Greece crisis: Can crowdfunding rescue this debt-ridden country
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This is probably the most interesting way to bail out Greece from its financial crisis. According to a media report, The Greek Bailout Fund project intends to raise the €1.6 billion for Greece—the amount it needs to pay the International Monetary Fund.
“It might seem like a lot but it’s only just over €3 from each European,” the report quoted the project’s page on the website. It added, “That’s about the same as half a pint in London. Or everyone in the EU just having a feta and olive salad for lunch.”
Caught in a Catch 22 situation, the new Greek Syriza government will have to cut costs back home, if it wants to take a loan worth €7.2 billion, if it wants to pay off its €1.6 billion debt to
Interestingly, the campaign also offers ‘return gifts’ to the donors. For a donor who donates as little as €3, gets a postcard of prime minister Alexis Tsipras while larger donations are entitled for a feta and olive salad (delivered anywhere worldwide), a bottle of ouzo, or Greek wine.
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And while the generous donors have only seven days to make donations and save Greece from defaulting, the IMF deadline gets over today. The campaign has already raised €20,000 in its first day. Riding on the back of the campaign, IMF, for the first time, could consider extending its deadline.
Image credit: Indiatimes.com
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