Bitcoin surges past $300 mark, "Grexit" increasingly likely

If you’re looking to pick up some more bitcoins, you”d better be willing to shell out some serious cash. Bitcoins are now selling for more than $300 dollars a piece, having surged over the weekend. The recent price spike is most likely due to the on-going financial crisis in Greece. Developments over the weekend have now set the stage for a possible Greek exit of the eurozone, which could destabilize the European Union and potentially the euro itself.

Germany has drawn a line in the sand, essentially telling Greece that it must make one of two choices: first, they can accept all the austerity and reform stipulations laid forth by Germany and other EU authorities. If they do so, discussions regarding another bailout can begin. Second, they choose to reject any of the austerity measures and no discussion can commence, which would essentially mean that Greece will fall into default and likely be forced from the Eurozone.

The likelihood of a so-called Grexit has never been so high, and given how tense conditions have been, and how likely a Greek default has appeared in the past, that’s really saying something. The current ruling party in Greece, the leftest Syriza party, swept into power specifically on a platform of resisting EU austerity measures and central authority. Further, the Greek people themselves soundly rejected the austerity measures just over a week ago in a nation wide referendum. This is going to make it difficult, if not impossible, for the Greek government to back down.

If the Greek government does accept the austerity measures, the ruling party could face a huge backlash. The possibility of Greek society collapsing cannot be ignored either as past austerity measures have resulted in massive protests. The most recent round of austerity measures would be among the

Originally appeared at: https://99bitcoins.com/bitcoin-surges-past-300-mark-grexit-increasingly-likely/

Bitcoin surges past $300 mark, “Grexit” increasingly likely is a story from: BitcoinWarrior.net

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012