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Will Greek Finance Minister Varoufakis Support Cryptocurrency In Greece?
giulioprisco writes New Greek Finance Minister Yanis Varoufakis, former Economist-in-Residence at game developer Valve Corporation, sees something like Bitcoin — or, more likely, a state-controlled "Fedcoin" — possibly playing a role in the (necessarily creative) rescue of the Greek economy. "The technology of Bitcoin, if suitably adapted, can be employed profitably in the Eurozone," he said.
Will Greek Finance Minister Varoufakis Support Cryptocurrency In Greece?
No
As obvious as the question is stupid.....
Most of Europe does, actually, seeing as he is negotiating with the rest of the Eurozone to make a deal that will save Greece's car crash of an economy. If Greece implodes, it could take the entire Eurozone with it by causing domino defaults, because Greece owes a lot of money to other nations that are already in dire fiscal straights
an ignorant American might not care, but President Obama has already weighed in to support Varoufakis in seeking debt relief, as he does not want a major trading partner to collapse
The European economy is contrary to 5 or 6 years ago presently plenty strong enough to absorb the exit of Greece from the Euro.
But for the EU it is a matter practicality and also of honour to keep the lot together, it is the difference between a continuing struggle and complete failure for the Greek economy and people.
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If Greece implodes, it could take the entire Eurozone with it by causing domino defaults, because Greece owes a lot of money to other nations that are already in dire fiscal straights
Two years ago maybe, when the whole euro-zone was in a depression and there weren't plans in place but now they've prepared and the Greek economy is only about 2% of the total. Germany has been very ready to play hardball and let Greece fall on their sword if they don't stick to the rescue plan. You have to remember that once you've made sure the other dominos won't fall many want to make Greece an example of what happens when you spend irresponsibly. So does their new PM really want to go "all in" and find out if they'll really get kicked out of the-euro zone? That's some real high stakes poker there if he gets called they tell him to get out.
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Iceland did the right thinag. The Government shouldn't be forced to pay the debts of failed private companies. Even if they are banks. The PIIGS are all suffering because they followed the EU command to assume private banking debts. Notice how even in Greece, which had the most government debt, supposedly they had to cave in early because other 'the ATMs wouldn't have money to dispense next week' because of a banking run. Bah.
In other words cryptocurrencies are a Ponzi scheme. Plus Bitcoin is deflactionary like the man himself said.
More like the capitalists don't dare let them succeed. It would show the world that there was another way, and demands to go that way would escalate in other states.
I will assume that you are not a troll. The fault lies within the Greeks themselves. You cannot forever consume more than you produce. No matter who you are. Capitalist or socialist. Greece has borrowed to support their lifestyle since WWII, if not before. They are constantly running an operating deficit. Nobody wants to lend Greece money because Greece does not want to change their ways. They want to consume more than they produce. The Greeks would't lend themselves the money!
Austerity is not the problem, it's a solution. Did you Notice that Greece has not proposed one solution in which they pay back the debt? They only demand they are bringing to the table is that they can't be asked to reduce their spending. It's humiliating.
Now some will come forward and say that a recession is not the time to reduce spending. This is right when you are not always running a deficit and when the burden of your debt is manageable. Greece was forgiven 100 billion euros already. If the Greeks don't want the austerity measures let them propose a solution to the repayment of all the loans including the 100 billion which was forgiven on the condition of austerity.
I am more of a socialist than a capitalist. I honestly believe that the state needs to help even the field in order to produce more than is consumed which translates to building wealth. Yeah I agree with you the boogieman did it. It's just that the boogieman in this case it's the Greeks who think that they are entitled to live beyond their means.
DRM? No thanks, I'll just get it somewhere else...
The fact that the Troika hasn't been willing to give one iota on the Greece issue should be enough of a reflection on how little consequence they think an exit of Greece from the eurozone would be. Germany in particular doesn't want to give any ground (I imagine all of the nazi-name calling has played no small part), but they're hardly alone, many countries are taking a very hardline stance on Greece. Most parties feel that the consequence of giving way to Greece could be significant, but the consequences of their exit - while not completely painless - would not be that dramatic.
On the other hand, in Greece, there's only one route for exit, and that's capital controls (or a rapid conversion over the weekend) where everyone's assets are converted to some kind of new-drachma, which instantly devalues to half its value or less. Which is why everyone is taking their euros out of the banks, they're not stupid (unfortunately, thieves aren't stupid either, breakins have become an epidemic as they look for people hoarding money at home).
I can't see a cryptocurrency helping in any way... if anything I'd guess it'd only serve to unnerve markets even more and lose even more value as a consequence. I could picture it maybe as a simultaneous and rate-locked currency to a physical New Drachma, maybe. But it sounds IMHO like an incredibly risky move even then. I mean, one presumes for example that there's a government-controlled master key to "print" more cryptocoins? Then that means that your entire economy can be crushed overnight by someone hacking, physically stealing, misusing, cracking, or whatnot your master key. Isn't that an unnecessarily big risk to take? And on an individual level it seems full of problems as well...
Don't get me wrong, I don't think cryptocurrencies are inherently an evil or shouldn't exist. But I would have serious second thoughts about such a massive nationwide rollout on a country that's already in chaos.
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Austerity is not the problem, it's a solution. Did you Notice that Greece has not proposed one solution in which they pay back the debt?
Actually Greece is proposing to pay back all of their debt. What they are saying is that instead of crippling austerity that is ruining Greek people's lives they want to first fix their economy, recover and when times are good pay off the debt. It worked well in other countries, such as Britain after WW2. Rather than paying off debts to the US and banks the government rebuilt the country. Lots of jobs, lots of investment and stimulus. Then when things were booming again debt was paid off.
Austerity has already failed in Greece. Eventually it might pay off the debt but people still need to live in the mean time. Massive unemployment and people not being able to afford basics like food and electricity are not a solution.
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But Greece is apparently either unable or unwilling to go after them.
The old government was, because of the strong ties between the old parties and the business moguls. The new government has no such ties, and has, in fact, announced steps to do exactly what you say they should do.
But, of course, since they're evil communistsocialistliberalevilcommitraitors, it doesn't matter what they actually do, does it?
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