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Capital Economics Managing Director Roger Bootle on the steps for how a country would plan a smooth exit from the euro.
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The IMF cut its global growth for customs said resolving the eurozone -- is the top most priority.
They got the award for the obvious.
All -- content -- Leaving the Euro that's the big question -- joining me -- -- brutal he is managing director of capital economics.
Which by the way won a competition for finding the best way for a country to leave the single currency and Roger thank you so much for joining us.
In a nutshell what is the easiest way for country to get out of the Euro.
I think it should plan its exit in secret and implement that plan very quickly.
It shouldn't -- denominated -- and entitle domestic values into a new currency that say it's Greece overnight what was so many.
Thousand euros become so many thousand drachma and I suggests of that great that conversion -- should be one for one.
But this mustn't be confused with what's gonna have -- moment for -- -- -- -- on the foreign exchanges.
And they'll take the exchange rate to completely different level from one -- one that -- off to one.
And that shouldn't be seen as a problem shouldn't be -- that's part of the solution maps from the thanks Kris competitive again.
A lot of people worried about the absence of notes and car and right she preparing secret you do this very quickly we're bringing -- -- and that's I think that's a problem.
He simply rely on electronic.
Transactions for big deals and fiscal transactions you continue to use Uranus and -- So I mean this was this is a serious competition -- mean why is this competition being held in the first place you want you won 250000.
Pounds close to 400000.
US dollars.
What I was so this plan now does it get given to Greece in secret.
Well the plan is now in the public domain handled Wilson who sponsored this prize.
His motivation was very much concrete -- this.
Actually to have something all the stocks because there was really a conspiracy of silence about this he didn't get -- who European governments or even European banks.
Coming out we all indeed universities coming out with practical plans for this.
The general -- there is this is just completely to -- it shouldn't be discussed.
So good -- in the open and it will be just gossip I think because they'll be further work taking -- work.
For the full wasn't really good thing to put -- women country actually comes to -- Leaving the Euro I'm pretty sure that they'll at least have fiscal my work -- -- don't -- like a blueprint.
Roger before we go what is the likelihood do you think of well not only Greece and dropping out of the Euro but the Euro system itself breaking -- Well I think the chances of Greece leaving -- very very high indeed by the end of this year.
But if that happens and I think other countries will go as well -- of a sudden we can countries.
But I suspect will be left with something called hero and will be the currency of the north bloc of countries that much -- Very interest thing indeed -- -- of capital economics joining us live from London Roger thank you so much.
Really appreciate your input very interesting indeed to the bottom line is -- -- together do it in secret on a Friday night sneak out the backed off.
And lo and behold maybe with -- -- tremendous though it may be Monday is a national holiday something so you have really have to really worry about until the Tuesday the notion of keeping it.
As secret.
I struggle it yet.
