The report, ‘IPO space agog with IndiaGo’s ₹1,272 DRHP’ (July 1), is indeed good news. While SEBI is doing its best to review the market with the new startup business listing, and also the SMEs platform, a lot needs to be done outside of SEBI. While it’s true people can manipulate the market and as long as there are buyers and sellers the prices of stock can fluctuate, often companies with no prior background and good financials have a price which could be more than that of blue chip companies. These companies manipulate the market to take advantages of the long-term and short-term capital gain benefits which needs to be looked into by the authorities.

Kamal Anil Kapadia

Mumbai

Piquant situation

This refers to your editorial, ‘Preparing for Grexit’ (July 1). The severe austerity measures started from 2010 have suffocated the economy of Greece all these years. This resulted in the failure of the earlier government and the protests against the austerity measures. In fact, the Tsipras government came to power on the anti-austerity mandate.

With the release of funds tied to the implementation of further austerity measures in Greece, it appears the Troika — EU, ECB, IMF — will not release further funds. The world is therefore already prepared for Grexit. It is tormenting for the Greek leaders to decide their course.

Further austerity, although it would mean depression of the economy further in terms of GDP, unemployment and so on, is a temporary solution for its survival. Eventually, Greece would have to be out of the Euro Zone.

Rugmani Vinod

Thiruvananthapuram

It is a paradox that Germany, the prime votary of IMF in saving the euro, drags its feet today on the rescue, as it would then have to write off billions of its taxpayers’ money. Germany attempted to tackle the Greek debt mountain with accounting jugglery and lower interest rates in an effort to find €32 billion to fund the revival plan 2014-2016. Even these measures could never have reached the target of reducing Greece’s sovereign debt to 120 per cent of GDP by 2020.

Greece’s failing to pay back the loan to IMF is part of a protracted fiscal mess that has festered long and is now acquiring political overtones. Europe is concerned with the future course of Greek foreign policy under its coalition of far-left and hard right parties. Western nations have long and vexed relations with Russia which will sour further should ever a less than decent Grexit send Athens into the waiting hands of Russia. We must hope the ongoing global slump will induce the Euro Zone to opt for pragmatic economics rather than persevere with dated politics.

R Narayanan

Ghaziabad, Uttar Pradesh

The policy prescriptions of the Troika have hurt Greece. A democratically elected government has not been allowed to rule Greece; the Troika calling the shots is unjustified. Greece is reasonable in asking for a pause to austerity in the negotiations with its Euro Zone creditors. It is right in calling for a referendum because it was elected on a platform of anti-austerity. The markets are hoping that a Grexit will not cause a major turbulence in the world markets but the referundum may be the beginning of the end of the euro.

CR Arun

Email

Vyapam shame

It looks like the BJP’s claim of providing scam-free governance stands punctured. Taken in conjunction with the ‘Lalitgate’ revelation, the Vyapam scam has dulled the moral sheen of the ruling party. The Congress and a whistleblower have alleged the involvement of Chief Minister Shivraj Singh Chouhan and Governor Ram Naresh Yadav in the scam which relates to bribes paid for appointments to State jobs and admissions to professional courses between 2007 and 2013 by the MP Vyavsayik Pariksha Mandal (Vyapam) or the MP Professional Examination Board.

It is important the criminal justice system functions without fear or favour. Unless truth and fair play are restored in the conduct of exams and recruitments, we will only perpetuate lies and fraud.

J Akshay

Bengaluru

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