How Greek Banks Can Write-Off Their Losses, Protect Small Depositors, Restructure And Reopen Without Any Help From The Troika

By Nathan Lewis at Forbes Following a Greek government default, and possibly before then, Greek banks would likely be both insolvent and unable to make payments to creditors. What should a government do? A bank becomes “insolvent” when the value of its assets is less than its total liabilities. In time, the bank also becomes “illiquid” – unable to borrow money, and thus make payments – because people don’t like to lend to insolvent entities. Greek banks have been getting by because they have been able to borrow from the European Central Bank, but this may come to an end soon, perhaps in a matter of days. There are two basic ways to deal with this: one is to increase assets, possibly through a government investment. This is called a “recapitalization,” and when the government is involved, a “bail-out.” Obviously, this takes money — €48 trillion in the case of Greece’s prior government “bail-out” — and often the terms of the investment are so poor that it amounts to a gift to the bankers and their creditors. The other way is to decrease liabilities, which obviously means some pain for the bank’s creditors, including depositors. But, once this accounting adjustment is done – it amounts to a revision of ledgers, and could conceivably be accomplished in a day or two – then the bank can reopen for business, in good financial health. This process is sometimes known as a “bank holiday,” a euphemistic term which shows that, when the financial system is temporarily shut down, there isn’t much to do except spend the day at the park. Bank insolvency and reorganization – a subset of bankruptcy – is one of those things, like sovereign default itself, which is treated as something conceivable, like a catastrophic earthquake in Los Angeles, but which never actually happens.Originally appeared at: http://davidstockmanscontracorner.com/how-greek-banks-can-write-off-their-losses-protect-small-depositors-restructure-and-reopen-without-any-help-from-the-troika/How Greek Banks Can Write-Off Their Losses, Protect Small Depositors, Restructure And Reopen Without Any Help From The Troika is a story from: BitcoinWarrior.net

How Greek Banks Can Write-Off Their Losses, Protect Small Depositors, Restructure And Reopen Without Any Help From The Troika is a story from: BitcoinWarrior.net

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Tango Card-Snapcard partnership brings Bitcoin to reward programs

Tango Card, a Seattle company that specializes in digital rewards and incentives, announced last week the availability of Bitcoin on its Rewards as a Service API through a partnership with Snapcard, a California-based company that offers a series of products and services to help consumers and businesses use Bitcoin and other digital currencies. Bitcoin as a reward is made possible through Snapcard’s MassPay API, which allows enterprises to send payments to a telephone number or e-mail address instantly and programmatically. “We are on a mission to increase the international awareness of digital currencies, and as such we are thrilled to make bitcoin available through the Tango Card rewards API,” said Snapcard CEO Michael Dunworth in a press release. “Tango Card was able to use our new MassPay API to allow their users to receive Bitcoin Rewards at an e-mail address, phone number, or a bitcoin address – all without taking on any of the currency risk.” Nat Salvione, VP of Partnerships at Tango Card, said in the release that “Bitcoin is a fantastic addition to our rewards catalog. It is truly frictionless, global, and most importantly, desired by the participants in our customers rewards programs. Snapcard is a real leader in the evangelization and functionality around Bitcoin and we are excited about our partnership and will work together to bring Bitcoin to hundreds of rewards programs.” Originally appeared at: https://coinreport.net/tango-card-snapcard-partnership-brings-bitcoin-reward-programs/Tango Card-Snapcard partnership brings Bitcoin to reward programs is a story from: BitcoinWarrior.net

Tango Card-Snapcard partnership brings Bitcoin to reward programs is a story from: BitcoinWarrior.net

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Australia’s Westpac Banking Corp invests in US bitcoin start-up Coinbase

SYDNEY: Westpac Banking Corp said its venture capital fund had invested an undisclosed amount in U.S. bitcoin start-up Coinbase in the first such deal by an Australian bank in the largely unregulated virtual currency. Westpac, Australia’s second largest bank by market value, said the investment would allow its Reinventure Group fund to monitor and gain insights into the use of cryptocurrencies. Invented six years ago, bitcoin is not backed by or controlled by any government or central bank and its value fluctuates according to user demand. Last year Mt. Gox, a Tokyo-based bitcoin exchange, was forced to file for bankruptcy after hackers stole an estimated $650 million worth of customer bitcoins. The currency, however, is gaining supporters, including the British government which earlier this year said it would regulate digital currencies in a bid to become a global bitcoin hub. Originally appeared at: http://economictimes.indiatimes.com/news/international/business/australias-westpac-banking-corp-invests-in-us-bitcoin-start-up-coinbase/articleshow/47875169.cmsAustralia’s Westpac Banking Corp invests in US bitcoin start-up Coinbase is a story from: BitcoinWarrior.net

Australia’s Westpac Banking Corp invests in US bitcoin start-up Coinbase is a story from: BitcoinWarrior.net

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SmartUp Mobile App Aims To Mentor Potential (Bitcoin) Entrepreneurs

By Bitcoinist.net Jun 29, 2015 6:08 PM EDT <!––> Many entrepreneurs from all over the world are keeping a close eye on Bitcoin and blockchain technology. Ever since Bitcoin started gaining popularity in 2011, quiteOriginally appeared at: http://insidebitcoins.com/news/smartup-mobile-app-aims-to-mentor-potential-bitcoin-entrepreneurs/33470SmartUp Mobile App Aims To Mentor Potential (Bitcoin) Entrepreneurs is a story from: BitcoinWarrior.net

SmartUp Mobile App Aims To Mentor Potential (Bitcoin) Entrepreneurs is a story from: BitcoinWarrior.net

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