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Can Ambitious Crowdfunding Help Bail Out Greece?

Thousands have already donated an astonishing amount to the beleagured European nation.

More than 60,000 people have donated to a crowdfunding campaign to bail out the country of Greece on IndieGogo, raising over €1 million of the campaign’s €1.6 billion goal. Thom Feeney, a 29-year-old Brit based in London, set up the IndieGogo page on Sunday night after eating his dinner. Over the past few days it’s garnered international attention and the donations have come rolling in. Donors can look forward to perks like an olive and feta salad, or a postcard of Greece’s prime minister, Alex Tsipras—all of which, Feeney promises, will be made and sent from Greece.

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Greece: Europe’s Wildcard

The popularity of Greece’s anti-austerity, Russia-friendly, casual wear-embracing Syriza party could make the E.U. very interesting in coming months.

Alexis Tsipras. Photo by Lorenzo Gaudenzi via Wikimedia Commons

Ever since their election at the end of January, Greece’s new government, a coalition of the left-wing Syriza and right-wing Independent Greeks parties, led by Syriza Prime Minister Alexis Tsipras, has been making waves in the European press. Most of this coverage concerns the new government’s stringent resistance to austerity measures imposed on them by lenders who bailed them out of the European Union’s worst financial crisis and floated them through six years of recession. The Tsipras regime’s hardline anti-austerity and novel financial plans have painted his cabinet as wildcards, threatening to upend Europe’s financial order and re-stoking fears of a Greek exit from the eurozone. Tsipras and his coalition abandoning the Euro and leaving the union would likely have detrimental, extremely stressful effects on the E.U., both economically and politically, and leaders like Angela Merkel, chancellor of Germany, have been aggressive about keeping Greece in the fold (on E.U. terms). Yet while it’s true that this new regime will shake things up on the European markets, what’s flown under the radar is the fact that this new government is stacked with mavericks and mavens in every sense, economic and beyond, and their intense popularity at home and abroad may alter the whole of European political culture and E.U. norms.

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A Lesson from Greece: Time for an American Bail-In

If it’s good enough for the Greeks, it’s good enough for us.

As attempts to rescue Europe from a debt-driven financial crisis take shape, two linked strategies are being employed: The hated bailout and its less well-known but equally important (and far nicer) cousin, the bail-in. We need a bail-in in America.

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