By Landon Thomas Jr. – Simon Wolfson, chief executive of the British retailer Next, has offered to award that sum (£250,000, or about $400,000) to the person that puts forward the most elegant scenario for how a country or countries might leave the euro zone — or how the 17-nation compact might unwind.
In all, 425 entries were received. The winner will be announced July 5.
The five finalist essays, which were announced Tuesday, come from four established analysts and one independent trader. They are more or less free of politics, preferring to underscore instead the daunting task that countries like Greece, Portugal and Spain face in improving competitiveness through spending cuts rather than currency devaluation — an option they can not pursue because of their membership in the euro.
While the essays do not present any ideas that have not already been aired, their deep explorations of the complex legal issues involved. more> http://is.gd/iEjRTy