April 4th, 2012
03:04 PM GMT
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London (CNN) – Many of Europe’s best economic minds have been searching for a radical solution to the European debt crisis.

The troubled area's biggest hitters - from the former head of the European Central Bank, Jean-Claude Trichet, to Jose Manuel Barroso of the European Commission - have all failed to prescribe a remedy to the problems facing the single currency.

Now an 11-year old Dutch boy has devised a draconian plan inspired by a Mediterranean delicacy - pizza.

Jurre Hermans, pictured above, was awarded a $133 gift voucher for his effort to win the Wolfson Economics Prize aimed at finding the best idea on how to exit the troubled euro without bringing down the global financial system.

Jurre submitted a single-page sheet solution to the euro crisis, accompanied by a hand-drawn diagram complete with a miserable-looking Greek, to the organisers of the Wolfson Prize.

His plan his simple: Greece should quit the euro, revive the drachma and slap penalties on those who try to avoid holding the new currency.

"All Greek people should bring their euro to the bank. They put it in an exchange machine (see left on my picture).

You see, the Greek guy does not look happy!! The Greek man gets back Greek Drachme [drachmas] from the bank, their old currency.”

In turn, the Greek government turns to money into giant pizza or pancakes and pays off its creditors by handing out slices.

Jurre has even thought about how to get 100% compliance, (his own collective action clause!), acknowledging that Greeks might not be happy about his plan:

“Now here comes the clever part of my idea:

The Greek people do not want to exchange their Euro’s for Drachmes because they know that this Drachme will lose its value dramatically.

They try to keep or hide their Euro’s. They know that if they wait a while they will get more Drachmes.

So if a Greek man tries to keep his Euros (or bring his euros to a bank in an other country like Holland [or] Germany) and it is discovered, he gets a penalty just as high or double as the whole amount in euros he 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!!!!”

Jurre's entry hasn’t given us a solution to the orderly exit problem, though it does tells us something –

When the collapse of the eurozone is on the mind of an 11-year old, we’re clearly in a very sorry state.

soundoff (37 Responses)

    nice one, dear, we need people like u, to better our economy.

    April 4, 2012 at 8:52 pm |
  2. Jim

    I don't get it... Why is this drivel newsworthy?

    April 4, 2012 at 9:25 pm |
  3. David

    CNN -> You dreg up whatever you can to slam the Euro.

    The US has more debt. Why not slam the dollar?

    April 4, 2012 at 10:47 pm |
  4. Intrepid

    @Jim: This Drivel as you put it seems to be necessary because the Overpaid BMW Gang in Berlin cannot seem to manage the situation. Therefore outside Consulting is needed through individuals that are in the Pits of Life and not enjoying overpriced lifestyles every time they meet to discuss the Euro zones anecdotes.

    April 5, 2012 at 3:28 am |
  5. mezwell

    There's no way the euro will fail, get over it CNN and the rest of the anglo therists Live with it.

    April 5, 2012 at 1:16 pm |
  6. Intrepid

    @ Mezwell, I also believe that it will not fail as a currency but countries will eventually see Austerity Rip them from the Vine of the Currency/Weak countries that currently have no business in the Currency Zone but can still be trade partners.

    April 5, 2012 at 4:00 pm |
  7. George Bozis

    What a pity!
    For the eleven year old boy, for his proud father and for CNN to host this drivel.
    Let me hope that I didn't get the "idea" !

    April 5, 2012 at 4:54 pm |
  8. Scott

    Remeber this pizza anaology when the US government issues new world currency and asks you to turn in your dollars.

    April 5, 2012 at 6:36 pm |
  9. Carl van Zijll de Jong

    Countries willing to leave the Euro from a monetary point of view... not an economic point of view... should be engaged in a barter system to even out the debt they have with other nations. The barter system will be based on the exchange of “good & services” only, hence will put people back into work. No currencies will cross borders. Moreover, the barter system should be implement on a global scale, which will make nations to work themselves out of their debt, create employment, and prevent cross-border money corruption to happen, e.g. money laundering. For your information Google “The World Monetary Order”.

    April 5, 2012 at 9:25 pm |
  10. Anonymous


    DESTROY Samsung Lee family, show me proof, redeem one year later....YOU MUST PROVIDE PROOF! Money will be held in any currency of your choice!

    April 7, 2012 at 5:42 pm |
  11. Intrepid

    Hey Richard Quest, check this Hot off the Press.

    PARIS (Reuters) – French President Nicolas Sarkozy told a Sunday newspaper he is serious about pushing for more trade protectionism in Europe and tighter external border controls, hinting he could take a stand as tough as Charles de Gaulle's 1965 "empty chair" policy.

    April 8, 2012 at 5:53 am |
  12. Anonymous

    To the Bounty Hunters for Samsung's annihilation:
    Offer them THIS lifeline...they want to save their Lee dynasty, then HAND OVER their rotting cousins, Cheil Jedang and Company's LEE CLAN!
    Otherwise, OFF WITH THEIR HEADS!
    When redeeming after 1 year, I will inform you hunters where and how...code word: ROSEBUD

    April 8, 2012 at 6:12 pm |
  13. Anonymous

    To the Bullies in ROK
    From the future DPRK...

    WHO THE HELL gave you the rights to deny entry of the people of North Korea to launch their own satellite so they can finally begin to join the rest of the world and play catch up in technology, HUH? In 20 years time, YOU WILL kow tow to them for the bits of crumbs they will allow you to scrape off of the floor to feed your greedy, self-grandiosing, scheming bunch of pigs that you have shown yourselves to be!!!

    April 8, 2012 at 10:27 pm |
  14. Ly

    a great initiative

    April 11, 2012 at 3:10 pm |
  15. Anonymous

    The mutual mistrust, destruction of markets vs governments is the opposite of mutual collusion...THIS is the crossroads we are at right now...left turn is status quo...right turn is possibly TECHNOCRACY!

    April 11, 2012 at 7:23 pm |
  16. Anonymous

    You are all up in arms regarding the MOST secluded, least armed, stuck in 1950s timeline and most of the population on verge of starving, launching a tiny little rocket into space CLUTTERED with satellites?
    The power of the Davids of the world...

    April 13, 2012 at 12:18 am |
  17. Anonymous

    Question of the day...

    Is the mouse scared of the elephant OR
    the elephant is TERRIFIED of the little, tiny with even tinier intsy, bitsy brain???

    April 13, 2012 at 12:31 am |
  18. Anonymous

    Lesson plan for kindergarten class tomorrow:

    OK kids...let's look up BIG, BAD North Korea and South Korea on Google map, shall we?
    Yes, Dick, it is the thing that sticks out of that and looks almost identical to FLORIDA here at home.
    Yes, Jane, the North is closer to our enemies China and Russia because they are still COMMUNISTS, shhhhh...
    No, Dick, they do not have to depend on the South for oil, natural resources, or food aide because our country is known as Indian Giver, shhhhhh...
    Yes, Jane, they ARE closer on the map, in fact they are right in middle of China and Russia, but they are bullies to our country, shhhhhh........

    OK, class, so who do you think is the elephant and who do you think is the mouse in this parable?

    April 13, 2012 at 12:42 am |
  19. Anonymous

    Please forward to Stan Grant...

    You are beginning to see what I've been "seeing'...If you have the chance, can you go to ChongJin area and take some photos?

    April 14, 2012 at 2:37 pm |
  20. fatboy

    euro countrys should stick to gether only big countrys and federations can survive in todays capitalistic world.

    April 17, 2012 at 10:04 am |
  21. rose macaskie

    Quest, I am listening to you now with that Leguard animal. I believe in the disucssion on the IMF of "IMF on Trail" of Aljazeeras program empire, whose arguments were that IMF habitually ask for so much austerity that it does for countries, and that its reputation had got so bad that the IMF were nearly dead before the 2008 eight crisis, because third world countries no longer listen to them, the crisis put countries that had no experiene of them within their cadaveric reach, such as those of Europe and gave the IMF a bnew lease of life. The arguements of those talking in the round table of Aljazeeras was that with the IMFs austerity programs countries go into a downward spiral that leds to bankruptcy.
    An English economist, anne pettifor, says that the education of economist of the time you were probably at school predisposes them to the type of thinking that leads to the IMFs ideology, that it is the ideas of academia that lead to disaster.
    The United States had the good sense not to go for too much austerity, too soon. It makes me sick that Obama did not pressurise europe into doing the same. It also makes me sick that you let Legarde talk uncahallenged about austerity, do you like getting into the board room too much to do the right thing in a discussion? rose macaskie madrid.

    April 20, 2012 at 3:35 am |
  22. Anonymous

    I have SERIOUS doubts about Larry Page...first the driverless car and now mining for gold in space???

    Here is my argument against space mining...first and foremost, we already polluted the earth and now we want to do the same to space??? And secondly, they are making a HUGE assumption, that in the future, we will need such natural resources like gold, copper, etc. They are missing out on the 2 most AVAILABLE to ALL resources yet untapped...IDIOTS

    April 24, 2012 at 8:00 pm |
  23. Anonymous

    To Prime Minister Cameron...

    While all of you in parliament are pondering the ethical question of "fit and proper" to conduct business for the Murdoch Empire, why not be ALL inclusive and include one of your own questionable companies with international educational reach in Pearsons Education, Inc? I suggest you move quickly in deciding the options pre summer Olympics and to prevent a new phenomenon called "triple dip recession" post Olympics to pay your bills...

    April 25, 2012 at 7:16 pm |
  24. Anonymous

    You talk about Sony's rise from the top of the World twenty years ago to dismantling now while Samsung is now the supposed new king...Let me tell you a little history about this "Emperor with No Clothes"...

    IF the Korean War did not end in splitting it into two, the Chairman of Samsung's original, Lee Byong Chul would still be selling and manufacturing SOY SAUCE! And in twenty years time, while the siblings fight among themselves for the wealth and the pieces of the pie, I VOW NOW THAT THEY WILL ALL END UP SELLING SOY SAUCE AGAIN!

    April 27, 2012 at 7:38 pm |
  25. Rick

    Met de huidige Euro crisis is het belangrijk zelf een buffer op te bouwen. Dat kan door te gaan sparen. Maar met de rentestanden vandaag doe je er verstandig aan een deposito af te sluiten. Dan weet je waar je aan toe bent; vaste looptijd en een vast rente. Een overzichtelijke website die alle deposito op de Nederlandse markt op een rijtje zet is http://www.spaar-deposito.nl Ga het maar eens bekijken.

    April 28, 2012 at 12:19 pm |
  26. Anonymous

    Response to the front page article on NY Times 4.29 How Apple Sidesteps Billions in Taxes

    I do not know about Apple but speaking as a future business CEO of my own company this is my response on behalf of all the other big tech companies mentioned...

    THE DAY the government decides to tax equitably and fairly the personal tax rates AND the day the government decides to fairly allocate and distribute the taxes collected from us tne corporations is the day I will GLADLY offer more for the coffers!

    April 29, 2012 at 1:36 pm |
  27. Anonymous

    To Alex Salmon:

    THE TIME IS NOW...Declare your quest for independence from Cameron's losing grip on power and join the EU before it is too late to leverage your position...The Olympics 2012 will be the OK Corrall

    April 30, 2012 at 3:34 pm |
  28. Anonymous

    China Syndrome???
    I am so SICK and TIRED of hearing these so called "human rights" & freedom fighting bogus organizations here in US jumping on this CHEN story in China to get on the band-wagon of China bashing policy regarding human rights issues...Well, this is my response to ALL you so concerned for the rights of Chinese citizen activists...WHERE ARE YOU and WHERE WERE YOU when I pleaded, begged and now have no other option than to disavow ANY allegiance or faith in this once GREAT DEMOCRATIC symbol for the world to aspire to, huh? Freedom & rights? HOW ABOUT MY freedom from invasion of privacy? How about my rights to protect and claim my copyrights to my business that you have allowed KNOWN thieves to get away with while you blindly turn the eye while assisting these same criminals? I AM A CITIZEN OF THIS COUNTRY, DAMN IT and YOU DO NOT GIVE A DAMN about MY RIGHTS so DO NOT give lectures or condemn other sovereign nations that don't fit into your own AGENDA!

    May 2, 2012 at 10:59 pm |
  29. daniel

    please ineed to fawllo yu pop wolk becausse y lik d at wolk please am not hav anee wolk to du my number is 08068804034

    May 3, 2012 at 11:59 pm |
  30. Anonymous

    I do not believe in the word "IMPOSSIBLE"...
    Angela Merkel and the German people should realize and clearly understand that they, as a leading economy today, in the future could become the worst economy...BUT, to ensure a stable future, if I were here, I would convince my government that a strong Euro backed by Euro bonds, although short term pain, in the long run will stabilize and strengthen its position...

    May 7, 2012 at 7:16 pm |
  31. Anonymous

    A second hero, whom I wanted to meet before they leave us, passed away today.
    Mr. Sendak said of Gingrich, "There is something so hopelessly gross and vile about him, it's hard to take him seriously."
    He truly UNDERSTOOD people...Perhaps my two heroes are having a good laugh now and sharing a bottle of '82 Latour...

    May 8, 2012 at 4:51 pm |
  32. Anonymous

    I had a dream...now I know the answer...

    May 10, 2012 at 11:12 am |
  33. Anonymous

    Did you know that Obamacare SIGNED into law gives the President EXCLUSIVE rights to all the Army Corp of Engineers to mobilize? DID YOU KNOW THAT? Start arming yourselves for next week...the house of cards are going to tumble down and it will be ARMAGEDOON

    May 13, 2012 at 1:59 am |
  34. Anonymous


    May 13, 2012 at 5:07 pm |
  35. Blake

    This is a good start. Some questions are not quite sttead so they mean something to everybody or can be answered truthfully. Maybe tweaking it for the next time would be a good idea. One example: many (?most) people have attended college at a couple different schools. One of mine was in Cleveland but one was not.

    May 14, 2012 at 12:45 pm |
  36. Anonymous

    This should be the FIRST sentence uttered by Monsieur Hollande when he meets Freu Merkel...

    VERBOTEN FRAUD! remind her about Deutsche Telekom...IF she wants to remain "clean" while in office, play ball and sign unto Euro bond...PERIOD!

    May 14, 2012 at 7:11 pm |
  37. NYC fitness events

    Funny that they are resorting to a 11 year old to resolve their problems. I sort of like the idea.

    February 21, 2014 at 3:35 am |

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About Quest Means Business

Quest Means Business airs Monday to Friday, 1600 New York and 2100 London, and is hosted by Richard Quest.



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