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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.
Original Submission
(Score: 2) by bradley13 on Thursday July 02 2015, @02:42PM
...does not constitute an emergency on my part. Seriously, why would anyone want to bail either Greece or their creditors out?
Greece has already declared bankruptcy multiple times since it was founded as a modern country. They've gone and outspent their income again, and lots of banks were dumb enough to loan them the money to do it. All that's been happening for the past few years is the EU loaning them money so that they can pay their loans. Like some sort of bad credit-card scam, they are just getting deeper and deeper in debt.
Greece should have left the Euro years ago. Declare all their debts void, reinstate their own currency, and start over. The longer they put this off, the more it is going to hurt, but it is the only way forward.
Everyone is somebody else's weirdo.
(Score: 0) by Anonymous Coward on Thursday July 02 2015, @03:57PM
The worst thing Greece could do now would be to reinstate their own currency. That would remove all pressure to achieve fiscal responsibility. The current government, with tremendous popular support, is socialist: They'll print whatever they need to pay for their handouts.
(Score: 2) by FakeBeldin on Thursday July 02 2015, @05:01PM
Except that there's not enough paper in the universe to print the amounts needed.
If Greece does not pay back anything, and institutes their own currency, would you borrow them money?
Hell no. No one would. They'll take your money and just print what they owe you to pay you back in their currency. So their money would be roughly worth as much as the paper it's printed on.
If Greece institutes their own coin, they'll get hyperinflation to exceed Zimbabwe's inflation.