Greek Aid Package Not Big Enough
Analysts report that the aid package being offered to Greece is not functionally big enough to cover gaps in the future and that the country may be in trouble after accepting the deal. The austerity measures the package pushes, as well as other provisions within the deal, could cause civil unrest. This became obvious today as protesters took to the streets to express opposition to the aid package presently on the table for Greece. Among other things, the package requires tax hikes and cuts to pension packages, neither of which are popular even in the ruling party. Also read: How Bitcoin....
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Bitcoin has enjoyed a pivotal moment, thanks to the ongoing Greek debt crisis, which resulted in capital controls and an influx of funds towards the cryptocurrency. Indeed bitcoin prices have eventually landed back above the $300 mark, following a long period of consolidation around $220 earlier in the year. The prospect of shifting back to a potentially worthless drachma has led several Greeks to move their money to bitcoin, as some websites have offered bitcoin loans and investments while others offered to purchase Greek products using the cryptocurrency. This could allow Greek citizens....
According to a Bloomberg report, the troika of International Monetary Fund, European Commission and the European Central Bank has rejected Alexis Tsipras' set of bailout proposals intended to keep the Mediterranean nation in the Eurozone. Greece's creditors passed on the revised set of proposals to the Greek government even as the Prime Minister expressed his shock at his own proposals being turned down. According to Agence France-Presse, Greece has rejected the counter-proposal. Greece is due to pay IMF $1.7 billion before its bailout package expires on June 30. Bitcoin Remains....
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....
A new stimulus package costing about $2.4 trillion is being prepared in the U.S. that includes a second round of stimulus checks for Americans. Since the first coronavirus stimulus package was signed into law, talks of further relief aid have stalled. This new proposal aims to restart the stimulus package discussion. Nancy Pelosi Plans to Introduce a $2.4 Trillion Stimulus Package House Democrats are reportedly putting together a new coronavirus stimulus plan that would cost about $2.4 trillion, which is roughly $1 trillion less than their previous proposal. CNBC described on Saturday: The....
Bitcoin promptly lost over 10% of its value in minutes Monday morning as news of a Greek bailout deal surfaced. The latest financial aid package, agreed after over 17 hours of talks between Athens and its creditors, will see Greece adhere to strict financial reforms. In a post-talks conference, Eurogroup President Jeroen Dijsselbloem praised what he called Greece’s “constructive position,” while German president Angela Merkel said she thought that “trust could be regained” between Greece’s partners. Trust, however, which will be backed up by Greece’s surrendering 50 billion euros of public....