Greece May Soon Exit The Eurozone - A Role for Bitcoin?
European shares and periphery Eurozone bonds tumbled on Monday after the Greek parliament rejected the government's presidential candidate, setting the stage for an election that anti-austerity party Syriza could win, Reuters reports. The markets reflected uncertainty about Greece's future in the Eurozone under a possible Syriza government. Greece's Prime Minister Antonis Samaras failed to get enough support for his nominee, Stavros Dimas, and will now call a national election for Jan. 25. The ruling coalition led by New Democracy is lagging in the polls behind Syriza, whose rise reflects....
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Greece faces a €1.5 billion payment to the IMF expires on June 30, and to make matters worse The Eurozone portion of Greece's €245-billion bailout expires on the same day. This huge debt and interest is totally unsustainable for Greece to maintain and Greece has no more to give. This could mean Greece exclusion from the Eurozone. Would it be a good idea for Greece to renounce the euro and adopt bitcoin? This would mean giving up their sovereign monetary policy. However, the finance minister of Greece, Yanis Varoufakis, believes that because Bitcoin is deflationary, it would be bad for....
The Greek crisis and the prospect of Grexit - the exit of Greece from the Eurozone and perhaps even from the European Union - continue to make headlines. The government of Alexis Tsipras and his euro-skeptic, anti-establishment party Syriza, is trying to negotiate solutions for the struggling economy of Greece that would keep the country in the E. U. and the Eurozone, but the worst-case solution - Grexit - continues to be seen as a perhaps inevitable alternative option. Greece's Finance Minister Yanis Varoufakis wrote a blog post in February proposing a similar IOU-based currency, which he....
Hours after Greece had officially defaulted on its bailout loan from the International Monetary Fund. Eurozone ministers were already discussing terms of a new bailout loan to keep the country afloat. Officials today will decide whether or not an emergency loan to Greece from the European Central Bank. The meeting where ECB ministers will decide as much is only the first of two meetings that are to happen this afternoon, the other being in regards to Greece's request for a new bailout amounting in nearly 30 billion Euros and lasting two years. Many expect a tidy end to a short-lived crisis....
Greece has been experiencing rough times since 2008. The economy has shrunk by about one quarter. Unemployment stands at about 25 percent, hundreds of thousands of businesses have closed and many of the nation's people are living in poverty. In the midst of all this, it appears that the country is having difficulty electing a new presidential leader. Eurozone bonds and European shares experienced a heavy slump today following the Greek Parliament's rejection of the government's presidential candidate, thus paving the way for a possible Syriza party win. This could mean a number of things;....
Greece has closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors, The Financial Times reports. The decision comes at the end of a weekend that brought Greece closer to "Grexit" - the potential exit from the Eurozone and perhaps the European Union (EU) itself - and confronted Europe with a serious crisis. The banks in Greece and the Athene Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country's creditors. In the meantime,....