October 19th, 2011
05:44 PM GMT
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London (CNN) – It’s not everyday that I wake up to the smell of £250,000.

So, when I saw what was on offer this morning – create an orderly plan for countries to exit the euro and win just shy of US$400,000  – I started to think of my options.

But what would be my plan? Is an exit from the euro even viable?

Some background: Lord Wolfson, CEO of retailer Next, announced the Wolfson Economics Prize, the second largest economics cash prize next to the Nobel, to be awarded to the person who comes up with the least painful way for European nations to disentangle themselves from the European Monetary Union, which unites 17 nations under a single currency.

For the past few months, we’ve been told by economists, finance ministers and politicians that such a move would be disastrous. Legally, we know that no one country can leave. The treaties governing the eurozone have no provisions for a member leaving of its own volition or being expelled by others, so this would need to be revised.

But if all the countries united to exit the euro the consequences would still be dire. If cash is moved from one country exiting the eurozone to one that’s staying, a run on banks could become runs on entire countries. And then what happens if, for example, you live in Greece and your wages are changed into new drachma, while your mortgage with a Portuguese bank is in euros?

Lord Wolfson says the award is necessary, because European leaders could not openly debate contingency plans for the end of the single currency. “It would be seen as a white flag and could itself trigger a collapse of the euro,” he noted.

I agree with the good Lord. Governments haven’t been discussing an exit as an option. That’s because it isn’t one.

This isn’t a failure of economists – after all they have the best minds working with them. It’s a failure of politicians.

I for one will not be applying. I would dread to go down in history as the person who bought the single currency to its knees. Imagine the headline: “Portugueezer brings down the euro!”

For now, I have only one thesis – there isn’t a solution. This prize is unwinnable. There is no such thing as an "orderly" exit strategy.

Surely, Lord Wolfson knows he has set an impossible question.

Anyone who disagrees or has a better plan – please let me know.

I’ll double the money and write you a cheque myself.



soundoff (117 Responses)
  1. Henk

    CNN can you stop this ANTI-EURO Propaganda. You are using British sources again and again when talking about Europe while Britain doesn`t use the EURO to Start with. Even CCTV China doesn`t put out as much Propaganda.

    October 19, 2011 at 6:30 pm |
  2. mayur

    Hi
    Hi do you mind telling me where to run down the idea to win the 250.ooo pounds as I have lots of ideas to put forward where we can actaully create something where there is an opportunity

    October 19, 2011 at 6:32 pm |
  3. Ged SolarPanels4u

    My Company Can save trillions around the globe... the doors are shut to advancement in the struggle against the oil & energy companies... banks are to blame but not 100%.. ENAL OWNS 30 Energy Companies accross the Globe..they are ditctating the cost of energy & gas & oil... I am can take them on but need some help...I am sure the general public has never even heard of ENAL... Russian Owned Head Office in ITALY

    October 19, 2011 at 6:35 pm |
  4. Ged SolarPanels4u

    one more comment my co directors & I will provide funding of 100 million euro's to every major city in the world
    for waste to energy systems... free electricity & cheap transport http://www.maglevmovers.com

    October 19, 2011 at 6:41 pm |
  5. Henk

    CNN making articles on how to Collapse an entire Currency. This ANTI-EURO Propaganda is really achieving the level of Nazi-Germany Propaganda. CNN Britain doesn`t use the EURO currency and host many ANTI-EU ANTI-EURO clowns so writing articles about how to Collapse the EURO is beyond insulting and shameful.

    October 19, 2011 at 6:44 pm |
  6. douglasjames

    It was a failure from the beginning, as much as F.D.R.'s liberal society for America. Leave it to the political process to screw things up.

    October 19, 2011 at 6:48 pm |
  7. Nilson

    Ged, what's your company called? Ill like to work with you.
    And where is it that you post the ideas to win the prize?

    October 19, 2011 at 6:50 pm |
  8. Chris

    I'm no economist, but it seems simple to me...

    Stop spending money you don't have!

    Where do I pick up my 250,000?

    October 19, 2011 at 6:54 pm |
  9. twister

    Ms.Soares the day u have 500,000 pounds to give away is the day ill come up with an answer!

    October 19, 2011 at 6:57 pm |
  10. Dan

    Either China or the U.S should give $150bn to Europe (as aid, not loans) to repay all of the debts. That $150bn would buy more good will, and national security upsides, than any amount of money spent on wars. This is a pretty good tradeoff considering the US has spent more than $1Tr on wars in Iraq and Afghanistan with virtually no goodwill resulting from it.

    October 19, 2011 at 7:12 pm |
  11. Roelof Kenth

    South Europe needs to exit the eurozone, because only by export an economy can grow. Thatway they've got their cheap currency back, they'll start to export, creating jobs, money will flow into their countries, they'll be able to pay taxes and their debtowners. But that isn't what those fascists in Brussel have in mind. They want trillion euro EU fund, that doesn't solve anything and after that sell Europe to the BRIC (Brazil, Russia, India and China). South Europe in the eurozone is them being steps behind, having them halve a year protesting because they don't want economical reforms.

    October 19, 2011 at 7:27 pm |
  12. Anpadh

    Isa Soares: I like your article. Mostly, it is serious. I don't agree with everything you say but I do take your words seriously - until the last sentence. You are a journalist. Even if I did come up with a viable plan for two countries to make an orderly exit from the Euro, most likely, you would reject it as your political views probably differ from mine and your definition of "orderly exit" probably is also different from mine. But, let's say, for the sake of argument, that you did approve of my plan - how is a journalist going to come up with half a million British pounds? Unless, of course, when you say you will write a cheque, you mean just that - you will write the cheque but there will be no funds in the account.

    October 19, 2011 at 7:38 pm |
  13. Bernard

    How to solve Euro crisis? Simple, create a brand new currency instead, peg them to Yuan, and call it "Yugo".

    Try implementing this "idea", and they can keep those 250,000 Yugo themselves.

    October 19, 2011 at 7:40 pm |
  14. Roelof Kenth

    Greece stalled 200 billion euro on Swiss banks. Now French and German banks bought a lot of worthless Greek state obligations. Those banks need to recapitalise. So what they are doing with that EU fund, is give Greece money, so Greece can pay those banks. Halve of the EU citizens taxmoney will end up at Swiss bank accounts (because of the autonomy of Greek private savings, nobody can touch it). The German and French banks will collect their money and their bonusses and the EU citizens will be the new debtowner of Greece. Greece will not be able to pay back, so now EU countries have to make economical reforms, because of corrupt South European countries. And it didn't solve anything.

    October 19, 2011 at 7:42 pm |
  15. Ricky Youssef

    Save the euro by creating a currency within a currency. The second back-up Euro currency or sister currency will be jointly created to give countries with financial difficulties time to sort out their finances before being allowed to get upgraded into their stronger Euro sister currency. That's in a nutshell.

    October 19, 2011 at 7:43 pm |
  16. Roelof Kenth

    France just sold Greece 4 warships. They just have to pay those after 5 years from now. They won't be able to, so the French know Greece is going to default and that's when those warships get payed out of that EU fund. So Dutch are making cuts on defence, while Dutch and German taxpayers pay for Greek warships.

    October 19, 2011 at 7:57 pm |
  17. howabout

    how about countries quit spending money on war so we have extra money for real issues like this...and yes i am mainly talking about the united states

    October 19, 2011 at 8:03 pm |
  18. Blah

    WOW, most people here are clueless. I see billions tossed around when the world debt bubbles are in the TRILLIONS not to count the derivatives bubble of 1.5 Quadtrillion. No wonder we're all fukked. Also austerity measures NEVER work. Damn...

    October 19, 2011 at 8:15 pm |
  19. Blah

    Chris is the only one that has the right ideal. These politicians want to solve a debt problem by adding more debt and consuming/spending more. This is insanity...

    October 19, 2011 at 8:20 pm |
  20. Sylvester Akoh

    For each country to exit orderly, they have 2 devalue their individual currencies 2 have same value with d Euro, then exit.

    October 19, 2011 at 8:34 pm |
  21. Fearless

    There is only one way to reliably remove a currency from circulation: force conversion of fiat currency to the gold standard, and set a deadline for retirement of the former from circulation.

    The conversion would be instantaneous. The retirement would take years, due to the software and accounting records in need of alteration. It would require an effort similar in scope to the Y2K computer adjustment. We survived that, so we could survive this.

    Keep the reward payment. I never want to be that wealthy. I'm just a subsistance-level middle class public-minded guy with an opinion. If people like me were paid that kind of money for common sense ideas, we would all be rich and money would (therefor) be worthless.

    October 19, 2011 at 8:38 pm |
  22. Graham Cockroft

    The answer is simple but I`d want a lot more than 250k for it, however, lets see what happens. The answer is 492387344. No thats not a telphone number or the next lotttery winning ticket, its a shade under 500 million which was the population in July 2010 of the EU. I suppose the EU has banged its way thro 500,000 by now as the world banged its way thro 7 billion population today. So lets take a Euro from them all twice a day !! a pound from the English.... and what for..........TRANSPORT.
    We all have to get to work 5 days a week, so a good transportation system will carry us there in the morning and bring us home at night and the EU bank a billion a day now that should solve a few problems...........see the sytem in action here, oh the 250k.........lets talk about that eh !

    Now see the suite of carriages and everything there is to know about personal rapid transport
    http://www.opipt.com/Rapid-Transport-1.htm

    October 19, 2011 at 10:18 pm |
  23. eric b

    Stop spendinng money u don't have!!!!....K.I.S.S......keep it simple stupid!!!

    October 20, 2011 at 1:00 am |
  24. AresBase

    He should rather give a price on how to fix the British economy first.
    British propaganda is becoming desperate they want to see the Euro fail so badly.
    It's nice to see a chap like him telling others how to run their houses while his is literally crumbling.

    October 20, 2011 at 1:26 am |
  25. Henry

    Banking system is the major problems. Whats bring down US is always bankers; we have Michael Milken for junk bonds in the 80s, Lehman Brothers sub-prime in the 00s. Stop selling products on the future and sell what you have is the solution in every economy from macro to micro. If euro zone is to survive and am sure it will, start implement standard banking rules that all member has to follow with ECB doing all the audits (Think similar or else countries will divide themselves and go astray.) As the saying goes; repair the core and all else will follow...

    October 20, 2011 at 1:36 am |
  26. Rob McDonald

    Its really not that hard.

    Firstly all countries agree to exit Euro but on certain conditions. All countries issue their own currency again over a year, and the new currency and the Euro will be the same with the same value. Then year to year begin to relax the value by 1% per year and let the market decide (within these parametres) what the value of each currency will be. Within 20 years you will have exited the Euro.

    please post me the prize money. :)

    October 20, 2011 at 3:04 am |
  27. Jim456

    The answer is easy. Go back to the printing machine and make local currency again. The Euro like it is now is an epic fail and the next inflation currency. Maybe price hikes in Europe will come back to normal again.

    October 20, 2011 at 3:17 am |
  28. wasso

    Simple: (1) The Eurozone agreees to be a part/province of Turkey
    (2) Press the Red Button
    (3) Watch your fortunes rise as Turkey takes charge !
    (4) Congratulations, you are now happy and wealthy members of Turkozone !!

    October 20, 2011 at 4:03 am |
  29. Amaterus

    They are now putting their hopes on an anonymous genius, supposedly hidden somewhere.
    Are they intimating their end and ours?
    Let me see, a stockpile of baked beans, bottled drinks, batteries…........

    October 20, 2011 at 4:55 am |
  30. Loren Clarke

    My Five-year Plan for Europe:

    1. Nationalize ALL currently private banks (Supra-nationalize, that is ONE BANK for the 17 "nations")
    2. Follow the "China Example" for running banks (China knows how to run a banking system)
    3. Peg the "New Euro" to the Chinese Yuan
    4. Distance economic policy from Wall Street
    5. Invest heavily in the U.S., that is, buy as many small and medium sized U.S. businesses as possible.

    Good luck.

    October 20, 2011 at 5:04 am |
  31. Alexx

    The most logical and painless idea for solving the Euro zone debt problems and weak economies like Greece,Portugal,Italy and Spain is to propose to the IMF and European Central Bank to immediately approve the sale of let,s say 5,ooo tons of gold, from the estimated 30,900 tons now held by major nations. Since this hoard of the precious metal has appreciated from $300 an ounce five years ago to the recent $1600 an ounce, most of its worth is "found money"...this sale would raise approx.$300 billion at a time when everyone wants it, and it is thus in good demand and relatively easy to find buyers for it. Since realistically that mountain of gold bars are only used for photo opportunities and door stoppers-not in the daily grind of feeding and clothing the masses- this simple action will go a long way towards stabilizing badly lacking financial systems all over Europe...And they do not have to enter in any more debt...

    October 20, 2011 at 5:13 am |
  32. Loren Clarke

    Soft Power - with an economic hammer!!! China is not an "emerging" world economy - China IS the world economy. The quicker we hitch our wagons to the Chinese juggernaut the better it will be for the 99% of the WORLD'S pupulation.

    October 20, 2011 at 5:24 am |
  33. Paul Johnston, PhD Economics

    THE EU IS RUN BY CRIMINALS LIKE LEGARDE UNDER INVESTIGATION FOR FINANCIAL FRAUD, UNELECTED BARROSO, NAZI MERKEL, SARKOZY AND IMF'S GEITHNER WHO CARE NOTHING FOR THE EU PEOPLE– WHY HASN'T EU LEADERS ASKED FOR EU'S AND GREEK'S CORRUPT POLITICIANS TO BE JAILED FOR STEALING EU FUNDS FOR 20 YEARS???

    October 20, 2011 at 6:35 am |
  34. IAmOn€

    Let's face it. The rich elite are the ones who will REALLY lose a lot of money if the debt-crisis can't be solved so they rush to action immediately.

    Imagine a conversation between two random ultrarich guys:

    Guy1: Oh maaan.. Look at this crisis; me and my company could lose billions! I could go out of business tomorrow if they found out! How are we going to save the money?

    Guy2: I don't know.. Call Merkel perhaps? You know!... That German lady we own. We back up our bad bets with taxpayers money!

    Guy1: Aaaaw such a nice idea maan.. Why didn't I come up with that.. And how should we do that?!

    Guy2: Deregulations so we can make the taxpayers responsible for things they cant even remotely understand and extortion man.. extortion.. Let say "the world will end" if you don't sign this?! That would save our money!

    Guy1: hahahahaha! What a brilliant man you are..

    October 20, 2011 at 6:54 am |
  35. Sriram

    When we rule out any option as unworkable...its normally that option which works in the end. So....try the exit option again ....with perhaps a little bit of lateral thinking.

    October 20, 2011 at 7:09 am |
  36. Magnus

    Meanwhile in Africa...

    October 20, 2011 at 7:22 am |
  37. Malcolm Light

    Every bank and bank transaction in Europe should be put under government supervisory body scrutiny. You would need to bring in the military to make it enforced. All transactions should wait a three day period before they are carried out (none of this computer Las Vegas casiono gambling). Europe needs to start a unified Eurobond immediately if it wants the Euro to survive.

    October 20, 2011 at 9:56 am |
  38. divided

    I've got the best answer but where's the prize money. I mean I'm not going to give the answer if I'm not going to get the prize currency & well the currency has to be usable. I mean it's not easy way to deal with it but it would no doubt be the cheapest quickest & most definite fix no questions about that!

    October 20, 2011 at 10:05 am |
  39. Daniel Heart

    There is no painless way to exit the euro, just as there is no painless way to pay for decades of collecting debt and spending what you haven't earned.Leaving the Euro makes little economic sense as does inflating your way out of debt,the governments simply have to be allowed to default and restructure just as with any business or enterprise.You go through a few years of pain but you come out stronger in the end.Many countries have gone through such a default and restructure in the past.The problem is trying to keep the party going.Banks have to go bankrupt for making bad loans then banks who didn't make bad loans can take over market share cleaning the system and making it stronger.It's why free market systems are better then communist systems.The UK now has a yearly inflation of 5.8 percent and soon will turn into another Zimbabwe or Weimar republic trying to pay off debt with worthless money destroying the middle class.

    October 20, 2011 at 10:24 am |
  40. John

    I am not a leading economic person. I am just a guy that works with his hands,(mechanic). I think the solution is not that in depth, the so called "smart" people in this world are thinking to deep. look when I work on cars I have to sometimes take something and make it better, but I use the existing part and improve on it. Kinda like the Euro, Europe had countries with each its own currency, and then improved on it by creating the Euro correct? Now when I don't like my invention I simply reverse my steps, "step by step" to make that part original again, the part still works and I can continue on with what I was doing. I think the Euro problem is not that much different, just on a bigger scale. If the Euro union used reverse planning in the first place they would not be in this situation.

    October 20, 2011 at 10:27 am |
  41. John

    oh ya where do I pick up the $395,000

    October 20, 2011 at 10:28 am |
  42. LarryRollins

    This is about the stupidest thing I have heard in along time.

    October 20, 2011 at 10:29 am |
  43. Michael Argiroudis

    In order to save Europe's financial problems someone should take the following steps:
    1) Set up a Central Financial Body (Ministry) for all member states
    2) Pay CDS holders with the current price & suspend trading of Credit Derivatives
    3) Set up a common Tax Control Body in the member Countries
    4) Merge or Nationalize troubled Banks
    5) Help to increse spending power by increasing the basic salaries of citizens of troubled member Countries
    6) Increase investing in Solar Energy as well as Oil Exploration in the Southern European Countries to enable Greece to pay off debt
    Michael – Greece

    October 20, 2011 at 10:33 am |
  44. European

    "For now, I have only one thesis – there isn’t a solution. This prize is unwinnable. There is no such thing as an "orderly" exit strategy."

    Ideology at it's purest. There is no option, because there is no option. Did any big problem ever got solved through this kind of thinking?

    Isa Soares is right that this is a failure of the politicians. But they keep failing precisely because they think like Isa Soares.

    Real politics is the art of making the impossible possible. Doing what is possible is just governing. You don't need politicians for that, just officials.

    October 20, 2011 at 10:33 am |
  45. Darketernal

    Those British anti-euro skeptics should just drown themselves in the sea, the economic interaction between countries is a good idea, the debt crisis and the euro are two separate issues. America is bankrupt as well, should they also split themselves up in 52 separate countries? Just shows how stupid those anti-euro British people are.

    October 20, 2011 at 10:44 am |
  46. Teya

    Agreed: the price should got to the one that saves the British economy or the US, for instance.....Anglosaxons are EU version of Sleeping with the Enemy.....

    October 20, 2011 at 10:49 am |
  47. Daniel Heart

    If the Euro is flawed it should fail just like anything else that doesn't work. But the Euro is not the problem, the problem is Euro members that borrowed money they cannot repay and the banks that lend them the money.You can't change a problem of too much debt by making more debts and just continuing throwing good money after bad.If and when the EU bailout fund is created it won't solve anything either and we will have a even bigger problem in the future.The only way is through temporary but painful measures to restructure the economy and put it on a sound footing again.

    October 20, 2011 at 11:02 am |
  48. Pat

    I, as well as many, even most, Europeans, I'm sure, hope that the euro survives. I love the fact that I can travel around Europe and use the same currency. I love the idea of a united, peaceful Europe. Sure, it's flawed, but I can't imagine why it can't be fixed & improved. Those complaining most & loudest about how prices went up when the euro was first introduced 10 years ago seem to forget that exactly the same thing would happen again if the countries went back to their former currencies: greedy companies & managers would round their new prices upwards. They are the ones to blame for the price increases in the first place, not the euro. It's just a currency. And the strong euro keeps fuel prices relatively low, oil being bought in dollars. A weaker euro or other currency would just make the price of fuel go up. So long live the euro & the EU!!!

    October 20, 2011 at 11:15 am |
  49. Ged ...@ Maglev Movers

    MAGLEV MOVERS WILL PAY ONE MILLION DOLLARS TO ANYONE WHO LEADS US TO A SUCCESSFULLY SIGNED CONTRACT WITH ANY CITY IN THE WORLD
    A WASTE TO ENERGY MAGLEV TRANSPORTATION SYSTEM...THIS WILL INCLUDE FREE POWER >>>10MW Per CITY>>>>FREE WASTE DISPOSAL>>>>> A FREE MAGLEV TRANSPORTATION SYSTEM.
    LET SEE IF THIS MAKES THE NEWS

    October 20, 2011 at 11:19 am |
  50. Aaron

    How about the countries that are dragging the chain, should put up some of their land until such time as their debt is paid. If the debt is not paid, then they are either exempt from the Euro or lose their land.

    October 20, 2011 at 11:20 am |
  51. Vasilis Patras

    One of Goebbels principles of propaganda "Propaganda may be facilitated by leaders with prestige" so CNN is using it's reputation for this purpose.

    October 20, 2011 at 11:24 am |
  52. munnalalsoni

    won to the cnn news mobile lottery 9th anvarsari

    October 20, 2011 at 11:33 am |
  53. Liam

    Down with the EU and the Euro..... Bring power back to Westminster!!!

    British people are NOT European.... Reinstate trade links and increase co-operation with our real friends in the world USA, Canada, Aus, NZ and the other Commonwealth countries!

    October 20, 2011 at 11:34 am |
  54. mike

    At this time with the wall street and other peaceful bank protests. It would be the perfect time for all of you that are not in the 1% to get behind the resource based economy proposed by the Zeitgeist Movement. It surely will happen some day in the future so why not push for it now. Be part of history do not wait for your great, great, great or even later grand children to do it. Let us be the ones who can look back at the past generations and say what greedy,corrupt, vicious and earth destroying humans were they. http://www.thezeitgeistmovement.com

    October 20, 2011 at 11:42 am |
  55. Daniel Heart

    @Liam LOL the power would not be in Westminster but would be in Washington in that constellation. I also don't know if the Canadians and Australians that have sound resource based economies would want to join the party with two huge debtor nations.

    October 20, 2011 at 11:48 am |
  56. Pablo M

    “Portugueezer brings down the euro!”... great phrase, but you've been trumped : "Greekezers (already) brought down the Euro"...

    October 20, 2011 at 11:48 am |
  57. Nuno

    I have a simple plan !!!!!
    .
    1) kill all politicians and currupts

    October 20, 2011 at 11:52 am |
  58. howabout

    Easy, switch to austrian economics, which is what we had in the US before 1913...until the federal reserve came and we switched to corporatism...austrian economics will let your economy thrive...you must have much less government which europe doesnt have and is a huge problem

    October 20, 2011 at 12:15 pm |
  59. kevin fiqueroa

    The bible says That europe will not unite again. They tried it now with the Euro which is Going against what God said. They will either have to take the painful exit or slowly but surely go bankrupt all together. The euro is a wonderful dream but often our dreams and pride can be our downfall. The euro will eventually bring more trouble with it. With time they will propose and do a worldwide monetair currency. So the way for europe and the world to exit all his problems will to have a global currency. Why? Cause the bible says it will happen watch and see.

    October 20, 2011 at 12:22 pm |
  60. Walter Peitz

    One major cost for Greece to introduce another currency, is actually a very cost effective one: Continue using the EURO bill, just call it the GYRO.

    Walter Peitz, Lisbon, Portugal (We will be next here)

    October 20, 2011 at 12:31 pm |
  61. Scott Valley

    Hello,
    To all those PEOPLE that think a ONE WORLD currency works should just look at the example of the EURO. It does NOT work. Since the Euro was created People all over EUROPE have been struggling to make ends meet, While the rich and Politicians live a LIFE of LUXURY. The answer is simple. The same way you got us into this mess is the way you get us out of the mess. Give each of the countries their own INDIVIDUAL CURRENCIES back. How do you do that I dont know, but time is running out. PEOPLE ALL OVER the WORLD are tired of GOVERNMENTS,BANKS,and the RICH making all the rules and ruining planet earth by doing it. So the answer is the same way you introduced the EURO the same way you give the countries back their own currencies that worked. If it is not BROKE dont try and fix it. Now its BROKE now you need to fix it.

    October 20, 2011 at 12:42 pm |
  62. Bob G

    Disband the Euro Zone! Go back the way it was before. Each country should have it's own currency.

    October 20, 2011 at 12:44 pm |
  63. Andre

    Its a no brainer.

    All money is imaginary.

    Option 1:
    Imagine some more money and go back to work.

    Option 2:
    Forget about imaginary money and go back to work.

    No need to thank me!

    October 20, 2011 at 12:50 pm |
  64. KIDDING U

    KILLING EURO, $ can become the sole formal contract , in which case ur master becomes the master of the BILLS around the world.
    If so, too cheap for doubling the cheque, even by a snarky lord himself .

    October 20, 2011 at 12:51 pm |
  65. Daniel Heart

    The Euro is a medium of exchange and the store of wealth. It can't make a person more productive then he or she is willing to be. It can't stop someone borrowing more then he can afford. So there is only one solution and that is letting the banks and governments that made bad loans and gathered huge debts collapse , restructure and start over.The Euro is fine just the member states that spend and borrowed too much are the problem.And the politicians ? Who elected the politicians? If they promise you mountains of gold while you know it can't be, don't vote for them.

    October 20, 2011 at 12:58 pm |
  66. Chin-Yi, Yeh

    I have some ideas for helping to slove the eurozone crisis. The solution is as follow,
    1. Setting up a technology park in Greece. Greece government schemes to build solar companys for manufacturing solar cars, solar airplans, solar buliding, solar charger station, and solar batterys. Greece government invites worldwide solar manufacturers to setting up companies at technology park in Greece with good conditions. Germany, France and other countries of eurozone offer orders to these solar manufacturers at technology park in Greece. Greece shall work hard to find worldwide solar purchasers for earning money. Solar products is a potential business. Export is very important for everyone country. Teaching Greece Fishing is better than giveing Greece fishs to eat. Employment of technology park can solve the jobless official because of cutting government cost. When government cuts a job, government has to think about where he or she go.

    2. Greece government invites China, India, Russia and Brazil to invest capital in buying long-term bonds of Greece with good rate. Greece can use the investment to solve banks crisis. Germany and France are responsible to countries in EU but don't be shy to ask help from world. We are the world.

    3. EU central bank needs to celect some members to successfully assist, monitor and solve Greece's problem.

    4. Other countries whose finance are no good can refer solution above if the solution can work.

    October 20, 2011 at 1:05 pm |
  67. Malcolm Light

    The banks on Wall Street and in Europe have done more damage to the United Sates and Europe than any major foreign War and represent an internal enemy more threatening than any Europe has ever faced. NATO troops should be withdrawn from all their pointless military operations abroad (Iraq, Afghanistan, Libya etc) and troops stationed in every European Bank to make sure that they comply with a new set of banking rules which will stabilise the Euro. All European banks should be brought under a unified control and all money invested in Europe should be through a single unified Euro bond. As I said before the problem is the uncontrolled computer driven stock gambling (Las Vegas style) system that all the banks and corporations use to increase their profits. All banks in Europe should immediately be forced to shut down all their computer banking transactions. There should be a forced delay of some 3 to 4 days for any transaction to take place which is exactly what happens if you deposit a cheque. All transactions should be vetted by a group whose sole purpose is to see that they are acceptable and will not destabilize the European Euro. It means of course that Europe will have very strict control on the banks just as they have in China. Guess what country it is that continues to rocket ahead while the West has been destroyed by its uncontrolled entirely profit oriented criminal banking system.

    October 20, 2011 at 1:17 pm |
  68. Tinna

    Should it not be possible to phase out the Euro! Greece cheated the way in to the Euro nd in the end not having to pay back all loans becaue it will not be possible sow – Best for all countries and individuals to stop sending down more money – Lift the burden off the Greeks shoulder and let them start all over again – maybe with the Drx –
    Have we not reach the roof with sending money all around Europe soon – who is paying in the end! I am afraid this thoughts of sending more money as well as to build up a new colosse in Bryssells will cost even more money – Back to basic .

    October 20, 2011 at 2:02 pm |
  69. Nick

    Boomtown lands 'possibly the largest shipbuilding contract ever awarded in the world' ... http://canuckreport.ca

    October 20, 2011 at 2:03 pm |
  70. arthur uzo

    Solution is to gradual allow Greece to exist the Euro. Same apply for other Weak economy in the Euro zone.

    October 20, 2011 at 2:34 pm |
  71. Johnson

    Kick out all the countries that can't manage a budget or collect taxes beginning with Greece.

    October 20, 2011 at 2:38 pm |
  72. Aaron cont....

    Oh yeah, if the country decides to forfeit their land, then the UN steps in and holds a referendum. If the country decides to stay with the Euro, then the current government is abolished and the nation is held in involuntary administration until the new government can gain an economic foothold. Otherwise the land which was held as security is now forfeited, which is now held for auction by the highest bidding Euro member willing to buy their land. As a result, the existing nation is now expelled from the Euro-economy, is also smaller as a result, then remaining nationals must decide their own economic and governmental fate or disaster, without any assistance from the rest of the world.

    October 20, 2011 at 2:53 pm |
  73. Manoj

    Ahh the West.. hasn't it been learnt already that you can't buy your way out of every problem? Sorry, now with my developing world potshot out of the way, here goes. Exiting the euro is no solution. It's quite silly to even think about it. What the Western world needs is to begin to accept that there is a structural shift happening. There is a downgrading of the standard of living that they have been used to. For Europe, besides the brief period after the cold war where they thought that Europe had won the war, there has been a sense that it is a continent in decline. And the crises that have hit the them are just quickening that. Isa, I agree with you that this is a failure of politics and politicians. What I would want now is greater integration, rather than people wanting to exit. But perhaps it's far too costly politically.

    October 20, 2011 at 4:36 pm |
  74. asta

    Μία αιτία της οικονομικής κρίσης στην Ελλάδα είναι ότι τα χρήματα πηγαίνουν για βασανισμό αθώων πολιτών για κομματικά συμφέροντα βλ. βίντεο
    http://www.greektube.org/content/view/158566/2/

    October 20, 2011 at 6:35 pm |
  75. Kme

    The global population is too high. Too many people want free things and the population has been allowed to grow without control. Even in China, control has come too late and China is far too populated. No plan will be accepted that will work in the EU for very long. Therefore, many will suffer and it will get worse for some time to come.

    October 21, 2011 at 7:39 am |
  76. Kme

    On the subject of a a Global currency, it will probably happen someday but, it won't be a solution that will help anyone over the long term. When the global economy goes to hell with a global currency, where will they exit to next?

    October 21, 2011 at 7:45 am |
  77. Michael Argiroudis

    USA has issued much more US$ Bank Notes than it is globally acceptable.
    The only solution to the current Economic turmoil is the settlement of ALL Crude Oil Exports & Imports in US$ and not local currencies.
    This rule must be agreed and enforced by all Counties.
    Michael Argiroudis
    Chios Island – Greece

    October 21, 2011 at 10:27 am |
  78. Maurice Spees

    I got a great plan, but I need more money then that to get out of the system I create with it... :D

    October 21, 2011 at 9:47 pm |
  79. Vishal

    Great Plan is to Break the euro, Europeans were much happier when euro did not exist, Plus for business it will be good too, as they can not have a definitive profits in fluctuating currencies. Also put an end to Forex trade, its a scam and its anti business. world has become a casino because of For Ex Trade and Commodity Exchange.

    October 22, 2011 at 7:17 am |
  80. humaid jouzie

    The concept is not new and was in use long before the paper currency came into existence. The inherent flaws in the paper currency make it unsuitable for the use as a medium of exchange and hence needs to be rejected.
    A viable alternative would be to revert to the gold standard and use gold coin. There are numerous benefits associated with the usage of this mode of currency if implemented successfully. Those of importance for the Euro zone are the factors that it will help the countries unite,make them stronger financially and also aid in increase trade between them. The Euro zone will have to join hands in this effort,which will not only provide the world with economic stability but will also be responsible for bringing the world closer together. Although,But may not be accurately possible unless all Euro zone are united to achieve the goal and hence, the unity among Euro zone is essential or rather the foundation for success.

    October 22, 2011 at 8:08 am |
  81. Benjamin

    The Euro has its good and bad points. The end of the Euro is not the end of the World, just a loss of Convenience. The only real benifit for ordinary people having the Euro is if you travel you do not have to have 17 different currency in your wallet.

    October 22, 2011 at 8:17 am |
  82. Hotdoginbuns

    I SEE THE ANSWER!
    t’s not everyday that I wake up to the smell of £250,000.
    just shy of US$400,00

    BUY AMERICA! TURN THEM INTO SLAVES! MAKE THEM WORK FOR YOU AT LOW PRICE, THEY ARE ALREADY PRE PROGRAMMED FOR THIS. IT IS IN THEIR RELIGOUN, SOME CRAP ABOUT "WORKING HARD = SALVATION"... DO IT!

    October 22, 2011 at 9:34 am |
  83. Camiel Janssens

    The sollution is so simple: Libya enters the EU along with its 70 Billion Dollars. We only have to find 'm...

    October 22, 2011 at 9:59 am |
  84. Mustafa Saleem

    Lets face it, there are no short cuts. But we can solve the root cause of this crisis so that there are some levels of damage repair and the world starts moving forward and such a crisis never come. So to start with, what is the root cause of this economic crisis? My answer is "INTEREST". One thing on which the entire present economic system is based on and also the only thing which has turned into a giant monster for the destruction of the mankind.

    Explanation:

    Situation 1: Interest cause the flow of money to halt, making the rich people richer but halting their growth as well. Assuming an industrial owns a industry, he works and makes money and puts it in the bank to earn interest with a condition that he do not take the money out of the bank because that will effect on the interest he will earn. So he keeps on saving the money in the bank, take very little out of it and dies... The End. He had 1 unit of the industry before, he has 1 unit after, no progress.

    Situation 2: Interest do not exist in our world, so industrialists are discouraged to keep the money in the bank and rather invest it, make more industries, grow, create more employment and the world goes on fine. Everyone will gain, except for the banks, but to hell with the banks, they have caused enough damage to the world already. Happily every after.

    October 22, 2011 at 10:14 am |
  85. Walter Buzzhead

    Hmmm, the Transrapid is german technology – so what should that mean ? I am german and i live in germany and its really funny to read all the comments here, 90% of them are people who do not know anything about europe, germany or something else what going on there. In Fact the Euro will not fail – the only thing is that we will have a harder time in future because we pay for the poorer countrys. Food i getting more expensive here, Gasoline too but thats all – we will not end in a disaster i am pretty sure the USA has much bigger problems to solve.

    October 22, 2011 at 11:12 am |
  86. he he

    can be solved by universal currency.

    October 22, 2011 at 11:26 am |
  87. he he

    dissove the debt in the universal currecy.

    October 22, 2011 at 11:28 am |
  88. McFly

    Easy , first get the DeLorean's speed up to 88mph .......

    October 22, 2011 at 11:56 am |
  89. Andy

    you have to distillate salt water and use it for running cars, trucks, planes, power plants etc. dont know how? Well I guess we should not have killed those who knew! You could sell your power to the world ..............

    October 22, 2011 at 12:08 pm |
  90. karina

    eu não entendo de economia ,mas quando se trata de Europa, união europeia,fico interessada porque cai nos vestibulares do brasil.

    October 22, 2011 at 12:27 pm |
  91. Ariv

    when whole world include one rules for every countries, when the economic of all countries comes slightly same,
    when the EU countries TEX going in one bank system, when the incoming of EU. countries can be reveal,
    when the design and engineering company use to buying material from EU.
    then the problems of EURO will solve.

    October 22, 2011 at 1:06 pm |
  92. nepali magar

    well, well, well, everything is revolving like a clock or a planet in its revolution. the peak of development would be decline in most of the things, people are used to their cosy lounge, cars and tv and top of it spend more , spend more, the final product "greed". to come out, got to be spiritual, work hard and expect less.
    investing money in greece is like light going through the black hole, it just goes in and never comes out. greeks got to be taught how to catch a fish. greek gov must have a way to tell their citizens how this started and what they can do to help their country coming out of it? this must be clear and precise. although their short term path is painful but they must convey there is a solution with better life in greece. final suggestion " god save greece".

    October 22, 2011 at 4:35 pm |
  93. Prof. Hogwarts PhD two

    I still can't work out one serious benefit of this Euro Franco German obsession for a common currency for uncommon economies. Anyway they should stop whinging and pay up as it was the "leading" Europeans who were chief cheer leaders for this silly experiment. Funny thing out here in Asia we do just fine without common currencies.

    October 22, 2011 at 4:51 pm |
  94. Amilcar Almada

    Europe as:
    - To find new markets
    - To reduce war expenses
    - To be economically uniform
    The secret of economic development is incrising energy department

    October 22, 2011 at 4:55 pm |
  95. optimistmiser

    The answers they need are not the answers they want to hear or follow.

    October 23, 2011 at 3:50 pm |
  96. Victor

    From 1997 onwards, the EU's Stability and Growth Pact provided a temporal sequencing in disciplining domestic fiscal policies. Such a 1997 Pact develops the excessive deficit procedure by speeding up the stages in the decision-making sequence: from initiation by the European Commission, through issuing and early warning by the Council, specified deadlines for corrective measures, to sanctions.
    However, the Council retains effective control over this temporal sequencing, as it demonstrated by rejecting the European Commission's recommendation on France and Germany in November 2003.
    After 1999, the main problems of non-compliance focused on relations of large states with the European Commission, notably France and Germany.

    October 24, 2011 at 2:37 pm |
  97. WDB

    The facts of these matters are:already written in the scriptures of The Bible everything that is going on worldwide(no matter your religious persuasion).Like the US, most of the European Union's politics are a complete joke because most of the representatives have cash, and give a rats bottom on the needs of the society! Like the Democrats and Republicans in the US, there is too much stupidity, selfishness,greed, and immaturity to get anything worthwhile done! And as long as there are wealthy morons like Berlusconi running things, there will be constant declination in the quality of life, joblessness, poverty, de-valued currency, and a host of other problems that our kids will have to face! Everybody is talking and complaining about the world situation...get rid of Obama, he's just another politician that happens to be black, but he is just continuing" the Bush Saga" of wasting money, and getting people killed! In fact, who would want to be" President of the US" in a country where "President of the US" means absolutely nothing!!! If you are the leader, you should be able to get laws passed that will actually help people, and not have to get permission from a Congress of retarded children! Anyway, for those of you that understand where I'm coming from, cool!! God bless us.....we need it badly!!!!!

    October 25, 2011 at 7:43 pm |
  98. Scott

    It just takes replacing the euro with a new domestic currency valued at the same amount as the euro. This can be accomplished by the new domestic currency being backed by gold and valued as much as the euro is at some given moment. All agreements between say foreign banks and domestic borrowers would need to be unilaterally changed into the new domestic currency. The euro would have to cease being legal tender and exchanged for new domestic currency at banks, gov't offices, etc. Once the transition is complete, the gov't can take its currency off the gold standard if it likes. This is the only way to effect a smooth transition from one fiat currency to a new currency of no inherent value either...without turmoil. Value has to be given to the new currency and the only way to do that is via gold reserves.

    October 25, 2011 at 8:05 pm |
  99. Chin-Yi, Yeh

    Continue my solution dated 20/Oct.
    1. Countries of Eurozone export prodcuts to China, India, Russia and Brazil. Governments of China, India, Russia and Brazil increase domestic demands. Consumers of China, India, Russia and Brazil buy goods manufactured by Eurozone. Countries of Eurozone earn money from China, India, Russia and Brazil and consumers of Eurozone has saving to buy products exporting by China, India, Russia and Brazil. This is a good global economy cycle via export.

    2. Countries facing financial crisis in Eurozone scheme to manufacture main product to export, for example, Greece manufactures solar products, Spain manufactures PC and so on.

    October 26, 2011 at 9:36 am |
  100. Dan

    I wrote on October 19, 2011 at 7:12 pm that China or the US should give money to Europe to earn goodwill.

    Today CNN has this article: http://edition.cnn.com/2011/10/27/business/china-investment-europe/index.html?hpt=ibu_c2

    "This impression is reinforced by a proposal that would see China give a small chunk of its $3,200bn foreign exchange reserves to the International Monetary Fund to bail out European banks or backstop sovereign debt in the eurozone."

    Looks like China is going to beat the US on this one!

    October 27, 2011 at 8:57 am |
  101. trythis

    first of all euro countries should stop and ban selling products which are not made in Europe (countries are grown with factories), know what is happening factories are closing and being transferred to warehouses/godowns , when it was a factory there were 50 people working and as warehouses/godowns only 5 or 8 people working, So let’s say 45 or 42 jobs are lost. I live in Spain I have seen many factories being closed here like Sony, Durex, and Siemens to name same

    November 1, 2011 at 2:43 pm |
  102. paul

    us must increase interest rates which will devaue the yuan-renimbi and euro
    actually they should go cashless since it would be easier to collect the taxes from computer transactions
    remember every european has a number at the komissar( the bis computer in zurich)

    November 1, 2011 at 5:39 pm |
  103. Deanomo

    Solve this crisis. "Shoot the bankers, every bent politician that sucks up to them, every editor and major shareholder of every major media corporation and let's make a clean start. Clean the gene pool of this lot and were off to a flyer. No usury, no self serving slavish obsequiesnous and no lies for public consumption. The Brave New World. :-)

    November 1, 2011 at 7:49 pm |
  104. Jay Rehak

    Not that difficult to solve. Figure out what Greece needs to be made whole. Divide that number by the number of Greek citizens. Then, whatever that amount is, give each country of the world,that amount of money per capita, and call it a Jubilee tax credit. Every country would then be made solvent. The IMF would be responsible for the distribution. Yes, the IMF would have trillions of dollars in debt, but that debt would be universally agreed immediately dispensed. Problem solved. Everyone happy. No one loses. Debt game can start up again. Bondholders can again make their profits from fresh debt.

    November 2, 2011 at 4:27 am |
  105. OhISee

    Why is this so hard? Just agree to equal revenue sharing for Tier 1 and Tier 2, but allow Texas to keep their revenue from the Longhorn Network.

    November 2, 2011 at 5:36 am |
  106. ANYANWU CHIMA

    I think the best thing to do is to seek the face of God for solution,i.e eurozone needs prayer........

    November 2, 2011 at 10:38 am |
  107. serana

    Get rid of the international bankers and give power back to the governments to print their own money.
    Put stiff penalties for mass corruption (such as huge insider trading that bankrupts many and benefits a few).
    Get rid of the politicians who are in bed with the bankers, and the armed forces they control.
    Ain't gonna happen but it is a solution

    November 2, 2011 at 8:16 pm |
  108. Lord Roberts

    The author is mistaken when he says that the politicians are solely to blame the Blame rests on the Bankers/Politicians and Economists. The solution is get out of the FIAT/Fractional Reserve system of Banking and use Gold For the Backing of the Euro instead of Debt. It's that simple. Stop playing games with the people and stealing there hard earned income through Inflation and other Hidden Taxes. Keynesian economics has been a complete failure as is the Fractional Reserve/Fiat system.

    November 2, 2011 at 8:21 pm |
  109. Keith

    If my people who are called by my name will humble themselves and pray and seek my face and turn from their wicked ways, I will fiorgive their sin and heal their land. prophet keith ivany for almighty god

    November 3, 2011 at 3:10 pm |
  110. Dave

    Religion. Many churches have been nosing around in politics and other areas in which they don't belong . Where are the church leaders when their paritioners need financial help? The idea that many churches bring in a healthy income, meddle in politics, and offer little assistance in a most difficult time, is offensive and immoral. Tax the churches. Furthermore, any church that has harbored a pedophile within it's doors should have it's assets siezed by the govenment
    in which it resides.

    November 3, 2011 at 3:40 pm |
  111. bridget

    it is so amazing for the world power countries do not to wat to do with the economy i think europe coming to conclusion on how to solve this problem very difficult;i think they should stop given countries large amount of credit without knowing how that country will be able to pay;europe has to come out of is misery rather than still debating on wat to do

    November 17, 2011 at 8:34 am |
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    November 30, 2011 at 8:13 pm |
  113. MARK JANSZEN

    TEAM@STAFF DEVELOPMENT DESTINATION SAN FRANCISCO CORPORATE WORLD HEADQUARTERS

    November 30, 2011 at 8:23 pm |
  114. Diego Hoyos

    ...just an opinion!

    ...leaving the currency would be considered unthinkable neither at the moment nor in the future on regards of the EU banking reliability...the expenses of some countries of the Union in terms of defense had became enormous and yet their investments in productive sectors has decreased turning into unemployment and inflation, (dough finding the right balance is difficult when holding a military supremacy in the world).
    The lowering of costs has turned to green energies very slowly considering the availability of technologies for their appliance even since 50 years ago. Transporting goods throughout the EU or the world increases the cost for the final customer when using fuel. EV's (Electric Vehicles) would be one of the solutions to stop depending on the volatile price of it.
    Make it Local
    China has been penetrating companies and shares around the world...and the money is not staying...it is going there.
    ...put special attention, nevertheless these companies are private the final benefits would not stay within the EU borders
    if they are bought by Chinese investors.

    The corruption in some other countries of the Union is also drying local budgets out, probably a comitee form the Central Government of the Union to check those economies more closely could help to solve a part of the macro-problem.
    Holding a short term pension should be revised when the standard of life in the EU is relatively high and adding form 5 to 7 years could be considered.
    Privatization has been a part of "healthy economies"...for whom? The governments need the cash that was coming from their old companies, now this money has turned into taxes, but rebuying these companies would have a huge cost...Could a 5-10% of the shares of these companies make a difference in regards of the final client's purchasing power benefit who will finally return this money to companies by buying more and lowering the unemployment?
    ...it might work.
    Recycling. How much of the wastes of the EU are recycled? Germany recycles a huge percentage of them reducing the costs of goods...Has the EU thought about implementing this as a compulsory norm for every member of the Union in regards to decreasing costs?
    Implementing solar bulbs for public lighting would decrease the bills of electricity of many unemployed people lowering the costs of Unemployed Insurances.
    The E.U. is held by many countries with different cultures and local administrations, maybe holding a smaller administrative and representative bureau would shorten costs at a high level.
    Thank you.

    April 4, 2012 at 6:24 pm |
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    Is this actual interest rates ?

    June 6, 2012 at 1:19 pm |
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