Regarding the story "Tsipras seeks public vote against new bailout deal" in the June 28 edition, here's a solution to the Greece debt problem: decide upon a ratio of responsibility for the debacle that acknowledges mutual culpability by the borrower and the lender.

The lender certainly shares guilt through its well-known and established practice of "predatory lending," which is now infamously epitomized by the subprime fiasco leading up to the 2008 financial collapse. The culpability of the borrower is self-evident.

Whatever ratio is agreed upon (this being the operative phrase), let that be the discount rate or percentage of debt forgiveness.

As an example, if it is decided that the creditors share 30 percent responsibility for the situation and the borrowers 70 percent, then let the loan portfolio be discounted by 30 percent, accompanied by a collateralized concrete repayment schedule, together with open books and coordinated fiscal measures.

The equity in this plan is in its shared, if imbalanced, responsibility. Additionally, as both parties take a hit, neither one will be as prone to repeat the glib mistakes that got them into this mess. When will our race evolve beyond greed and avarice?

Stig Lindberg

Kailua, Hawaii

The opinions expressed in this letter to the editor are the writer's own and do not necessarily reflect the policies of The Japan Times.