Bitcoin Drops 10%+ Instantly as Greece Strikes Deal
Bitcoin promptly lost over 10% of its value in minutes Monday morning as news of a Greek bailout deal surfaced. The latest financial aid package, agreed after over 17 hours of talks between Athens and its creditors, will see Greece adhere to strict financial reforms. In a post-talks conference, Eurogroup President Jeroen Dijsselbloem praised what he called Greece’s “constructive position,” while German president Angela Merkel said she thought that “trust could be regained” between Greece’s partners. Trust, however, which will be backed up by Greece’s surrendering 50 billion euros of public....
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Amidst the growing debt crisis of Greece, Eurozone finance ministers have rejected a request made by Greece in order to extend the bailout program beyond June 30th. A statement by the Eurogroup said that Greece ceased negotiations over a new deal “unilaterally.” Greece is to pay €1.6bn to the IMF on Tuesday, without additional funding, there are fears that Greece may leave the Euro and face economic collapse. Greek Finance Minister Yanis Varoufakis stated that Greece is still trying to secure a bailout deal that could be put to a referendum, stating: “In these crucial moments, the Greek....
Greece has become the first developed country to fall into arrears with the IMF as it missed its 1.6 billion euro payment due Tuesday night. At the same time, several bitcoin companies have been reporting of a massive spike in bitcoin buying and overall interest from all over the Euro zone. A last minute deal failed to be reached and now it looks like talks will be at a standstill until Greece has a referendum on July 5 in which the people will vote yes or no to the terms offered by the EU. By defaulting on the payment, Greece has been added to a distinct list that includes countries such....
European leaders announced Monday morning that they had reached a deal meant to resolve Greece's debt crisis, The New York Times reports. The new bailout for Greece would involve both "serious reforms" and "financial support," said Donald Tusk, president of the European Council. Last week Greek voters issued a surprisingly loud and clear statement of support to Greek Prime Minister Alexis Tsipras, and defiance to European authorities and the International Monetary Fund. In the referendum celebrated on July 5, the Greeks said no to the bailout deal proposed by the country's creditors. The....
This morning's Global Economic Outlook report focused on the emergency Euro Summit that was to hammer out a deal to avert Greece defaulting on her debts. Crisis has been averted and additional time for drafting a deal was brokered between Greece and her creditors, reports Reuters. Eurozone finance ministers accepted a cash-for-reform deal from Greece today but insist on a detailed study, that will take days, to determine whether or not the reforms can lead to an agreement and avert default. Pay Up, Get Down. The ministers will reconvene later this week, to give Greece time to negotiate....
Analysts report that the aid package being offered to Greece is not functionally big enough to cover gaps in the future and that the country may be in trouble after accepting the deal. The austerity measures the package pushes, as well as other provisions within the deal, could cause civil unrest. This became obvious today as protesters took to the streets to express opposition to the aid package presently on the table for Greece. Among other things, the package requires tax hikes and cuts to pension packages, neither of which are popular even in the ruling party. Also read: How Bitcoin....