Briton Starts Crowdfunding to Raise €1.6 Billion for Greece

As Greece makes history by missing their IMF payment, one man is setting out to fix it himself and with the help of others like him. While we all have our own ideas in how to best help Greece, one common man has gone out and done something. Taking matters into his own hands, Thom Feeney, a London shopkeeper, has started an IndieGoGo campaign to help raise €1.6 Billion for the beleaguered country.

With 6 days to go, the campaign has already raised €573,722 which is quite a lot of money for crowdfunding. However, that is still a long ways away from the stated, not yet reaching 1% of the target (that would be about €1.6 million). In his decision to start the fundraiser, Feeney noted that it was time for the people to solve the problem and all the governments dithering over it was boring. Rewards range from €3 for a poster of Greek PM Alex Tsipras, €5 for a Greek Salad and all the way up to an island for €1.6 billion though that reward has now been removed.

Right now the campaign is so popular that the IndieGoGo page that it has become inaccessible for most of the time. Given the current population of the EU, if every person is able to give around €3, the campaign will meet its goal. Counting generous donors outside the EU, it gets even easier. Even with an extra €1.6 billion though, Greece would still fall short of its debt obligations. It will be interesting to see what happens with the campaign and how the Greek government will respond in the run-up to the critical July 5th referendum.

Greeks Are Flocking to Bitcoin as Banks Close Doors

Banks in Greece stayed shut on Monday as officials scrambled to prevent the country’s financial system from collapsing. Account holders were facing tough limits on what they can withdraw from ATMs, and trading in Greek stocks and bonds was also halted as measures to prevent Greece from sliding entirely out of the euro zone.

As that happened, the Greek population was looking for alternative currencies and it looks like they’ve found Bitcoin. International Bitcoin marketplaces all around the world are noticing increased traffic from Greece. Ten times as many Greeks are registering to trade Bitcoins on the german marketplace Bitcoin.de than usual and LakeBTC in China also saw a 40% increase in visitors from greece IP addresses.

Over the weekend, the Polish exchange Bitcurex also got flooded with emails from Greeks that wanted to know if Bitcoin is legal currency in the EU, if they can use it as a bank account and where in Greece they can find a Bitcoin ATM.

And while Bitcoins are a perfectly legal currency in the EU, getting them, using them, and trading them for other currencies is where the trouble starts. There is only one Bitcoin ATM in Greece at a bookstore in Athen. Generally just spending the Bitcoin can be difficult too as there only are half a dozen spots in Athens that accept Bitcoin as payment. Among them are a family restaurant, a head-and-neck surgeon, and a yacht rental company – maybe not the optimal choices for a country in trouble.

Thank You CNN for providing us with this information