Solving Greece's Debt Troubles with Bitcoin Technology
In addition to the numerous applications of bitcoin technology on payments and storing identity, a new proposition has been raised by CNBC contributor Brian Kelly in applying this to solve Greece's debt problems. Recall that the debt-ridden has been scrambling to meet its loan obligations, with the new anti-austerity government still at odds with the country's creditors. Talks of a debt default have been swirling for months, as Greece's inability to pay its loans could wind up resulting to an exit from the euro zone. The Syriza-led government has refused to add to the ongoing austerity....
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CNBC contributor Brian Kelly, the author of "The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World," proposes a quick and simple bitcoin-like solution for Greece's troubled economy. Since the January elections that brought the "anti-establishment" Syriza party to power, Prime Minister Alexis Tsipras has been trying to renegotiate the Greek debt with the European Union (EU), but the country remains strangled by foreign debt. Rumors of a possible "Grexit," the exit of Greece from the EU, keep surfacing.Writing on CNBC, Kelly notes that Greece could stay in the....
Financial instability in Greece may eventually drive more people towards alternative financial solution. According to the IMF, Greece has a maximum of three weeks to deal with its looming debt. For the time being, the government suffers from a deadlock in their talks with creditors.Either Greece agrees to additional austerity, or introduces fresh elections. Neither solution is worth considering for the government right now, although a solution has to be found. The IMF predicts Greece’s debt load will become “explosive’ in the next 15 years. Everyone who has kept an eye on the financial....
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 unfolding drama inside the Greece's debt-struck economy has been captivating and heartbreaking at the same time. It has given us - the common people - a preview of a once-wealthy country, falling prey to the 2008's Wall Street implode, and further reaching to the verge of being called a bankrupt. But considering Greece as the sole sufferer of some economic meltdown is a mistake. The country's plight can now be compared with more than 20 other nations that have reported to be going through a similar debt trap. A recent analysis by the Jubilee Debt Campaign has further brought forth the....
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....