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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, Insightful) by hunchentoot on Thursday July 02 2015, @01:12PM

    by hunchentoot (4874) on Thursday July 02 2015, @01:12PM (#204211)

    No matter where you stand on the next step for the country, you must agree the massive financial wreck that is the state of greece was architected by the troika and the wealthy elite of greece.

    The poor commoners of the world bailing out the banks and the elite? Not to mention that no matter how paltry the amount of money you raise, it isnt going to any starving family in greece, it is going straight to the banks.

    It is just so miguided on so many levels

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  • (Score: 2) by c0lo on Thursday July 02 2015, @01:32PM

    by c0lo (156) Subscriber Badge on Thursday July 02 2015, @01:32PM (#204223) Journal

    The poor commoners of the world bailing out the banks and the elite? Not to mention that no matter how paltry the amount of money you raise, it isnt going to any starving family in greece, it is going straight to the banks.

    Hang on... is the bank going to send me a greek salad or a bottle of ouzo?
    I think that, to deliver the promised perks, some actual greek people will need to work for some money: there's only 250millions of greek salads to send all over this world; and 160mil bottles of ouzo.

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

  • (Score: 2) by curunir_wolf on Thursday July 02 2015, @02:28PM

    by curunir_wolf (4772) on Thursday July 02 2015, @02:28PM (#204252)
    Bail outs are so yesterday. The latest strategy is the "bail in". The bail in works by letting the banks take the money directly out of all the depositor's bank accounts. Difficult to avoid in Euroland these days with all the "cashless" rules and cash limiting regulations.
    --
    I am a crackpot