The Wall Street Journal Europe reports that Greece is turning to its diasporic community to buy up its debt, issuing bonds. The piece quotes Greek Americans, from the unemployed to cafe owners in Astoria, all saying they'll pony up money largely for the sake of ancestral pride.
Greece wants to sell 3 billion Euros in bonds to its diasporic community. The Greek American population is estimated to be around 2.5 million people. Canada and Australia are also said to have large populations.
Both Israel and India have used bonds to target expatriates before and have an elaborate system of ensuring that those that left don't forget those who were left behind. There's Birthright Israel for young Jewish Americans, and a recently instated "Overseas Citizen of India" targeted toward older Indian Americans who travel frequently back and forth from the motherland to the U.S. In Mexico, remittances from the United States make up the second largest source of foreign money in the country, after oil sales.
It might have taken Greece a while to jump on the bandwagon, but if they play their cards right this might be a strong source of economic aid.
