Earlier this week, Greece became the first developed nation ever to default on the International Monetary Fund (IMF). Negotiations with the European Union (EU) and the IMF are stalling, and Greek voters on Sunday rejected new bailout terms.
On Monday, Greece closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks. Banks and ATMs are still working on a very limited basis, which makes things difficult for families and pensioners. For businesses and entrepreneurs who depend on cross-border sales and imported goods or services, the situation couldn’t be worse: They are unable to pay their suppliers abroad because cross-border bank wires are suspended, and the have only limited access to their sales income. Even the best-performing Greek businesses that are still making sales abroad can’t use their hard-earned cash.
With the banking system locked down, capital controls prevent Greek citizens from accessing cash and this disrupts the economy. The Irish company Spartan Route has come to the rescue of Greek businesses with an innovative service proposal: They will invoice their Greek clients’ foreign customers in euro, collect the payment, and send bitcoin