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Crowdfunding Greece's Repayment

posted by cmn32480 on Thursday July 02 2015, @11:23AM   Printer-friendly
from the let-the-people-repay dept.

DECbot writes:

To add to the other Greece Breaking News story (Greece Defaults, Still Wants Bailout)....

The Ars Writes:
Thom Feeney, a London shoe shop worker who started a campaign to raise €1.6 billion (that's US $1.78 billion). Feeney's IndieGoGo campaign, started just two days ago, has already raised an astonishing €478,575 (or $533,010) from more than 30,000 people.

"All this dithering over Greece is getting boring," Feeney wrote on his IndieGoGo page. "Why don't we the people just sort it instead?" He added that to come up with the €1.6 billion, every member of Europe would only have to give €3 each (well, technically you'd only need to collect from members of the European Union; that's not even counting any potentially generous Swiss or Norwegian people.)

The campaign has six days left to raise money. If €1.6 billion isn't raised, all the donors will get back their money.

This afternoon, the International Monetary Fund (IMF) declared that Greece was officially in arrears, but it has not yet declared that Greece is in default. Technically, the IMF could offer Greece an extension of its debt repayment obligation. On July 5, the country will hold a national referendum on whether to sign a deal demanding even stricter austerity from the nation.

But, if Europeans all chip in, maybe we can just put this silly bailout business behind us.

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  • (Score: 4, Interesting) by TheRaven on Thursday July 02 2015, @04:24PM

    by TheRaven (270) on Thursday July 02 2015, @04:24PM (#204301) Journal
    And the Germans who benefitted from increased exports due to an artificially undervalued currency as a result of Greece's membership of the Eurozone, what are they?
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  • (Score: 0) by Anonymous Coward on Thursday July 02 2015, @05:41PM

    by Anonymous Coward on Thursday July 02 2015, @05:41PM (#204332)

    Do you really not know how easy it is to have a soft currency? Even the Greeks know how to do it. Do you really believe Germany doesn't know and instead invented the Euro and handed over control of its currency to an Italian because otherwise nobody would have kept buying stuff made in Germany?

    • (Score: 4, Informative) by maxwell demon on Thursday July 02 2015, @09:00PM

      by maxwell demon (1608) on Thursday July 02 2015, @09:00PM (#204407) Journal

      Actually the last thing Germany would want is a soft Euro. What do you think why Germany fought so hard for the current rules? It's because of the fear of replacing the hard DM with a soft Euro. So they fought for rules that were meant to ensure that the Euro would be just as hard as the DM.

      If you want to scare a German, tell him that the Euro is getting soft.

      --
      The Tao of math: The numbers you can count are not the real numbers.