Description:

Assuming Greece defaults on its debt and exits the eurozone, this paper suggests an heterodox way of managing the Greek economy towards economic recovery. The paper claims that the central bank of Greece should gradually convert the loans it owns from the Greek banks into deposits of Greek citizens. This process would be led for three years, and result in distributing a guaranteed basic income to every Greek citizen currently residing in Greece. Our proposal is aimed at stimulating a long-term confidence in the economic outlook, fighting poverty and ensuring a pathway to the end of the crisis through social justice with a basic income. Paper by Stanislas Jourdan for the BIEN Congress that takes place in Munich on the 14-16th of September, 2012.