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June 29, 2017

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Dutch schoolboy's plan on Greek exit from euro wins big accolade in UK

The once-only prize, sponsored by wealthy euroskeptic British businessman Simon Wolfson, will be handed over on July 5 and drew entries from some of the world's best economic minds.

Worth 200,000 pounds sterling (241,000 euros) for the overall winner it is the second-biggest cash prize to be awarded to an academic after the Nobel Prize, it said on its website.

It asked the question: "How best does one manage a member state or states leaving the European Monetary Union?"

"It is necessary that Greeks return their euros and receive drachmas in return," Hermans, who lives in the small eastern Dutch village of Breedenbroek told Dutch public radio, adding "the (Greek) government will then have the euros to repay their debt."

Hermans also suggested anybody holding back euros or moving them abroad should face financial penalties.

The youngster, who wants to be a zoo director when he grows up, said his father helped him translate his suggestion from Dutch to English. He said he did not know yet how he will spend the 100-euro voucher, given for an online purchase.

Prize sponsor Simon Wolfson is the chief executive of clothing retailer Next and was introduced to the House of Lords by the British conservative government in June 2010.

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