Dutch schoolboy's plan on Greek debt wins big accolade

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A Dutch schoolboy's ideas for how Greece could leave the eurozone has stolen the limelight at a major economics competition held in Britain, organisers said on Wednesday.

A jury at the once-off Wolfson Prize for Economics gave 11-year-old Jurre Hermans a 100-euro (U$131) voucher for his idea of how Greek citizens could return euros for the country's former currency, the drachma, to pay back debt.

Greece has just restructured its debt to ensure that it does not have to leave the eurozone, but the competition addressed the hypothetical case of a country leaving.

"The boy was not included on the shortlist of five finalists," a Wolfson Economics Prize official, who asked not to be named said.

The official added: "But the jury thought, given the fact that he was the youngest candidate and put a lot of effort into it, that he deserved a special mention."

The once-only prize, sponsored by wealthy eurosceptic British businessman Simon Wolfson, will be handed over on July 5 and drew entries from some of the world's best economic minds.

Worth 200,000 pounds sterling (241,000 euros) for the overal winner it is the second-biggest cash prize to be awarded to an academic after the Nobel Prize, it said on its website.

It asked the question: "How best does one manage a member state or states leaving the European Monetary Union?"

"It is necessary that Greeks return their euros and receive drachmas in return," Hermans, who lives in the small eastern Dutch village of Breedenbroek told Dutch public radio, adding "the (Greek) government will then have the euros to repay their debt."

Hermans also suggested anybody holding back euros or move them abroad should face financial penalties.

The youngster, who wants to be a zoo director when he grows up, said his father helped him translate his suggestion from Dutch to English. He said he did not know yet how he will spend the 100-euro voucher, given for an online purchase.

Prize sponsor Simon Wolfson is the chief executive of clothing retailer Next and was introduced to the House of Lords by the British conservative government in June 2010.