Crowdfunding Greece’s debt

30 Jun 2015 | Author: | No comments yet »

Brit’s crowdfunding bid to bail out Greece.

As last-ditch attempts continue to secure a deal before the expected expiration of the Greek bailout today, one man has started a crowdfunding account to raise the €1.6 billion payment due to the IMF. “All this dithering over Greece is getting boring.A British shoe-shop employee has raised over €30,000 ($A43,914) so far through an online crowdfunding project to help Greece meet its IMF debt repayment.The campaign, which was started by Thom Feeney, promises contributors rewards such as a ‘Postcard of Alex (sic) Tsipras’, ‘Greek Feta and Olive Salad’ and ‘Bottle of Ouzo’. “€1.6bn is a relatively small in the grand scheme of things,” Feeney told The Independent. “In fact, you could raise that money by everyone in the EU just having a feta and olive salad for lunch today. “So why don’t we just do that?

The world wide web has thrown up all sorts of unconventional strategies for keeping the country afloat, including the idea that Apple step in and buy it.For those who wish the Greek financial drama would come to an end sooner rather than later, and without the need for a Grexit, there is a new option on the table: Bail Greece out yourself. Apple’s €217 billion cash hoard could put a pretty large dent in Greece’s debt, but the tech giant is not in the market for a country, said CEO Tim Cook. “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. A crowdfunding effort has been launched on IndieGoGo, a site normally used for more creative projects, such as swimming documentaries, transport solutions, and mismatched socks. We get a tasty lunch, Greece gets economic stability.” Feeney has been overwhelmed with positive comments. “OK Greece has made mistakes, but let’s forgive them and do ‘the right thing’ by supporting them from the grassroots of society,” said Phil Butterworth.

He promises that all of the money raised will go towards the Greek people and has said he would send a plethora of gifts to people who donate to the fund. The fundraiser, which was launched in the UK on Tuesday, is off to a flying start with 712 people pledging a total of €10,602 as of 1:30pm Australian time. “It might seem like a lot but it’s only just over €3 from each European. Initially, there was a small Greek island on offer for anyone who came in with the full total, but IndieGoGo asked Mr Feeney, who works in central London, to remove the offer as the Greek government had not agreed to it. “A Greek lady emailed to say that she found that perk offensive, which I apologised profusely for, I certainly didn’t mean offence,” he explained on the page. The campaign allows members of the public to make donations of as little as €3, in return for saving Greece and a postcard of prime minister Alexis Tsipras. Australia’s largest new coal project, one hailed by Prime Minister Tony Abbott as a poverty-busting “miracle”, is unbankable in the assessment of Queensland’s Treasury, which also has question marks over the development’s transparency.

Documents released under Queensland’s freedom-of-information laws show officials at the highest level of the Queensland Treasury held grave doubts about Indian mining company Adani’s capacity to see through its Carmichael coal mine project in central Queensland even as former premier Campbell Newman was promising taxpayer funds to help establish the mine. The proposed mammoth coal mine would open up the vast Galilee Basin, producing up to 60 million tonnes of coal a year for shipment from terminals at Abbot Point but has sparked controversy partly due to its proximity to the Great Barrier Reef. “It’s one of the minor miracles of our time: that Australian coal could improve the lives of 100 million Indians, and it just goes to show what good that freer trade can do for the whole world,” Mr Abbott said on a visit to India last September. But Fairfax Media can reveal Treasury officials warned the former Newman government in Queensland the project was unviable as Adani sought hundreds of millions of dollars in public money to help construct a rail line from the mine to its coal terminals. Hundreds of pages of correspondence from senior figures in the Queensland department, including former under treasurer Mark Gray and principal commercial analyst Jason Wishart, express fears about Adani’s high level of debt and identify the mining giant as a “risk” because of its unclear corporate structure and use of offshore entities.

Mr Wishart noted that Adani could argue the “blue sky” on controlling the supply chain for development of new power stations in India but said that altered the nature of the project and its risk. A trail of emails between September and December shows a rising level of urgency in Treasury as officials tried to conduct a proper financial assessment of Adani while the Department of State Development, Infrastructure and Planning (DSDIP), led by Deputy Premier Jeff Seeney, pushed ahead with a proposal to assist the company. On November 11, Mr Wishart said the expansion would put Adani’s financial position under “increased strain” while another Treasury briefing notes “the group is highly susceptible to cost shocks”. That same day, he emailed Mr Gray and Mr Quinn to say neither DSDIP nor the Queensland Investment Corporation “has been able to provide anything substantive on Adani’s financial capacity or credit worthiness at this stage.” The revelations will also put pressure on the Abbott government, which has said Galilee Basin projects could eligible for taxpayer finance from a $5 billion northern Australia loan scheme – provided they demonstrate they would not be commercially viable without government assistance.

But it never got to the point of a deal.” In February, a Fairfax Media investigation raised questions about the ultimate ownership of Adani’s Australian interests . Vinod has been named in an Indian criminal investigation into the alleged siphoning of $1 billion from Indian shareholders in three Adani companies into offshore accounts.

A web of companies that appear to be linked to Adani’s coal developments in Australia extends from the low tax regime of Singapore to the tax haven of the Cayman Islands. Complicating matters is conflicting paperwork, with Indian documents suggesting Adani Enterprises divested its stake in Abbot Point port for $235 million in 2013 to a private Singapore entity for which Vinod is the sole director. Adani told a federal inquiry into tax avoidance this year that the transfer of the coal terminal to the Singapore vehicle had not yet been completed, but the company intended to finish the transaction. She added that the Abbott government’s north Australia fund should not be a “lifeline for the Galilee Basin mega mines because they’re clearly a huge economic risk and a massive threat to the climate and the reef.”

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