Early this morning European time, Greek financial ministers and Eurozone representatives reached an agreement after an all-night negotiation session. The deal will last three years and amount to $94 billion.
“The institutions and the Greek authorities achieved an agreement in principle on a technical basis. Now as a next step, a political assessment will be made,” said Annika Breidhardt, a European Commission representative.
Also read: How Bitcoin Could Prevent a Future Greece
The biggest issues discussed revolved around Greek institutions not properly servicing their receivables, the execution of asset sales, and changes to Greek natural gas regulation. Greece’s solution to bank delinquency was to corral bad actors into one entity, while Eurozone representatives pushed for a more 2008-style “packaging” plan. The resolution of this contention has yet to be clarified.
The potential for Greece to exit the Eurozone was a hot topic among the Bitcoin community this summer, with many believing this would be a use-case for remittances and preservation of wealth, unlike others that had come before. Andreas Antonopoulos, the widely noted Bitcoin expert and son of Greek natives, has said (see below) of Greece and Bitcoin:
Someone gets their choice. But it’s not me. And it’s not you. And it certainly isn’t the Greek people. […] Greek politicians suck, but really that’s superfluous. I don’t need the word “Greek.” Politicians suck.
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