Greece Debt Deadline Approaching
I discussed the National Geographic article on the debt that Greece owes to the International Monetary Fund (IMF) in my May 23, 2015 blog post.
The IMF has demanded repayment of 1.6 billion Euros which Greece simploy does not have. As a result of the impending collapse, people are panicking. There are runs on the banks, which have put caps of 60 Euros per day for withdrawals. and people are considering canceling their travel plans to Greece, which would be an even worse setback to the already struggling country.
The IMF have offered a bailout, which was soundly, and (in my opinion) wisely, rejected by the people of Greece in a referendum held on July 5, 2015.
Interestingly, a man in London has come up with the idea of crowdfunding the payoff amount. He insists that this is a legitimate attempt to raise the money that Greece needs so desperately, and with 36 hours remaining in the campaign as I post this, it looks like they will not make the deadline. However, they are approaching 2 million Euros in pledges so far and the numbers go up every few minutes. If you would be interested in checking it out, you can find it here: Greek Bailout Fund.
The man behind this campaign has promised that if the goal is not met, he will refund all of the money sent for the campaign. The perks offered if the campaign succeeds, he promises, all will come from Greece and will be mailed by residents of Greece. I just found out about this two hours ago and think that it seems like a decent idea.
The IMF has demanded repayment of 1.6 billion Euros which Greece simploy does not have. As a result of the impending collapse, people are panicking. There are runs on the banks, which have put caps of 60 Euros per day for withdrawals. and people are considering canceling their travel plans to Greece, which would be an even worse setback to the already struggling country.
The IMF have offered a bailout, which was soundly, and (in my opinion) wisely, rejected by the people of Greece in a referendum held on July 5, 2015.
Interestingly, a man in London has come up with the idea of crowdfunding the payoff amount. He insists that this is a legitimate attempt to raise the money that Greece needs so desperately, and with 36 hours remaining in the campaign as I post this, it looks like they will not make the deadline. However, they are approaching 2 million Euros in pledges so far and the numbers go up every few minutes. If you would be interested in checking it out, you can find it here: Greek Bailout Fund.
The man behind this campaign has promised that if the goal is not met, he will refund all of the money sent for the campaign. The perks offered if the campaign succeeds, he promises, all will come from Greece and will be mailed by residents of Greece. I just found out about this two hours ago and think that it seems like a decent idea.