ideas@innovations
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Posted at 12:53 PM ET, 11/03/2011

Greece, the euro zone and crisis innovation (#FixGreece)


A woman shouts while taking part in an anti-austerity rally in Athens' Syntagma (Constitution) square Oct. 19, 2011. (Yiorgos Karahalis - Reuters)

Updated: Nov. 4, 10:26 a.m. ET:

Greece is in trouble, and it’s taking the euro zone with it.

The national bailout plan agreed to by European leaders on Oct. 27, appeared to be in jeopardy when Greek Prime Minister George Papandreou called for a referendum on the plan that stands to significantly slash Greek debt, and, in so doing, help preserve the nation’s status as a participant in the euro zone.

Then, on Thursday morning, news broke that Papandreou’s referendum on the bailout plan was in jeopardy, as Greek lawmakers urged the prime minister to resign.

The turmoil in Greece is taking its toll on the markets both here and abroad. Meanwhile, the news has forced world leaders gathered for the Group of 20 annual summit to throw their original plans for the gathering out the window as they are called on to address Greece’s increasingly dire predicament.

The conversation

" What would you do to resolve the crisis in Greece? "

If one thing is abundantly clear, it’s this: Greece, and by extension the euro zone, could use some innovative ideas — and fast.

Innovation in a time of crisis presents a unique set of challenges, but it also eliminates some barriers to creating something fundamentally new. In moments of prosperity and relative calm, the goal is not always 100-percent clear. In a crisis, however, the goal could not be more clear and, as the construct of “the clock” in suspense movies keeps your heart racing and mind engaged, so does the very real clock in an actual crisis.

So, given the dire straits and the impending crisis, we thought we’d take an opportunity to open up the debate and see what innovative solutions you might have to the crisis in Greece.

We’ll be keeping tabs on your comments and following your feedback on Twitter via #FixGreece.

— What innovative solution do you have to #FixGreece?

Update: Nov. 4, 10:26 a.m. ET:

Trigger CDS. Eurobonds. New political powers. Anti-cortuption agency. #fixgreeceThu Nov 03 19:08:47 via Twitter for Android

@washingtonpost @OnInnovations Create a bipartisan Greece Regulatory Finance Committee (GRFC) and set rules and penalties #FixGreeceThu Nov 03 18:42:12 via web

@washingtonpost @oninnovations Same thing I would do to fix America. Stop spending money that it doesn't have.Thu Nov 03 22:08:17 via Twitter for iPhone

@washingtonpost @OnInnovations make deadlines & timeframes in which things should B accomplished &make sure that every1 involved is in on itThu Nov 03 18:05:07 via web

Update: 2:22 p.m. ET:

Here are are some of the comments we’ve seen on Twitter:

@washingtonpost @OnInnovations To fix #Greece, you must also fix #Ireland #Spain #Italy...there is no solution except to bust up EUThu Nov 03 17:57:33 via web

@washingtonpost @OnInnovations I would fall out the Euro and EU and overhaul the system. Argentina did it in the 1990'sThu Nov 03 17:58:09 via web

@washingtonpost @OnInnovations - charge royalties to U.S. Greek-inspired fraternity/sorority organizations.Thu Nov 03 17:58:17 via web

@washingtonpost @OnInnovations Let the country crumble and have the neighboring nations annex it into their own dominion.Thu Nov 03 17:58:32 via web

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By  |  12:53 PM ET, 11/03/2011

Categories:  Business

 
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