Prof Steve Hanke’s single solution for all monetary problems is to form a currency board. Here he argues that Greece on its exit could look at currency board as an option. And it could choose Dollar as its currency:
In the event of a Grexit, Greece’s best option to establish sound money and fiscal discipline would be to emulate their Balkan neighbors to the North, and install a currency board that issues drachmas that clone the euro. Greece would remain in a unified currency area with the euro, without the moral hazard problems associated with formal membership in the eurozone. The external political headwinds which would accompany either the Montenegrin or Ecuadorian option would abate. The major political issues would be internal, because a drachma issued by a currency board would require Greek fiscal discipline.
Prof Hanke has advised many a govts on adopting the currency board. He picks examples from Montenegro, Ecuador and Bulgaria.
Though going by yesetrday night’s agreeement, it is unlikely Grexit is happening anytime soon.