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A Complementary Currency and Direct Job Creation Hold the Key to Greek Recovery

Dimitri Papadimitriou, Michalis Nikiforos and Gennaro Zezza

Economics One-Pager Archive from Levy Economics Institute

Abstract: Even under optimistic assumptions, the policy status quo being enforced in Greece cannot be relied upon to help recover lost incomes and employment within any reasonable time frame. And while a widely discussed public investment program funded by European institutions would help, a more innovative, better-targeted solution is required to address Greece's protracted unemployment crisis: an "employer of last resort" (ELR) plan offering paid work in public projects, financed by issuing a nonconvertible "fiscal currency"--the Geuro.

Date: 2016-01
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