HERE is a warning to our European friends: from 1945 until 1980, at great financial cost, the UK attempted to preserve the value of pound sterling.

For all her faults, Margaret Thatcher’s Government decided to end this pointless nonsense by floating the pound.

The German leader is attempting to preserve the value of the Euro by subsidising the Greeks. Don’t bother, Angela Merkel; it does not work.

GLYN LIMMER, Roosevelt Road, Long Hanborough