The economic crisis in Europe is still spinning out of control. The questions everyone has on their minds are: What is the solution? How do we solve everyone’s debt crises? Well 10 year old Jurre Hermans has a possible answer. This whiz kid from the Netherlands has proposed a solution to solve Greece’s debt crisis. His local newspaper had a prize for the best solution, and he won. You can find his actual solution here. He states that Greece should leave the Eurozone and that the Greek people should trade in their euros for drachmas (former Greek currency). Then the government uses the euros to pay off all debts. Only then can they re-enter the Eurozone. The clever part about his plan is that citizens who are found hiding their Euros will be penalized an equal or greater amount. He is the only one to date to receive a prize for his solution.
Several economists have been shortlisted (finalists) for the £250,000 Wolfson Economics prize for a tangible solution. The prize is only second to the Nobel Prize. The solutions by many senior economists range from allowing countries to leave the Eurozone in order to solve debt problems to dissolving the Euro altogether if a country leaves. Hermans’ solution is very close to many of these expert opinions!
Is this the end of the Euro?
Is Hermans’ solution in any way tangible?