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I'm finding this as early as 2013, but (Un)Sinn may have proposed it earlier: Prof. Hans-Werner Sinn: "Greece should exit the Eurozone as quickly as possible and be offered a return ticket!" (Klaus Kastner, April 18, 2013)
I herewith repeat my old argument: Greece should hold on to the Euro but simulate a situation, on a temporary basis, as though it had returned to the Drachma. That would entail, among others, special taxes on imports; special incentives for new domestic production and for exports; and - above all - special incentives for new foreign investment.

If one doesn't like that approach, then the next best solution to me would be the introduction of a new local (parallel) currency in addition to the Euro. Also on a temporary basis.

Why not a clear-cut Grexit altogether? That depends on one's vision of Greece's future. If one shares the vision, which I do, that Greece indeed has the chance to become a modernized economy with an adequate level of own value creation, then a Grexit would wipe out that vision. The last 3 years have shown that even with the greatest pressure on society, there is an enormous popular resistance to make the necessary reforms (cutting wages/salaries are not reforms, in my opinion). A Grexit would do away with all such pressures and the likelihood of Greece then making the necessary reforms voluntarily is close to zero, in my opinion.



A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Jul 15th, 2015 at 04:47:22 AM EST
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