From Mr A. R. Valvo

I refer to J. G. Vassallo's article entitled "Shock Waves" (TMIS, 30 January).

I have always admired the clear and straight-to-the-point arguments put forward by Mr Vassallo whenever and

wherever he writes in the newspapers. The last piece was no exception. Mr Vassallo has been writing consistently about the state of the economy for some time

now. I for one cannot but agree with most of his opinions and even venture to say that unless some of his points are taken up by whoever is supposed to be the custodian of our nation's well being, then I am afraid that all we can expect is just more of what is being dished out to us at present.

Who can believe that the government's strategy and decisions regarding our ailing economy are meant to rectify the disastrous state of affairs we find ourselves in? And may I ask who the perpetrators of this horrendous state of affairs are? Who created a national debt level, which turned a surplus of half a billion Maltese liri in 1987 to a deficit of approximately Lm1.5 billion, which will be incurred by the end of 2005? Just pause a bit and reflect - a spending spree of Lm2 billion. Who has created the approximate amount of Lm90 million per annum in interest payment resultant from this enormous national debt?

The answer is quite obvious. It's the present and previous PN government, and its policy makers, who have been in charge of our nation's decision making for seven-and-a-half years bar some 20 months. Who, I ask, is to blame for the state of our nation's precarious financial situation? While reflecting on this issue do remember that the PN in government had, on a number of occasions in the past, clearly stated that the state of our country's finances was no cause of concern and even went on record to declare, by means of posters all over the island, that our nation's finances were strong and on a solid footing. We even had bright people telling us money was no problem.

Just reflect wisely and imagine what it means to pay Lm90 million a year in interest to service our disastrous national debt. This comes to approximately Lm250,000 a day, which means Lm10,300 an hour, or Lm172 a minute, or just under Lm3 a second. Well done to whoever has landed us in this shaky economic situation.

But then again, now that we are full members of the EU perhaps the other EU States will come to our rescue. Do you really believe that our country's financial problems will be solved or put right for us by the EU? If this were remotely possible then would I ask "at what price"? I leave that to your imagination. Just remember that the people who got us into this mess are the same people who are running our economy and the country. Surely it is a matter of credibility but does this word even exist in this government's vocabulary.

I honestly believe that Mr Vassallo's writings do throw essential light on the dire state of governance in Malta and we should all heed what is being pointed out to us. Rectifying this situation is difficult but not impossible.

Accepting that such problems exist takes guts and credibility, two attributes that in my opinion are not evident in the present administration. The people of the Maltese Islands have never faced such stiff challenges like the ones they are encountering and will encounter over the next few years.

Our aspirations, including social peace of mind and our once famous family values are at stake. If the present government cannot accept and publicly state what the real situation our nation is in then we are being told lies and half-truths. Of course we have courage and of course we are fighters. But courage and fighters need leaders. And wise leaders at that. What we have in government at present are the same faces we've had for donkey's years. It is now time to reflect and please do please reflect wisely, do show your concern and face the reality of the situation.

"Shock waves" was meant to warn us. So does Lm3 a second for interest payments.

Anthony Valvo

XGHAJRA