Greece crisis: Can crowdfunding rescue this debt-ridden country

This is probably the most interesting way to bail out Greece from its financial crisis. IndieGoGo, a fundraising website that raises funds for documentaries, creative projects, has started a campaign to rescue the debt ridden country from its 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 IMF. However, the Syriza government has come into power after it promised that it would cut down on social welfare schemes in order to bail out the country.

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.

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