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

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: 2) by c0lo on Thursday July 02 2015, @01:03PM

    by c0lo (156) Subscriber Badge on Thursday July 02 2015, @01:03PM (#204207) Journal

    This needs to pick up at an exponential rate to have a prayer of hitting the goal.

    Each person needs to convince other 3 - less than the typical pyramid schemes usually going with the power of 6

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
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  • (Score: 3, Insightful) by frojack on Thursday July 02 2015, @07:35PM

    by frojack (1554) on Thursday July 02 2015, @07:35PM (#204370) Journal

    Let me try to convince you what a bad idea this is.

    What possible incentive would there be for Greece to start living withing their means if you pay off the debt they so glibly accumulated over the years.

    What possible incentive would there be for the lenders to stop laying debt traps by funding regimes with no visible means of support, if everybody fills their coffers for them out of sympathy for their victims?

    How soon will you have to do this all over again when, once again, there is no consequence to overspending and walking away from debt?

    This is a fundamentally unworkable idea, which, in the extremely unlikely case it succeeds even to a marginal degree, simply kicks the can down the road a very short distance.

    --
    No, you are mistaken. I've always had this sig.
    • (Score: 2) by c0lo on Thursday July 02 2015, @10:16PM

      by c0lo (156) Subscriber Badge on Thursday July 02 2015, @10:16PM (#204450) Journal

      Let me try to convince you what a bad idea this is.

      Let me tell you why I pledged:

      1. it's extremely improbable to crowdfund 1.6 billion in 10 days
      2. I know the above
      3. I hope that the Greek people will look at the campaign progress, see that there are world people (not banks) is trying to help them (and fail) and learn:
        • not to do it next time
        • need to start finding other solutions by themselves
        • maybe consider in their search for solutions those people willing to help

      Yeah, maybe I'm naive and let IndieGoGo have my money for a week to pay their corporate asses from the accumulated interest

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford