AFTER the latest Athens bailout package, observers need to cast their minds back to the pre-euro period. Greece (and Italy for that matter) became prosperous by frequently lowering the value of their currencies and running lax fiscal policies. Greece became wealthy enough for the rest of Europe to admit it first to the European Community and then to the euro area.

So why not let Greece go back to the regime which suits its genius? Greece needs the southern European-Mediterranean laissez passer approach that lets it pass through economic and political barriers with innate flexibility and suppleness. Why harness it to the northern European forced march of Sturm und Drang when the journey requires daring, dexterity and appropriate doses of devaluation? Grexit is the only way out.

German control of the euro is difficult to argue with. Any deviation from fiscal orthodoxy seems like celebrating sin. Yet that is exactly what is needed. Greece needs to get out of this hideous contract. Print its own money - and renounce its debts, as it has done in the past. Wolfgang Schäuble, the German finance minister, should be commended for putting Grexit firmly on the table. We should all support him.