In the Media | April 2015

This Unorthodox Plan May Keep Greece in the Eurozone

By Joseph Adinolfi
MarketWatch, April 8, 2015. All Rights Reserved.

NEW YORK (MarketWatch) — The idea has been bandied about for years by economists who fear a Greek exit from the euro could trigger a global financial crisis. 

To create the fiscal flexibility that Greece’s economy so sorely needs to reinvigorate economic growth, meet its debt payments and, ultimately, stay in the eurozone, the Greek government could adopt what economists at the Levy Institute call a “parallel financial system” that would allow the government to make payments without using hard currency.

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Publication Highlight

Book Series
A Great Leap Forward
Heterodox Economic Policy for the 21st Century
Author(s): L. Randall Wray
January 2020

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