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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 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.
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  • (Score: 3, Informative) by frojack on Thursday July 02 2015, @07:48PM

    by frojack (1554) on Thursday July 02 2015, @07:48PM (#204373) Journal

    Yup. This has happened already once in Cyprus .
    People responded by finding other places to put their money, which, as you point out is harder to do.

    See http://www.economist.com/blogs/economist-explains/2013/04/economist-explains-2 [economist.com]

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