In round numbers, seeing as Greece makes up a lot of statistics anyway:
* Greek national debt €200 billion
* 20 million tourists per year.
* Average spend on air fares and hotels €1,000 each = €20 million.
* Half of this is actual incremental costs, the other half of what people pay for is stuff which Greece gets for 'free' or are already in existence/paid for i.e. airport infrastructure, hotel buildings, landscape and historical sites, beaches, blue sea and sunshine.
* Additional cash spend by tourists €500 per holiday.
So what Greece could do is issue its creditors 400 million "Sun and sea vouchers" entitling the bearer to €500 off the cost of airfares and hotel stays, pre-dated 20 million a year for each of the next 20 years. So Greece will be redeeming its national debt by giving away value which they themselves get for free.
We can assume that balance of what tourists actually spend more than covers the incremental costs (the airport and hotel staff, the food and drink they consume and other tourist tat they purchase like fridge magnets), so that's a break even.
All the creditors - the IMF, banks, the ECB and so on - will be given the appropriate number of vouchers and they can sell these to travel agents for something approaching face value, who then pass on the discount to people who want to go to Greece on holiday, so over the next 20 years the creditors will get their money back (albeit indirectly).
A sunshine backed currency. What can possibly go wrong?
Debate Magazine
