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Author Topic: Greece mulls Euro exit  (Read 6164 times)
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May 23, 2012, 04:23:36 PM
 #81

In Greece you would have just to sell bitcoins for euros,

Sure... but how would this seller get his € out of Greece? Is he Geek and willing to keep his money in Greece?

They can do that no problem. They can transfer money anywhere in the eurozone... so far they haven't pulled off! They can deposit to Intersango or MtGox just as easily as you can.

What kind of capital control is being implemented? If they can just transfer EUR to some bank in Poland (intersango), the how is capital flow controlled at all? Money just left country, right?

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May 23, 2012, 04:36:52 PM
 #82

In Greece you would have just to sell bitcoins for euros,

Sure... but how would this seller get his € out of Greece? Is he Geek and willing to keep his money in Greece?

They can do that no problem. They can transfer money anywhere in the eurozone... so far they haven't pulled off! They can deposit to Intersango or MtGox just as easily as you can.

What kind of capital control is being implemented? If they can just transfer EUR to some bank in Poland (intersango), the how is capital flow controlled at all? Money just left country, right?

Yep that's happening now. Greek capital is leaving the country in droves. So far there is no capital control over the usual limits to transfers and the scaremongering of having to declare it all. Greeks move a lot of money out of the bank system and they are not simply going to put it in a bank to transfer it to an exchange. That's a limitation there. But for smaller quantities there's certainly no problem.

Here in the UK I know people coming from Greece to buy (incredibly overpriced) property. Granted, a minority of Greeks can afford to buy property in London at current prices without any loans or mortgages (neither can I or most people living here). They know they're paying a high premium but they are willing to pay it to avoid a lock-in similar to Argentinian "corralito" from 2001. That's how bad it is.

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May 27, 2012, 06:12:51 PM
 #83

Not mine, from a comment in the Torygraph Cheesy http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9293270/Europes-Maquina-Infernal-has-crippled-Spain.html

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And yet this could all end so well.

Greece will exit the Euro - even the Eurocracy appears to have accepted this. It may happen in a matter of days now.

The Greek economy will contract sharply - but then it will start to rebound, as Greeks find they can no longer afford German washing machines, refrigerators or cars and look to buy local Greek products instead. Mothballed factories will be given a new coat of paint and re-start production. They will start hiring again.

Investors with an eye for a well-timed investment will start to take a punt on a Greek revival. Before long it all becomes self-reinforcing and the economy will start to float off the reef where it is currently grounded.

This will happen because it always does. Look at Argentina or Iceland.

It won't take long before voters in Italy, Spain, Portugal and Ireland, locked in the stranglehold of Germany's austerity blitz,  become envious at the optimism pouring out of Greece. The clamour for exit will become deafening and unstoppable.

The Euro will unravel, and with it the European Project - a wicked, undemocratic, crony capitalist domesday machine worse than anything Ayn Rand ever conjured up  - will disintegrate.

The collapse of the Euro is to be welcomed. Bring it on.

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June 05, 2012, 05:30:41 PM
 #84


I suggest we start a bounty and commission a translation of the bitcoin client into the Greek language.

http://www.youtube.com/watch?v=oc17uI2G2oc&feature=plcp

Just in case Greece opts out of the euro and decides to go with bitcoin, Paytunia is now translated in greek for android mobile phones  Grin


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