What ’s the top arrive at for a Google search of “ Greek bailout ” ? Depressingly , it ’s not a thorough economical analytic thinking of how to get Greece out of debt . It ’s a goofy Indiegogo run tocrowdfund € 1.6 billion . And the campaign is fast go about € 1 million .
Yes , everyone ’s heart seems to be in the good place in this case . But a crowdfunding run is not going to fix Greece ’s problem . Even if they raise that € 1.6 billion ( $ 1.8 billion ) that they ’re looking for ( minus Indiegogo ’s 4 pct cut off the top , of course ) , the money wo n’t even expunge the surface in aid to alleviate their problems .
The campaign was started by a 29 - year - sure-enough human race in London refer Thom Feeney , who is understandably commonplace of politicians mucking up the reality ’s saving . Feeney figured that a crowdfunding campaign might be the answer . woefully , it ’s not the resolution . Not even close .
“ I was fed up of the Greek crisis go round in rophy , while politicians are dither , this is affecting substantial mass , ” Feeneytold CNBC . “ While all the posturing is exit on , then it ’s leisurely for the political leader to forget that . ”
And while Feeney might be utterly correct that politicians created this mess , I might meekly suggest that pol are going to have to fix it . lay aside everything else , the base of cyberspace crowdfunding ca n’t even palm the unbelievable amount of sake in this narrative . The drive ’s web site has been spotty , with Indiegogo noting yesterday that they were experiencingconnectivity issues .
But more importantly , the€1.6 billionis just the beginning of what Greece owes . The amount Feeney is raise on Indiegogo is for a loan from the IMF that the nation just defaulted on yesterday . They have more payment due in the coming weeks to other creditors and in all likelihood they ’re not move to be able to pay those either .
The pitiful truth is that however noble the design of the contributors , this crowdfunding campaign is not going to help Greece . Greek ’s banks are closed , and everyone is understandably panic about next steps . But if you search at the percentage counter in the upper veracious hand niche of the Greek Bailout Fund you could see why this problem is give way to have to be solved by governments : Despite raise well-nigh a million euros , percentage - wise the campaign is still “ 0 percent funded . ”
pic : Pensioner Giorgos Petropoulos picture ten euros notes ( AP Photo / Spyros Tsakiris )
Greece
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