Greece Offered Alternative Bailout: Australian Offers to Buy Greece's Debt

Greece may have an alternative route for bailing out its troubled economy, after Jacques Phillips, an Australian local, offered to buy the Eurozone country's debt through his crowdfunding campaign, 'One Dollar Dare'.

In an apparently serious business proposal, Phillips told PR Newswire that funding would come from communities who could spare $20 to $50 each, in order to see a project be completed.

"This all started because some friends asked me to go to Europe with them and I didn't have any cash," says Phillips. "I heard about websites like Kickstarter, Indiegogo and Pozible and thought that crowdfunding might be able to help."

Crowdfunding is a new way of fundraising, where projects that would normally be turned down by banks or investors can find support from communities who can spare smaller amounts.

"The best thing about crowdfunding is that when a supporter pledges - that's all it is, a pledge," says Phillips. "If I don't make the target, the supporters keep their money.But if anyone has something that they couldn't dare their friends to, then I'm the guy to get it done."

While crowdfunding has raised millions of dollars globally, it is still a significant shortfall from €130bn Greece needs in its second round of emergency funds.

"Well it's just in the spirit of a good time, and that's why I added in the bit about Greece," says Phillips. "If everyone pitches in their dollar and this manages to raise $700 billion that would be one hilarious adventure."