The Californian solution for the Club Med

Commentary feature. Bringing back the drachma and escudo as IOUs may be the least bad option for eurozone states at risk of default, write Charles Goodhart and Dimitrios Tsomocos.

ESO: Background information: Greece will fix itself from inside the eurozone http://www.europeansources.info/record/greece-will-fix-itself-from-inside-the-eurozone/

ESO: Background information: Portugal warned of threat to rating http://www.europeansources.info/record/portugal-warned-of-threat-to-rating/

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