Opinion

Could fintech rescue the Greek people from Europe's "bully boys"?

4 min read

06 July 2015

Barry James, founder of The Crowdfunding Centre and Venture Funding Hubs, argues that Greece has been bullied by creditors in Europe and suggests crowdfunding and financial technology could be the answer to a sustainable future.

With European leaders holding the population of one of its most ancient civilizations to ransom via its banks and ATMs – not to mention effectively sacking its democratically elected finance minister – could fintech provide a better alternative to the euro, the new eDrachma, a world currency? Plus a Grexit from the bullies putting the squeeze on an entire people?

There is a line that’s crossed when creditors aggression loses them the moral high ground. I wouldn’t like to say when that was but look in the rear view mirror. A country that wants to get back to works, pay its way and discuss how it can repay its debts, is being held to ransom by EU politicians and bankers – from elsewhere.

Its money (ie monetary system) and banks are under siege. Money – or is it just winning? – is being placed above humanity – not to mention reason and the means to repay.

They can do this because there is no alternative. But there’s always an alternative. What would it take for Greece to join the open world economy rather than the closed EU one? Could the new Drachma be a form of Bitcoin?

Germany and the EU seem to have forgotten that WWII was precipitated by the Allies unreasonable and un-meetable demands for WWI war reparations, threatening to humiliate a proud and independent people. The parallels are clear.

Read more about the Greek situation:

What is at stake here though may be more than the euro – more so “fiat” currencies, based on the state, created and administered by banks, as we’ve known them. A currency war that the euro leaders could not win.

Cornered by the EU’s bully boys (and, notably, girl) who could blame Greece for casting about for an alternative, such as Bitcoin. What would it take for Bitcoin – or more likely something like it, such as another open, global currency based on the now proven Blockchain technology – to become the means of exchange in a new, parallel Greek economy allowing Greece to not just re-join the world but lead it into a new era? The answer is, not very much. Think endemic, cheap, smartphones with eWallets embedded. In the process it would create a new kind of freedom from the hegemony of banks and eurocrats.

Greece gave us democracy. England gave the world Magna Carta and the US created the “land of the free”. Europe gave us the Napoleonic code, two world wars, the euro and “an ever closer union”.

In a few days, more than 100,000 people have expressed their sympathy and support for the Greek people via their own wallets and the most popular crowdfund ever, on Indiegogo

Crowdfunding is all about the democratisation of finance. Expect to see more crowdfunds coming to the aid or the Greek people – and more financial democracy.