Greeks Vote

Greeks Vote "No" Referendum: Return to Drachma or Parallel Currency?

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....


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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 voted yes, have said no to the bailout deal proposed by the country's creditors. Opinion polls before the referendum showed the difference between the Yes and No camps as too close to call, and therefore the strong majority won by Tsipras....

Greek Currency Crisis to Fuel Funds to Bitcoin?

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....

Greek PM Tsipras Considering a Digital Currency Solution?

With the Greek debt crisis still far from over, Prime Minister Alex Tsipras is now considering alternatives to shifting back to a potentially worthless drachma. Bitcoin has been on the rise, thanks to capital controls imposed in the country, leading the Greek leader to consider digital currency solutions. The Greek referendum has resulted in an overwhelming vote against additional austerity, which means that the country could forego the much-needed bailout and be forced out of the euro zone. However, it might be thrown deeper into depression and skyrocketing unemployment in that case.....

Greece Down to Its Last €500 Million with No Ability to Print Drachmas

As Greece approaches the referendum on Sunday July 5, there is complete uncertainty as to whether “yes” or “no’ will be voted for and what the ramifications of such a vote will mean. Meanwhile, PayPal, Western Union and Paysafe have all shut down as a result of capital controls. Greece has already become the first developed country to default on an IMF loan to the tune of €1.5 billion. In recent days, there has been back and forth between the EU and Tsipiras, and many heated discussions leaving many to guess the next steps. There is even a splintering within Syriza to top it all off. The....

The Italian Constitutional Referendum May Drive Bitcoin Demand

Tomorrow's Italian Constitutional Referendum may turn out to be a good thing for Bitcoin, irrespective of the outcome. The economic condition of European Union nations hasn’t been that great so far. Be it the Greek financial meltdown, Spain’s tryst with the economic crisis or the latest Italian banking crisis. As Eurozone jumps from one crisis to another, the latest one lurking around the corner is the Italian Constitutional Referendum. The referendum to make constitutional reforms is a significant development in the European Union after Brexit. The Italian Constitutional Referendum, set....