Some of the Wall Street Journal reader's opinions about the Greek Crisis...

The Greeks Have Little Wiggle Room

While Andy Kessler's proposal for restructuring Greek debt by backing it with Greek assets is attractive ("The 'Brady Bond' Solution for Greek Debt," op-ed, June 29), it raises a significant question that he does not address.

How do investors trust that the Greek government will not renege on the asset transfers at some point in the future by renationalizing the industries that have fallen into foreign hands? Given the likely investors (Germany, China, hedge funds, etc.), it is not difficult to envision a nationalist or populist government gaining power on a platform of expropriation of these politically disfavored owners. After all, it happened here with GM and Chrysler.

Klaus C.

LaGrangeville, N.Y.

Many observers of the situation in Europe are drawing parallels to South America in the 1980s and recommending that something similar to Brady Bonds be issued to solve the crisis.

This strategy misses two key points: The Latin American countries were able to devalue their currencies and had export-orientated economies able to hugely benefit from devaluations. Euro members like Greece have no ability to devalue their currencies while they are part of the European Central Bank and have few exports. Worse, they have uncompetitive cost structures that need to be redressed. If that's not enough, the monetary policy of the weaker euro members is dictated by Germany, which has a very strong and competitive economy with booming exports.

The straitjacket that Greece finds itself in is intolerable. Austerity measures will further depress its economy and eventually lead to civil strife. Greece must leave the euro and be able to devalue its currency and set its own monetary policy. The Greek and German economies have virtually nothing in common and cannot share similar policies.

Robert M. S.