4 Apr 2012

Schoolboy commended for Eurozone plan

1:33 pm on 4 April 2012

A schoolboy from the Netherlands has been commended for coming up with a possible way to prevent a Eurozone meltdown.

Five entries have been shortlisted for the Wolfson Economics Prize in the competition to find the best plan for dealing with a eurozone break-up.

The Wolfson prize is worth £250,000 and is second in value to the Nobel Prize.

Jurre Hermans, 11, has been given a special mention and a 100 euro gift voucher.

He suggested that Greeks could swap euros for their old currency, the drachma.

Likening Greek debt to a pizza, he suggested that Greeks be incentivised to return euros for debt repayment. If they did not return their euros, they should be fined at least the equivalent of what they held back.

Returned euros would form a giant pizza of money, slices of which would be handed back to creditors.

Jurre, whose father helped him with the translation into English for the submission, said he entered the competition because he became worried about the euro crisis after watching the news.