International

Crowdfunding The Greek Debt Bailout?

As the Greek drama plays on, Bloomberg reports that a crowdfunding campaign is in the midst of trying to raise €1.6 billion via the “Greek Bailout Fund” launched on site Indiegogo.

As has been widely reported, as of Tuesday (June 30) the nation was on course to default on its latest debt payment due to creditors of more than €1.6 billion. And that impending deadline had the nation on a self-imposed bank holiday, with a snap referendum in place scheduled for the weekend that could lead to an exit from the EU.

Bloomberg noted that on Tuesday more than 5,000 people had pledged as much as €82,000. The campaign’s creator, a “self-described 29-year-old based in London,” according to Bloomberg, said “all profits will go to the Greek people,” if the site does indeed reach its goal. ABC News later identified the campaign’s creator as Thom Feeney, a British shoe shop worker.

That €1.6 billion finish may seem a lofty aim, but, claims the campaign, “it’s only just over €3 from each European.” If the crowdfunding campaign falls short of the mark, then contributors are slated to get their funds back. And according to the campaign, donations of €3 will garner a postcard of Greek Prime Minister Alex Tsipras. Other perks offered include Greek salad or even a trip for two to Greece, depending on the donation size.

As for what was behind his motivation for launching the campaign this past Sunday, Feeney told ABC News in an interview that “watching politicians going round in circles and dithering somewhat with making a decision on Greece, I just thought, I think it just needs someone to step in and sort it.”

 

To check out what else is HOT in the world of payments, click here.

——————————

PYMNTS STUDY: THE CROSS-BORDER MERCHANT FRICTION INDEX – JUNE 2020

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

2 Comments

TRENDING RIGHT NOW