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One possibility would be to split the euro zone into two currencies: a neuro and a seuro, one for the north and the other for the south, but let the north keep calling theirs the euro. Then establish a Seuro Treasury and Southern Bank to provide interest rates and monetary policy to provide close to full employment.

Such a coordinated move might be less damaging than countries withdrawing one by one to be left isolated and starving. Denominate Seuros in terms of euros and issue a stated policy of convergence based on equitable treatment of the two populations.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 28th, 2010 at 12:08:07 PM EST
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