Could Bitcoin Become Greece's Official Currency?
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....
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Would switching from the euro to bitcoin be a bad move for Greece? Techcrunch recently posed this question, and while the writer makes some valid arguments, it's quite possible that the entire situation is not being looked at. For one thing, the publication makes it plain and clear that the euro is, at this time, Greece's currency of choice, and that the main problem with it is that Greece cannot print more euros in order to thwart deflation. Only the European Central Bank has the power to do that. The article then suggests that Greece should persuade the bank to print more euros for its....
Greece, one of the world’s regions that was known for ratio, philosophy and mathematics in the ancient world is under siege. These days, Greece and the lending/repayment actions are daily in the news. A lot of people are getting worked up about the EU, the European central bank, Germany, Belgium, lending policies etc. and “the poor Greek people”. To understand the EU viewpoints on Greece, just or not, and Greece itself we will have to go back in time. In the second part, we will discuss the benefit of blockchain like technologies and Bitcoin. To understand the current crisis in Greece, we....
The results of Sunday's elections in Greece brought the left wing party Syriza a breath away from an absolute majority. The party was 2 seats away from getting the 151 required in order to form a government of its own. The government was formed in cooperation with the party Independent Greeks that won 13 seats in the parliament. Besides all that, what does a left wing government really mean for bitcoin in Greece? What things are like in Greece. It's quite well known that Greece is in an economic crisis. Not many things have changed from the time Greece became insolvent back in 2010. The....
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....
Online Bitcoin transactions have surged since the Greek government imposed capital controls and withdrawal limits. In the midst of the Euro crisis, people across the world are finding Bitcoin to be a safe and attractive bet in comparison to fiat currency. Gone are the glory days of Greece - the land of Iliad and Odyssey. Once a great empire from 500 BC to 200 BC, the present day Greece lies in tatters due to deteriorating economy and rising debt. The country which went broke due to the economic crisis is now unable to repay the debt it owes to the International Monetary Fund, European....