Belfast Telegraph

Boy's bid for £250,000 with a pizza plan to slice up the euro

By Szu Ping Chan

An 11-year-old boy has stolen the limelight from some of Europe's top economists with a eurozone breakup plan involving pizza and pancake.

Jurre Hermans plan suggests that Greek people could exchange their euros for new drachma at the bank, which the Greek government would then redistribute to creditors so they could get "a slice of the pizza".

He was among 452 candidates who submitted entries to win the £250,000 Wolfson Economics Prize, launched last October by Next chief executive Lord Wolfson for a credible plan for a euro exit.

Although his idea was not among the finalists, Jurre received special mention from judges.

"The Bank gives all these euro's [sic] to the Greek Government.

"All these euros together form a pancake or a pizza. Now the Greek government can start to pay back all their debts, everyone who has a debt gets a slice of the pizza.

"You see that all these euros in the pizza's go to the companies and banks who have given loans in Greece," Jurre's entry stated.

The full list of winners is:

  • Catherine Dobbs - The NEWNEY approach to unscrambling the Euro
  • Roger Bootle - Leaving the euro: A practical guide
  • Jonathan Tepper - A Primer on the Euro Breakup: Default, Exit and Devaluation as the Optimal Solution
  • Jens Nordvig - Planning for an orderly break-up of the European Monetary Union
  • Neil Record - If member states leave the Economic and Monetary Union, what is the best way for the economic process to be managed to provide the soundest foundation for the future growth and prosperity of the current membership?

Jurre will receive an €100 (£83) gift voucher for his efforts. If the euro does collapse, he'd be wise to spend it quickly.