As economists, we note that the historical evidence demonstrates the futility and dangers of imposing unsustainable debt and repayment conditions on debtor countries; the negative impact of austerity policies on weakening economies; and the particularly severe effects that flow on to the poorest households.

We therefore urge the troika (EU, European Centra Bank and IMF) to negotiate in good faith with the Greek government so that there is a cancellation of a large part of the debt and new terms of payment which support the rebuilding of a sustainable economy. This settlement should mark the beginning of a new EU-wide policy framework favouring pro-growth rather than deflationary policies (Report, 14 January).

We urge the Greek government to abandon the austerity programme that is crushing economic activity and adopt a more expansive fiscal policy setting, targeting immediate relief from poverty and stimulating further domestic demand; to launch a fully independent investigation into the historic and systemic failure of the Greek public financial management processes (including any evidence of corruption) that led to the accumulation of debt, the disguising of the size and nature of the debt and the inefficient/ineffective use of public funds; and to consider the establishment of a judicial body or alternative mechanism that is independent of government and charged with a future responsibility of investigating corruption from the highest to lowest levels of government.

We urge other national governments to exercise their votes within official sector finance agencies and to pursue other diplomatic activities that will support a cancellation of a large part of the Greek sovereign debt and new terms of payment for the rebuilding of a sustainable Greek national economy.

Malcolm Sawyer Emeritus prof, University of Leeds

Danny Lang Associate prof, University of Paris

Prof Yu Bin Professor and deputy director, Chinese Academy of Social Sciences

Prof Ozlem Onaran University of Greenwich

Prof Mario Seccareccia University of Ottawa

Hugo Radice Life fellow, University of Leeds

John Weeks Professor emeritus, Soas, University of London

Prof Howard Stein University of Michigan, Ann Arbor

Anitra Nelson Associate professor, RMIT University, Melbourne

Prof George Irvin University of London, Soas

Dr John Simister Manchester Metropolitan University

Mogens Ove Madsen Associate professor, Aalborg University

Wang Zhongbao Associate professor, editorial director, World Review of Political Economy

Dr Susan Pashkoff Economist

Andrea Fumagalli University of Pavia

Pat Devine University of Manchester

Professor Ray Kinsella University College Dublin

Alan Freeman Co-director, Geopolitical Economy Research and Education Trust

Eugénia Pires Economist, member, Portuguese Citizens Debt Audit

Dr Jo Michell University of the West of England, Bristol

Michael Burke Economist, Socialist Economic Bulletin

Paul Hudson Formerly Universität Wissemburg-Halle

Dr Alan B Cibils Universidad Nacional de General Sarmiento, Buenos Aires, Argentina

Guglielmo Forges Davanzati Associate prof, University of Salento

Prof Sergio Rossi University of Fribourg

Faruk Ulgen Associate prof, University of Grenoble

Tim Delap Positive Money

Eleni Paliginis Middlesex University

Grazia Ietto-Gillies Emeritus professor, London South Bank University

Professor Radhika Desai University of Manitoba

Michael Roberts Economist, ‘The next recession’

Michael Taft Unite the Union, Ireland region

Dr Andy Denis City University London

Peter Kenyon Chartist

Professor Emeritus Geoffrey Colin Harcourt UNSW Business School