Greek Investors Apparently Surprised By Stuff No One Should Be Surprised About


The latest news from Greece is a bit peculiar:

Prime Minister Alexis Tsipras told his new cabinet on Wednesday that he would move swiftly to negotiate debt relief, but would not engage in a confrontation with creditors that would jeopardize a more just solution for the country….Later, the new finance minister, Yanis Varoufakis, appeared to harden the tone, saying that Greece’s bailout deals were “a toxic mistake” and that the new government was determined to change the logic of how the crisis had been tackled.

While many Greeks were hopeful that Mr. Tsipras would follow through with even a fraction of his populist promises, investors were more rattled. The Athens Stock Exchange, which already had billions of euros in value wiped out during Greece’s election campaign, fell around 7.5 percent in midday trading on Wednesday after slumping around 11 percent on Tuesday. Shares in financial companies in Greece plummeted more than 17 percent on Wednesday.

I wonder what has the stock market so spooked? After all, Tsipras is just doing what he’s said he was going to do all along. Everyone expected him to take at least this hard a line on Greek debt, if not harder. So why the sudden panic? Shouldn’t this have been priced in long ago? What’s new here?

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WE CAME UP SHORT.

We just wrapped up a shorter-than-normal, urgent-as-ever fundraising drive and we came up about $45,000 short of our $300,000 goal.

That means we're going to have upwards of $350,000, maybe more, to raise in online donations between now and June 30, when our fiscal year ends and we have to get to break-even. And even though there's zero cushion to miss the mark, we won't be all that in your face about our fundraising again until June.

So we urgently need this specific ask, what you're reading right now, to start bringing in more donations than it ever has. The reality, for these next few months and next few years, is that we have to start finding ways to grow our online supporter base in a big way—and we're optimistic we can keep making real headway by being real with you about this.

Because the bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

And we hope you might consider pitching in before moving on to whatever it is you're about to do next. We really need to see if we'll be able to raise more with this real estate on a daily basis than we have been, so we're hoping to see a promising start.

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