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The
financial crisis in Greece and the 'austerity
measures' being imposed on the country
has lead to disastrous results for the
economy. Contrary to mainstream prescriptions
that seek to bailout big financial institutions
at the expense of the real economy, an
alternative proposal that was originally
proposed by the author has gained much
credence. The ''Raffer Proposal'' (also
known as the Fair Transparent Arbitration
Procedure (FTAP)) has been endorsed and
propagated by many noteworthy economists,
NGOs, and the Jubilee Movement. This article
espouses the basic tenets of the Proposal
and explains how it can help resolve the
Greek crisis.
October 16, 2012.
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