Bitcoin Price Falls Below $300-Level Once Euro Zone Reaches Deal with Greece

17 hours of negotiations are over and agreement in the Greek question has finally been reached. “The agreement was laborious, but it has been concluded. There is no Grexit”, – said European Commission President Jean-Claude Juncker. The announcement on Twitter caused a massive bitcoin sell-off – the price dropped from $317 to $284 by now, according to the CoinSpeaker Price Index (beta).

The parties have come a long way towards mutual understanding. Stumbling point remained the same all the time – Europe demanded Greece to implement austerity policy while the latter persistently asked for prolongation of repayment terms.

The talks seemed to turn from constructive discussion into struggle between strong and weak economies. German Chancellor Angela Merkel was in mood of firm measures which engendered discontent of some EU officials. She offered Greece alternative: either it accepts the conditions or take a “time-out” from euro zone.

Merkel appears to have a right to set terms as Germany is the largest creditor for Greece. She mentioned in the interview: “The most important currency has been lost and that is trust. That means there will be tough discussions and no agreement at any price”. But French President Francois Hollande rejected the idea saying that this tough measure will only lead to disunion of Europe.

Euro zone worked out the package of six large-scale measures to be implemented in Greece by Wednesday night. The measures included tax and pension reforms. A draft decision of EU financial ministers was sent to Greece. In case of its agreement German parliament planned to conduct a meeting on Thursday discussing a new loan. A new round of negotiations with Greece was to be launched approximately on Friday.

Most Greeks remained unsatisfied by high-pressure discussions with EU. Euclid Tsakalotos, Greece’s new finance minister, although silent in public was furious among some lawmakers at Syriza

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