. Everybody will come crashing on the Nigerian market very soon.. If you look round properly you will agree with me  some nations must fail for others to pass. The pendulum swinging is changing its tones and the Chinese are the masters now; soon it will be Nigeria, when power is restore permanently ;our eastern part of Nigeria , the Igbos, are waiting to take Nigeria to technology age; when power comes.

Abiodun Obadeyi :
That’s thoughtful. expecially for most of us living here in Greece. We are part of the commercial agent here and we are really facing the hardship. judging by the analysis here. The government is on the right track to weather the storm with all the strategies available. But the preceding government failed to be transparent and made a false declaration of 3.7  percent deficit instead of 12.7 percent; that was the actual GDP deficit. I really appreciate the effort of the Greek’s new pm. George Papandreou. for making these known to the world if not it could have totally crumble the european economy and it will fall largelly on other continets like africa and the rest. and it will impoverish our continent the more as 3rd world countries

Dele Abegunde:
Lakemfa, thank you for this brilliant analysis, however, I cannot agree with you less on the “off loading of stock” suggestion. Investors are restless, they would always seek for profitable markets to invest in. Because the Euro currency is bound to crash soon, investors are already fleeing the Euro zone. One of their destinations is Africa’s perfoming stocks. Why do you think Nigeria’s stocks is recovering despite Sanusi’s bank regulation blunder? Sanusi’s fiscal sanitation may ultimately benefit Nigerian investors as the impression of cleaning the banks in Nigeria has been created internationally. Secondly, the smooth transition following the passing away of Musa Yar’Adua is also boosting investors confidence. For me this is the time to invest in Naira in anticipation of the appreciation the impending calamity in Eurozone will bring to Nigerian and South African stocks.

Ash across our world

Folarin Saheed:
The incident in Iceland did a major damage to the air transport industry as it was estmated to have lost about $1 billion. More worrisome is the Kenyan casual workers who lost out because of it.They have families to feed and other issue to take care of.

Nigeria should learn a lot from this experience to always make geological tests and surveys.

Rasheed Ahmed, Lansing, USA:
2010 appears (at least according to media exposure) to be the year of earthquakes and I wanted to keep track of the occurences as they occur. My curiousity leads me to do a search and my search took me to the web-site of the USGS (United States Geological Survey) where I found out to my amazement that millions of earthquakes occur annually according to their estimate but many go unnoticed. To those who are curious and wanted to know more about the natural phenomenon called earthquakes, check this out:


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.