Yes, Erasmian is about Attic and pre... I have dismissed Erasmian long ago due to obvious reasons: Greek isn't a "dead language" as Latin, it has evolved over the centuries (Attic->Koene->Medieval-> and from here to several branches of Demodes-kathomiloumeni and the despicable anachronism the Katharevousa was, to todays Dimotiki). It makes only sense to take the most logical approach to the problem - since we don't know how ancient Greeks talked, what do we know?
We do know that even Koene was pronounced more or less like modern Greek, correct? So, why would the Greeks change so much during only a few generations (from the fading of the Attic to the domination of Koene)?
I think Erasmian is based on the wrong premise that there has to be a "pure" way of speaking Greek and that the ancient Greeks, before they mingled with others, are the only ones possesing that way. Also, it was meant to provide with the not accustomed to Greek westeners with an easier way to speak Greek.
It's a rather racist approach to a linguistic issue, prejudiced and bogus if I might say.
Ah, Mouzaphere, nice to meet you neighbour!
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