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Greece Receives Short-
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-
The ministers offered to help the cash-
Greece’s repayments, nevertheless, will be restructured to take place over a longer period of time and an interest rate increase due to take place in 2017 will be waived.
“The Eurogroup decision for the immediate implementation of short-
Greece is struggling despite its bailout program to stop the country from going bankrupt.
Successive Greek governments have imposed austerity by decreasing spending and increasing taxes. Greek debt remains more than 175 percent of annual GDP as its economy has shrunk by a quarter. Decades of economic growth is needed just to get the debt down to 100 percent of GDP.
Greece, in other words, will need increasing amounts of help from creditors. Long-
Greece’s economic reforms and budget cuts will continue. For six years, Greece has depended on bailout loans to the tune of 300 billion euros from eurozone partners and the International Monetary Fund to avoid bankruptcy.
The IMF has not yet committed to this third bailout for Greece and suggested that forecasts used in the bailout plan are too optimistic. We’d have to agree. Greece is pulling Europe under, and as antagonisms in other regions – such as Brexit – weigh on the Union, it’s almost a matter of time before the fabric rips altogether.
To boot, Germany has dragged its feet, as well, giving an ultimatum to Greece: reform or get out of the Eurozone.
Greece, coupled with the Italy referendum, has created turbulent times in Europe.
A Deutsche Bank executive called Italy’s decision a “harbinger” of doom. “The result of the constitutional referendum in Italy is a harbinger of renewed turbulence that could spill over from the political arena to the economy – with Europe particular endangered,” he said. The chaos in Europe sent euro to a two year low.
As both Bank of England chief John Carney and former Prime Minister Tony Blair warned, a collapse of Europe’s financial and political orders could be imminent.
When headlines out of Europe portend such crisis, we like to take a look these days
at bitcoins, whose speculator-
Experts and media suggest the Greek Debt Crisis, which closed Greek banks in the summer of 2015, increased an awareness of Bitcoin in the country. In June 2015, CNN published an article entitled, “Greeks are rushing to Bitcoin.” During a time in which banks were closed in the island country, the news source claimed Greeks were buying the cryptocurrency.
“Ten times as many Greeks are registering to trade bitcoins on the German marketplace
Bitcoin.de than usual, according to CEO Oliver Flaskaemper,” CNN wrote. “Bitcoin
trades from Greece have shot up 79% from their ten-
Greeks are turning to bitcoin as a store of value. Bloomberg echoed a similar sentiment,
stating “Greece’s cash crisis is bitcoin’s boost.” This chart from the time of the
debt crisis, provided by CoinDesk, outlines the crypto-
Bitcoin traded above $255 on June 29, 2015. On June 7, it was priced approximately
$223. On greek bank closures, the cryptocurrency reached its three month high, and
approached $300 until banks re-
From there, Bitcoin essentially continues on its current bull run, taking out $400 and then seeing little resistance en route to its current levels of $770.
Unless news gets better out of Europe, there will be more such charts on the horizon.