11-year-old draws up plan for Greek Crisis
An 11-year-old boy's pizza plan for solving the euro debt crisis was awarded a prize in a prestigious international economics competition
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 lucrative Wolfson economics prize.
Jurre Herman impressed judges in the £250,000(Rs 2 crore) Wolfson Economics Prize competition with his idea that Greeks exchange euros for their old currency, the drachma, with penalties for those moving money abroad.
The euros form a pizza and ‘everyone who has a debt gets a slice,’ the Dutch boy said.
He explained, “All Greek people should bring their euro to the bank. You see, the Greek guy does not look happy! The Greek man gets back Greek drachmae from the bank, their old currency. The bank gives all these euros to the Greek government.”
He added, “All these euros together form a pancake or a pizza. Now the Greek government can start to pay back all their debts, everyone who has a debt gets a slice of the pizza.”
His entry received a special mention from the judging panel at the international competition to find the ‘best contingency plan for a break-up of the euro’.
Jurre, who was ten when he devised the theory, received a gift voucher worth £83 (Rs 6,700) but did not join the final five on the shortlist.
What is the Wolfson Economics Prize
The prize is targeted at top academic economists from around the world by Policy Exchange, the London-based think-tank. The Wolfson Economics Prize, will be the second biggest cash prize to be awarded to an academic economist after the Nobel Prize.