Jeremy Hobson: Now to Europe, where the experts have so far had a hard time figuring out what to do if a country like Greece decides to leave the euro. So a British businessman named Lord Wolfson set up a contest in search of breakup ideas. The prize is $300,000, and today five finalists were named.
From London, here’s the BBC’s Sarah Stolarz.
Sarah Stolarz: The prize is the second biggest in economics, after the Nobel Prize. Four hundred thirty five entries were whittled down to just five finalists. That includes “A practical guide to leaving the euro” by economist Roger Bootle. In it, he grapples with the adoption of a new currency by the departing country.
Roger Bootle: Countries in this position needn’t fear the fall of a new currency on the exchanges which will undoubtedly happen, they should embrace it — it’s part of the solution, not the problem.
The official winner will be announced in July.
It was not just economists that entered the competition. A 10 year old Dutch boy Jurre Hermans was the youngest entrant. He received a special $100 prize for his one page plan; it included a diagram of Greek man with a sad face.
In London, I’m the BBC’s Sarah Stolarz for Marketplace.