"Greece Debt Free" is a new charity launched by Greek shipping heir Peter Nomikos, which aims to purchase Greek government debt through donations and then forgive it.
The new charity "Greece Debt Free" (GDF) is a patriotic venture with a simple concept which it introduces by stating "Understanding that Greek national debt is being bought and sold by financial speculators at prices lower that what we owe is important."
GDF "accepts donations for the purpose of buying Greek government bonds in international markets at prices much lower than the amount owed by the Greek government. GDF will then help reduce the debt through the cancellation of these bonds."
The charity also hopes to persuade companies to donate 50% of their profits from certain products to go to the cause. Consumers can opt to purchase products which they know will support the reduction of Greek debt. Volkan Beer, produced in the Greek island of Santorini, is the first GDF certified product.
Volkan also happens to be produced by Peter Nomikos, the Greek shipping heir who came up with the idea of GDF. Nomikos told the Wall Street Journal "I want to help my country. Crisis is the strongest national call to action, and therefore is the most powerful, unifying mechanism for change."
Already Evangelos Marinakis, owner of Olympiacos Football Club, has donated €168,590 on behalf of his team and this has been used to buy bonds that cancelled out almost €1.4 million of debt. Marinakis explained he wanted to "set an example, and hope other Greeks reach into their pockets and collectively solve the problem."
Nomikos hopes that members of the world wide Greek diaspora and wealthy Greeks will contribute to the charity, but anyone can opt to buy the products which get on board. For now beer lovers can contribute by buying Volkan.