The Greeks Vote NO, Setting Stage for Possible Parallel Currency and Eurozone Exit
Greek voters have issued a surprisingly loud and clear statement of support to Greek Prime Minister Alexis Tsipras, and defiance to European authorities and the International Monetary Fund. In the referendum celebrated Sunday, an overwhelming majority of more than 61 percent of Greeks, with an impressive 22 percent lead over the 39 percent of Greeks who....
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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....
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....
Bitcoin will not see a surge in Greece following this week's debt payment decision, BitMEX's founder has said. The comment comes as the Greek government is due to make four payments to the International Monetary Fund (IMF) worth $1.8bn this month, with $3.3m due this Friday. There are concerns that the country does not have the funds to pay and could potentially default on the debt, leading to its exit from the eurozone. Speaking to CoinDesk, Arthur Hayes, co-founder of bitcoin derivatives exchange BitMEX, said: "Greeks are rushing to send their euros outside the country to more stable....
Bitcoin experts have long understood that political uncertainty is great for the growth of the cryptocurrency, at least in the near future. This is why the Italian referendum and the victory of “no,” has created speculation that the resignation of Italian Prime Minister Matteo Renzi would increase the price of Bitcoin to $800. Italexit. Bitcoin may grow in the near future, as several investors believe that the vote of “no” is a signal of instability within the Italian financial sector, which could lead to a decision for Italy to leave the Eurozone (Italexit). This “bad” news for Europe may....
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....