How Greece Can Get Out Of Debt

How Greece Can Get Out Of Debt

London : United Kingdom | May 31, 2012 at 5:00 PM PDT
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As we all know, the country of Greece is on the verge of economic collapse. All of the economic analysts believe that if the June vote keeps the Greek Parliament fractured, then the nation could possibly default.

However, one economic strategist has calculated how the Greeks can get out of debt even after defaulting. His name is billionaire Hugo Salinas Price.

Price has developed a five-step plan on how the Greek economy can thrive again.

1. Default. The Greeks must go back to the drachma because switching to the euro is main reason they are in debt.

2. Along with bring the drachma back, he calls for a silver currency to be created as well. He recommends that the Greek government sells a few billion dollars of their gold reserves in exchange for silver in order to mint this new currency.

3. If the price of silver drops, then the monetary value of the silver currency would remain the same because the coin would be based upon the weight of the silver.

4. If the price of silver goes up, then the coin could then be used as currency along with the drachma as means of increasing money circulation within the country.

5. Everyone is happy.

Unfortunately, Salinas Price has been floating this idea to the Mexican government for years, but they have rejected it. Hopefully, there will be one nation smart enough to implement his plan.

Source: RT

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In the second part of this video, economist Max Keiser interviews billionaire Hugo Salinas Price. He talks about a five-step plan to bring Greece out of debt.
Adrian Holman is based in Joliet, Illinois, United States of America, and is an Anchor on Allvoices.
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