Τρίτη, 3 Απριλίου 2012

Greek government can pay back all the debts.....

Dutch boy - Wolfson Prize

An 11-year-old boy from the Netherlands has joined the chorus of people calling for Greece to leave the euro in a surprise entry for the lucrativeWolfson economics prize.



Jurre Herman won €100 (£83) in gift vouchers for his devastatingly simple contingency plan for a breakup of the eurozone.Herman suggested Greeks should be forced to swap their euros for drachmas, so the Greek government could pay back its debts with the euros it collects. Any sceptics will surely be convinced by his drawing, which demonstrates a Greek guy, who "does not look happy!!", delivering his euros to the bank.
Herman explains: "All these euros together form a pancake or a pizza (see on top in the picture). Now the Greek government can start to pay back all their debts, everyone who has a debt gets a slice of the pizza."
Showing an impressive understanding of economics, he goes on to say"The Greek people do not want to exchange their euros for drachmas because they know that this drachma will lose its value dramatically." To tackle this thorny issue, he plans to fine those Greeks hiding their euros or transferring them to other European countries, by doubling the amount of euros they tried to hide.
"In this way I ensure that all Greeks bring their euros to a Greek bank and so the Greek government can pay back all the debts. I hope my idea helps you!!!!"
Herman was the youngest entrant for the £250,000 prize, offered in an attempt to find the best answer to the question: "If member states leave the Economic and Monetary Union, what is the best way for the economic process to be managed to provide the sounded foundation for the future growth and prosperity of the current membership?"
Though he received an honourable mention, Herman did not join the five economists on the shortlist for the prize announced this morning

The Wolfson Economics Prize, which challenges the world’s brightest economists to prepare a contingency plan for a break-up of the Eurozone, today (3rd April, 2012) unveiled a shortlist of five finalists.
The shortlisted entries, though all very different from each other, provide valuable ideas about how best to manage a member state leaving the euro.
The judges have given the finalists the opportunity to address key questions about their entry. Finalists will be given until the 29th of May to develop and resubmit their entries. Everyone who has progressed to this stage will be guaranteed a £10,000 share of the prize. The winner(s) of the Wolfson Economics Prize will be announced on the 5th of July.

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