Yorkshire Man Crowdfunding a Greek Bailout
While the game of brinkmanship between the EU and the Greek government goes on, one man in England is trying to use the ever growing power of crowdfunding to fund a Greek bailout himself.
Thom Feeney – a 29 year old man from Yorkshire – is attempting to raise €1,600,000,000 (that’s 1.6 billion if all those zeros are a bit baffling) through the crowdfunding platform indiegogo, with the aim of funding a Greek Bailout. I’m assuming this money is intended for use in meeting the cost of an IMF bailout repayment – which Greece missed earlier this week – but it doesn’t specifically say that on the site, so I wouldn’t want to speculate.
According to Thom’s figures the EU is made up of about 503 million people and if each of those citizens chipped in just €3 each, then the €1.6 billion target would be in reach. So far a total of 79,865 people have funded €1,378,758 in 5 days, so there’s a very long way to go in the remaining 5 days if Thom’s target is to be met. Having said that, the figure does seem to be growing rapdily even as I write this post so you never know, he just might make it. If the €1.6 billion target isn’t met then Thom states that all money will be refunded.
The idea is certainly an interesting one but with Greece owing a total of €330 billion and a total of €9.2 billion in loan repayments due to the IMF alone in 2015, the €1.6 billion would only be a short term fix. To pay off Greece’s €330 billion debt in full, the 503 million citizens of the EU would need to contribute a figure of €656 each, but then what would you do about Spain, Ireland, Portugal and dare we mention the bigger countries like Italy, France and the UK?
This really does give perspective as to how indebted Europe actually is. I know we’ve mentioned a lot of big figures in this post but let’s just take it one step further and consider the entire national debt of the 27 EU member states. In 2012 European Governments owed an estimated €10,320,106,100,000 in total. That’s over €10 Trillion in 2012 and a quick look at an online EU debt clock today stood the figure at way over €12 Trillion. So what would each EU citizen need to contribute in order to Crowdfund an overall EU debt bailout? We would be looking at around €24,000 from each EU citizen. Crazy, isn’t it.
So as much as I like the idea of helping out the Greek people in a time of crisis, I think I prefer the suggestion of putting the money directly into the Greek economy by perhaps ordering something from a Greek business or something along those lines, which Thom also mentions in his Crowdfunding pitch.
Would you contribute to a crowdfunded bailout?