Greece Referendum: Expected Outcomes For Bitcoin and The Euro
With the day of Greckoning looming, xbt.social takes a look at what is at stake in the Greek referendum, its expected outcomes, and the implications for the Euro and for Bitcoin. Greek Debt Crisis Timeline. The Greek Debt Crisis began in December 2009 when several rating agencies including Fitch, Moody's and Standard & Poor downgraded Greece for fear of government defaulting on ballooning debt. Government responded by introducing austerity packages to curb spending on public services. In April 2010 Greece formally requested an international bailout under Prime Minister George Papandreou,....
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More than 60 percent of voting Greeks have soundly rejected conditions for a further bailout from European creditors, pushing the country closer to financial chaos. By rejecting the conditions set forth by European Central Banking authorities, the country's own central banks could run out of funds in a matter of days, forcing the government to issue a new currency within Greece to continue day to day activities. The problems that a renewed sovereign currency could create in the economy are untold, but so far Greek officials have made clear that this is not within the plans. However, if....
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....
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....
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 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....