Tag Archives: Austerity

Paypal Shuts Down in Greece; Bitcoin Still Operates

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“Capital controls imposed by the Greek government mean that Greek citizens can only withdraw 60 euros (effectively 50 euros after ATMs have run out of 20 euro notes) and online payment service, PayPal, has been left crippled, as a result. PayPal relies on the traditional banking sector and credit card industry for all its transactions to flow.   Fact is, there is an old-style bank that underpins nearly every finance tech start-up that purports to threaten and disrupt the old guard.  Examples are peer-to-peer lending platforms such as Prosper and Lending Club.  Neither company holds the loans they award on their own balance sheets, but, instead, acquire the funds from WebBank, Salt Lake City, Utah.”

https://www.cryptocoinsnews.com/paypal-shuts-greece-bitcoin-still-operates/

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Bitcoin: Greece’s new euro workaround?

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“Joaquin Fenoy was wandering the streets of Athens Friday, doing his bit to ease Greece’s currency restrictions. He wasn’t handing out cash, but rather installing an ATM with a withdrawal limit of €1,000 (about $1,100). That’s €940 above the €60 daily ATM withdrawal limit the Greek government put in place to stop a bank run as its creditors decide the country’s financial fate. There is one catch, though: You need to have the virtual currency bitcoin to use it.  In Greece’s case, worried relatives in London could buy bitcoins and transfer them to the digital wallet of a family member in Athens, who could then withdraw the bitcoins as euros from Bitchain’s ATM.”

http://fortune.com/2015/07/10/greece-bitcoin-bitchain/

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Capital Controls and a Bank Holiday in Greece

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“When you hear a central banker or politician deny that something is going to happen to bank depositors, you can almost be certain that it will happen. And probably soon.  There’s a reason for the dishonesty. The government needs to take the public by surprise. Otherwise they won’t get the results they want from capital controls or a bank holiday.  Calling the experience a bank holiday is like calling a street mugging a surprise party.  Once the banks are closed – or on ‘holiday,’ as the government puts it – the politicians are free to help themselves to as much of the customer deposits (including yours) as they want. It’s like an all-you-can-steal buffet.”

http://www.internationalman.com/articles/capital-controls-and-a-bank-holiday-in-greece-heres-how-you-can-profit

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The real sign that Greece’s financial turmoil is getting worse

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“Here is a slightly surprising sign that Greece is in the classic throes of a bank run: car sales jumped by 47pc in April. It was the 20th consecutive month that car registrations of new and used vehicles has risen.  People living in a country gripped by financial turmoil often worry about the security of their money. If it’s in a bank, it can be caught up in capital controls or lost through insolvency. Better, then, to spend it. And the purchase of choice is often a car.  This makes motor vehicle sales a decent proxy for financial turmoil (under some circumstances).  Ordinary Greeks are taking their money of the financial system and spending it on ‘hard’ assets.”

http://www.telegraph.co.uk/finance/economics/11599513/The-real-sign-that-Greeces-financial-turmoil-is-getting-worse.html

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Economic exodus means two-thirds of Puerto Ricans may soon live in US

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“Unable to pay its $73bn debt, Puerto Rico has begun rationing water,closing schools and watching its healthcare system collapse and 45% of its people living in poverty. Emigration to the mainland has accelerated in recent years, activists say, and data shows that from 2003 to 2013 there was a population swing of more than 1.5 million people. As a US territory, the semi-autonomous island does not have the same authorities that allow others to file for Chapter 9 bankruptcy, as Detroit did to cope with its own disastrous finances. Today, 60% of Puerto Ricans live in the States and 40% on the island according to a 2014 Pew report, with most moving to Florida.”

http://www.theguardian.com/world/2015/jul/02/puerto-rico-economy-exodus-us-mainland

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Italy’s Beppe Grillo Pushes For Euro Referendum

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“Italy, which is just emerging from its longest recession since World War II, has a large component of anti-establishment and anti-euro parties and movements. Italian parties supporting the ‘no’ vote in Greece would beat the ‘yes’ front by 11 percentage points, according to Bloomberg calculations based on party leader indications and June 29 election polls by Istituto Piepoli SpA. In addition to Grillo’s party, which is the second biggest in Italy after Premier Matteo Renzi’s Democratic Party, the anti-immigration Northern League Party led by Matteo Salvini also supports a ‘no’ vote in Greece.”

http://www.bloomberg.com/news/articles/2015-07-03/italy-s-grillo-flies-greek-flag-to-push-for-referendum-at-home

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Greeks awake to shuttered banks on day after voters reject austerity

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“Greeks awoke Monday to the stark reality of the country’s accelerating crisis — shuttered banks and ATMs with little cash — hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.  The results — 61% voted ‘no,’ compared with 39% for ‘yes’ — left the bankrupt country’s future in the European Union and its euro currency uncertain. Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.”

http://www.foxnews.com/world/2015/07/06/greece-enters-uncharted-territory-after-referendum-no-vote/

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Greece defaults on $1.7 billion IMF payment

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“Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stable.  Greece will now be cut off from access to IMF resources until the payment is made.  The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout.  Greece asked for a two-year bailout from Europe, its third in six years.  Greek banks remained shut Tuesday and limits on cash withdrawals were in place as the country tried to stave off financial collapse before the vote. Daily withdrawals are limited to 60 euros, or about $67.”

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default

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Greece Closes Banks and Stock Markets, Introduces Capital Controls

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“The banks in Greece and the Athens Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country’s creditors. In the meantime, cash withdrawals at ATMs will be limited to 60 euros ($66) and transfers abroad will be forbidden. Greece is the second Eurozone country, after Cyprus in 2013, to impose capital controls.  The move is evidently aimed at preventing panicked Greek investors and savers from taking their money out of the nation’s banks and moving it elsewhere. In the days before the predictable stall of the negotiations with Europe, many Greeks rushed to withdraw their money.”

https://bitcoinmagazine.com/21038/greece-closes-banks-stock-markets-introduces-capital-controls/

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‘High likelihood’ of Greek capital controls, bank deposit freeze: Moody’s

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“Moody’s Investor Service downgraded its outlook for the Greek banking system to negative from stable, which it said reflected: ‘the significant deterioration in banks’ funding and liquidity since December 2014, with deposit outflows estimated at more than 30 billion euros ($33.3 billion), or 18 percent of total deposits, over the past five months.’  These pressures are unlikely to ease over the next 12-18 months, Moody’s said, ‘and there is a high likelihood that capital controls and a deposit freeze will be imposed.’  The credit ratings agency said the negative outlook also took into account the downward revision of Moody’s 2015-16 GDP (gross domestic product) forecasts for the country.”

http://www.cnbc.com/id/102693901

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