It isn't looking good for Greece. The Mediterranean nation has been in a financial crisis for a few years now, and only repeated loans and bailouts from the European Union have kept it limping along.
Unfortunately, the latest bailout talks that would bring Greece a lifesaving $8.03 billion have stalled. The reasons are varied, and I'm not an economist or a political scientist, so I'm not going to go into them.
However, next Tuesday Greece is expected to fork over a $1.8 billion (1.6 billion euros) loan payment to the International Monetary Fund, and it doesn't have the money. The consequences of a default aren't entirely known, but some economists worry it could bring down the entire European Union. Again, that's not my area.
The impact on the Greek people at the moment is the banks are closed and citizens are only allowed to pull a maximum of $66 dollars (60 euros) out of the ATMs. That's not a good sign, but one man thinks he has a solution.
An English gentleman named Thom Feeney has started an IndieGoGo campaign titled the "Greek Bailout Fund." The goal is to raise 1.6 billion euros in the next week to meet Greece's loan payment.
According to Feeney, "The European Union is home to 503 million people, if we all just chip in a few Euro then we can get Greece sorted and hopefully get them back on track soon. Easy."
Like any good crowdfunding campaign, Feeney is offering some incentives. If you donate three euros, you get a postcard of Greek Prime Minister Alexis Tsipras. Six euros gets you a feta cheese and olive salad. For 10 euros, you get a voucher for a bottle of ouzo. If you part with 25 euros, you get a voucher for some Greek wine.
For chipping in 160 euros, you get a Greek foods basket with everything already mentioned and more. If you're looking to take a trip, you can pay 5,000 euros for a Greek holiday for two in Athens.
If you're Bill Gates or Warren Buffet and decide to kick in the full 1.6 billion euros, Feeney originally promised to hook you up with your own private Greek island. Unfortunately, IndieGoGo made him take that down because the Greek government hadn't agreed to it.
Now if you give 1 million euros, you get everything above and "a lot of gratitude from citizens of Europe and particularly the Greek people." That's nice, but not quite the same as a private island.
The campaign started off slow with just 120 euros the first day. As of this writing, it's shot up to 247,845 euros. That's a lot, but still less than 1% of the goal. It will be interesting to see how far it gets.
Do you think this is a good way to use crowdfunding? Let me know in the comments.