‘300% Increase in Bitcoin Buys’ Across EU as Greece Falls into Arrears

Greece has become the first developed country to fall into arrears with the IMF as it missed its 1.6 billion euro payment due Tuesday night. At the same time, several bitcoin companies have been reporting of a massive spike in bitcoin buying and overall interest from all over the Euro zone.  

On the brink

A last minute deal failed to be reached and now it looks like talks will be at a standstill until Greece has a referendum on July 5 in which the people will vote yes or no to the terms offered by the EU. By defaulting on the payment, Greece has been added to a distinct list that includes countries such as Zimbabwe.

For many analysts it was almost a certainty that a deal would be reached before June 30. Now there is a real possibility of default and a “Grexit.” More payments are due and Greece has no way of paying them.

There was a last ditch attempt to make a deal when Alexis Tsipras, the Greek prime minister, requested £21billion to keep his country afloat for the next two years, but thus was rejected by German Prime Minister Angela Merkel thereby shutting the door on repayment before the 11 pm deadline.

The other complicating factor is that any new deal will require agreement by all 19 Euro zone countries and the IMF.  In turn, the fear of default and contagion to other countries in Europe (particularly Spain, Italy and Portugal) has become more real. The experiment of integration has been a 60 year work in progress, which is in danger of unraveling.

Some banks to reopen

Capital controls were imposed Sunday and the daily withdrawal limit for holders of credit and cash cards has been set at a maximum of 60 euros causing long ATM li