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What Looks Crazy At First Might Be The Ideal Solution: Meet Greece's New Currency, The U.S. Dollar

There is an undeniable internal logic to the idea that Greece should jettison the euro and adopt the U.S. dollar as its national currency.

Several astute readers pointed out that for Greece to renounce the euro and transition to a newly issued national currency (drachma) is fraught with numerous structural difficulties. It is not easy to issue and distribute enough new currency to grease commerce from a standing start.

This was response to Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro? (February 6, 2015).

Since adopting a new drachma is problematic, the obvious solution (at least to me) is for Greece to follow the example of other countries with currency crises and adopt the U.S. dollar as its national currency.

Before you dismiss the idea out of hand, hear me out. It might not be as crazy as it seems on first blush.

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