Published On: Wed, Jul 1st, 2015

Crowdfunding Campaign Launched to Help Bailout Greece

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greek-bailout

Talk about desperation! There is a new crowdfunding campaign on IndieGogo to raise the needed funds for Greece to pay off its debts.

Its backers declare this to be “CrowdFunding a bailout fund for Greece. By the people, for the people.”

So far the fund has raised $900, 000 in the first three days from 48, 618 people. So the backers only need to bring in another $1.8 billion in the next week.

We have all heard about the problems faced by Greece due to its debts. It has been one of the biggest financial news stories over the last few years. Over and over again, all we hear is, “What if Greece defaults?” “What if Greece drops out of the Euro?” and “Will the EU bail Greece out?”

The causes of the Greek debt crisis are far too complex to explain here. Greece, to put it simply, went way over the debt limits allowed for members of the Euro currency and does not have the money to pay back its loans.

The country defaulted on one loan from the IMF already and then reversed itself on the country’s refusal to accept austerity plans proposed for it by Germany and its other Euro partners. A referendum is coming up in which the Greek people will decide if they wish to remain in the Euro zone.

The Greek crisis has sent shock waves through the world markets with the Dow Jones plummeting because of it. So anything that can possibly help save the Greek economy is certainly welcome.

But a crowdfunding campaign? The backers may only be joking. There is no chance that they are serious and what exactly will they do with the money raised, just give it to the Greek government? The backers do promise that all of the money raised will go to the Greek people.

As with all crowdfunding campaigns, donors get gifts for their contributions. here every gift is something made in Greece. Donors can get Greek wine, Greek Sald, a bottle of Ouzo and even a Greek vacation.

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