Greece Receives Short-Term Debt Relief and Bitcoin Breaks through $770
If you’re following the headlines, then it’s not tricky to see that even European leaders think Europe is on the brink of collapse! Greece will receive the short-term debt relief from the Eurozone creditors it desperately need to stay afloat after a meeting of 19 European finance ministers in Brussels on Monday. But, how far will the relief stretch? The ministers offered to help the cash-poor Greek government, though not each European nation, nor the IMF, was on board. Greece’s repayments, nevertheless, will be restructured to take place over a longer period of time and an interest rate....
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In addition to the numerous applications of bitcoin technology on payments and storing identity, a new proposition has been raised by CNBC contributor Brian Kelly in applying this to solve Greece's debt problems. Recall that the debt-ridden has been scrambling to meet its loan obligations, with the new anti-austerity government still at odds with the country's creditors. Talks of a debt default have been swirling for months, as Greece's inability to pay its loans could wind up resulting to an exit from the euro zone. The Syriza-led government has refused to add to the ongoing austerity....
The economic crisis in Greece has placed Bitcoin under the international media's spotlight again. The fact that the price of the digital currency is rallying over the past few weeks can alone justify its current market demand. Greeks, which are saddled with indefinite bank closures and cash withdrawal limits, are speculated to be buying Bitcoin at large. And to woo them further, many companies have announced to waive their trading fees for these special class of citizens. The world is eyeing on Greece, and the Greeks are eyeing on Bitcoin. It is an image media has created for a....
Financial instability in Greece may eventually drive more people towards alternative financial solution. According to the IMF, Greece has a maximum of three weeks to deal with its looming debt. For the time being, the government suffers from a deadlock in their talks with creditors.Either Greece agrees to additional austerity, or introduces fresh elections. Neither solution is worth considering for the government right now, although a solution has to be found. The IMF predicts Greece’s debt load will become “explosive’ in the next 15 years. Everyone who has kept an eye on the financial....
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....
The unfolding drama inside the Greece's debt-struck economy has been captivating and heartbreaking at the same time. It has given us - the common people - a preview of a once-wealthy country, falling prey to the 2008's Wall Street implode, and further reaching to the verge of being called a bankrupt. But considering Greece as the sole sufferer of some economic meltdown is a mistake. The country's plight can now be compared with more than 20 other nations that have reported to be going through a similar debt trap. A recent analysis by the Jubilee Debt Campaign has further brought forth the....