Will it be Euro, Drachma or Bitcoin for Greece?
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....
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It has been months since the Greek government and its creditors have tried to hammer out a plan to avoid default and a potential exit from the euro zone. Over the weekend, talks between the negotiation teams broke down once more, putting Greece closer to leaving the shared euro currency and possibly reverting to the drachma. Capital controls have already been imposed in Greece in order to prevent a bank run, and these include having withdrawal limits on ATMs. The Greeks are starting to fear that their own currency might not be worth anything, leading several to move their money to bitcoin....
Greece has never been accused of being an economic savant over the last generation. Using the Drachma for the 3rd time from 1951 to 2001, it's value declined to the point where Greece joined the E. U.'s new multi-national Euro system in 2002. Greece followed up with three distinct recessions in each year from 2007 through 2009. This required a massive bail-out in 2010, and "austerity measures" ever since for the citizens to live up to, while the bankers who caused the issues continue to mismanage the economy unabated, asking for more loans as we speak. These consistent economic issues have....
When Greece missed its deadline to the IMF last week and talks of an imminent euro zone exit dominated the newswires, several Greeks already started moving their funds to bitcoin. Capital controls imposed in the country made it difficult for the Greeks to secure loans or make investments, leading to the rise of sites lending bitcoin and buying Greek products. After the Greek referendum resulted in a resounding majority voting against austerity and the current bailout proposal, market watchers are starting to talk about the potential implications of a return to the drachma. This could mean....
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;....
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....