Greece is in a financial crisis, as the country’s bailout program with its European creditors officially expires today Tuesday, July 1.
The country failed to make a scheduled debt repayment of about 1.5 billion euros, to the International Monetary Fund.
Consequently, Greece, having defaulted, will not have access to any of the money still available if it doesn’t secure a deal with its creditors.
The country has been in a long standoff with its European creditors on the terms of a fresh multibillion-dollar bailout.
The terms of the bailouts were; harsh austerity terms, which required deep budget cuts and steep tax increases, streamlining the government, ending tax evasion as well as making Greece an easier place to do business.
But Greece has so far, failed to conduct the economic overhauls required under its bailout agreement, hence the refusal of its creditors to release the remaining line of credit.
To save Greece from going under, thousands of Europeans have started a ‘Greek Bailout fund’ on crowdfunding platform- Indiegogo.
This crowdfunding process is, however, not the basic ‘click and donate’ type, rather it is more creative, as you get an item in return, depending on how much is donated.
Below is how it works;
Pledge €3 and get a postcard sent from the Greek Prime Minister, Alex Tsipras.
Pledge €6 and get a greek Feta and Olive salad.
Pledge €10 and get a small bottle of Ouzo.
Pledge €25 and get a bottle of Greek wine.
As at the time this report was written, a total of €970,818, has been raised by 57,091 people in 3 days.
Prime Minister, Alexis Tsipras, has of this morning, also sent a letter to creditors that Greece was “prepared to accept” a new deal that will impose austerity measures on the country.