Greek Bailout CrowdFund launched on IndieGoGo

By Henry Thomas on Tuesday 30 June 2015

Savings and Investment

In the latest attempt to prevent a Grexit, a crowdfunding page has been set up on US crowdfunding platform IndieGoGo.

The “Greek Bailout Fund” on American crowdfunding site IndieGoGo may be the most innovative solution to Greek debt crisis yet. Set up by Thom Feeney, who lives in London, the page aims to raise €1.6 billion over the next seven days. In the (highly unlikely) event that the target is reached, this would provide Greece the entirety of the amount due to be repaid to the IMF today (albeit a bit late).

Thom writes:

“All this dithering over Greece is getting boring…if we all just chip in a few Euro then we can get Greece sorted and hopefully get them back on track soon. Easy”.

Thom does also provide a breakdown of the total:

“It might seem like a lot but it’s only just over €3 from each European. 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.”

On top of your investment going some way to saving the Greek economy, you will also receive some notable perks. If you pledge €3 then you will receive:

“A postcard sent from Greece of Alex Tsipras, the Greek Prime Minister. We’ll get them made and posted in Greece and give a boost to some local printers and post offices.”

What’s more, more generous pledges earn more exciting rewards. For only €6 you will earn a Greek Feta and Olive salad. Pledge €10 and get a small bottle of Ouzo sent to you, €25 for a bottle of Green wine and if you are generous to pledge €5000 then you will earn a Greek holiday for two (only available to EU citizens). Whilst there was originally a small Greek Island on offer for anyone who came in with the full €1.6 bn, Mr. Feeney was asked to take the offer down by IndieGoGo as “the Greek Government had not officially agreed”. Thom reasoned that he “was only thinking something about the size of Inchmarnock off the coast of Scotland, which I’d definitely sell if it saved the British economy.”

On the issue of whether his plan is a joke, Mr. Feeney replied:

“This is a real attempt to do something. But at the very least it’s important to raise the issue of the plight of the Greek people at this time.”

“We can help our Greek cousins by buying wonderful Greek produce such as feta, olives, wine and more. And maybe considering Greece as a holiday destination. That’s part of the idea behind each of the perks on the crowdfunding page. Trade will help Greece and the Greek people out of the current situation.”

This fund is certainly one of the more outlandish crowdfunds. The story sparks memories of Kickstarter’s Potato Salad phenomenon – where 6,911 backers invested $55,492 for one man to make a potato salad.

The Greek Bailout Fund is not projected to meet its target. Of the €1.6 bn required, only €50,634 has been invested (at the time of writing), coming from 3,355 investors. It appears that the Greek referendum may have to go ahead after all…

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