Public borrowing should take place only based on the assumption that politicians act wisely and solely for the benefit of the people. But in the case of Greece, as in many other countries, government borrowing has only created a huge increase in bureaucracy, inefficiency and corruption.

Government borrowing is identical with future taxation and is very hard to justify that a government, which is elected for a four years term, have the right to impose taxation that goes beyond that period.

The Monetary Reform Act that is presented at:, with some ramifications, is a good road map for resolving the greek debt crisis and a first step towards full-reserve banking in eurozone.

In order to make this idea easier to be approved in the eurozone, we propose that Greece should pay back the money that will be used to repay the greek debt, only in the case and in advance of any future greek government borrowing.