Yanis Varoufakis: “Greece Will Adopt the Bitcoin If Eurogroup Doesn’t Give Us a Deal”

Yanis Varoufakis says Greece might go to Bitcoin

While Greece’s lenders are pushing the Greek government to accept their terms in order to allocate funds so the country will not go bankrupt, Greek Finance Minister Yanis Varoufakis seems to have another ace up his sleeve. The second top thinker in the world according to prospect magazine surprised even his closest aides at a secret meeting when he said “We ‘ve had enough, we ‘ll run on Bitcoin.”

Sources very closed to Greece’s minister of finance told Greek Reporter that today Yanis Varoufakis held a top secret meeting with high-ranking finance ministry officials to prepare them in case negotiations at the upcoming Eurogroup fail. The anonymous source noted that everybody in the room was staring at each other when Varoufakis – also a prominent blogger – said “We ‘ll go to Bitcoin, we will be ahead of all the world economies and although it may be painful in the beginning, Greece’s economy will thrive in the long term.”

The Greek Finance Minister went on to explain what is the cryptocurrency and how it will be implemented into Greeks’ day to day life by using a special mini computerized card with a chip. All citizens will carry the card as an electronic wallet. The card will be distributed for free to all Greek citizens via the local tax offices but it will also be available for purchase at the country’s entry points for 45 euros, or 0,20 Bitcoin each. The sale of the card to tourists is expected to be another form of revenue for cash-strapped Greece.

This is GreekReporter’s 2015 April Fools’ story and the Greek Finance Minister has actually written about the flaws of Bitcoin here. So, no cryptocurrency in Greece, hopefully the country will stay in the Euro. Happy April 1st!

“This is the smartest move to beat corruption and tax evasion, all transactions will be recorded to the Greek Ministry of Finance new secure and dedicated Bitcoin servers and we ‘ll be able to track transanctions at any given moment,” said Varoufakis defending his decision.

Many officials objected saying that Greece doesn’t have the knowhow to start such a global movement but the Greek Finance Minister said that he does what the Ancient Greeks would do in his position – and that is: be the future!

“As Greeks we are innovators, look at our history,” exclaimed Varoufakis who added “The first computer was used in Greece, the mechanism of Antikythira, nobody knew what we were starting then.”

“The future starts in Greece and we will be the first country to use the currency of the future, a currency that doesn’t allow third parties to tell us what to do or how to live, this is the Greek thing to do,” said the Greek minister.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part while it can be used for transactions worldwide.

Earlier in the day German Finance Minister Wolfgang Schaeuble had made statements putting down once again Greece’s negotiation efforts and this might have been the reason his Greek counterpart held this important meeting today.

“This is the way to be ahead, they want us to back up and they say we don’t have a clue on what we do, but this is the solution for Greece’s future,” said Varoufakis according to the same high-ranking finance ministry official who was present at the meeting.

Alexis Tsipras, the country’s prime minister who is younger but not as digitally advanced as Varoufakis, was reluctant in the beginning. Tsipras realized the advantages of such a move during a special session the Greek Finance minister held for the Greek Prime Minister at Maximos Mansion during the weekend. The session was also attended by other leftist government members who needed to be prepared and lead the way in using the Bitcoin when and if Greece switches.

According to a source close to the Greek Prime Minster the Finance Ministry is planning to hold free special seminars for all Greek citizens on how to use the Bitcoin. As of today a forum on the Bitcoin and its use has been set up in Greek here.  It is expected that the Greek Economy will be running on Euro and Bitcoin simultaneously at least for one year until all citizens get familiar with the use of the digital currency. You can read more technical details about the currency switch here.

The next crucial Eurogroup for Greece’s future should be held in the next two weeks.

This is GreekReporter’s April Fools’ story and the Greek Finance Minister has actually written about the flaws of Bitcoin here. So, no cryptocurrency in Greece, hopefully the country will stay in the Euro. Happy April 1st!


  • Giulio Prisco

    April 1, right?

  • Peter

    Moving to all electronic transactions would be good for all of Europe. The 500 Euro note is convenient for illegal activities. Bitcoin is lunacy.

  • 00Pottus00 .

    Must be a April fools joke.

  • Steve Godenich

    Well, it is April 1st, but nonetheless, it would be priceless to see the expressions on Central Banker faces! :)

  • Jeff Perkowitz

    April Fools!

  • spazzdla

    Do this and I will gladly send you some BTC to start up your BTC reserve. Perhaps all of us Bitcoiners will help your country get back on it’s feet.

  • no

    April Fools?

  • Betty

    In mine too :)

  • disqus_PxcsffnmDI

    I can buy bitcoin any time with US dollars or Euros. So, where Greece government can find money to buy bitcoin?

    If Greece print Drachma, it is just a Greece currency. However, bitcoin is not restricted to Greece. It is international (internet wise). So, are Greeks buy bitcoin from real money or they just create bitcoin out of nothing?

  • disqus_PxcsffnmDI

    A most reasonable guess is bitdrachma. However, is bitdrachma (a new form of electronic money) not so costly as printing new drachma?

    Anyhow, if the cost is more or less the same, then this is worth to do for the sake of killing tax evasion.

    As such, every public servant will receive a new “electronic wallet”. With electronic wallet, the guy can receive money from the Greece government for later spending.

    Great idea. However, has Greece got the technology and first money to start with this invention?

    Extending the idea, would it be much simpler for the Greece government to give every public servant a credit card which has new drachma inside?

  • Long live the Bitcoin!

  • gnarit

    The Greek people need a currency that is controlled by their government, and they need a government that acts in the interest of the Greek people. We’re not there yet…

  • Michael D

    Is this an April fools joke? It certainly would be a bold move.

  • weezl

    Of course it’s not true. But this ouzo is real.@changetip

  • DennisonBertram

    hah hah hah.

  • spiroseliot

    Who says what the “real” money is?

  • Astrit Kasa

    It looks like a lie but can be true….if government give to citizens and tourists cards where the numbers like points…do the job as money…when people buy and sell they fill and empty the cards with points… Same thing when they work…so the points or what ever name can be from government and private companies…which will transfer their points to other citizens, workers electronic cards. It can start first locally done and than can go national…but start in a state or county first as experiment. Government has authority to give cards and record all their transactions…so a giant computer field is needed also to operate this system where banks are not needed…because government can give points to citizens as loan without interest….Greece should start this new system…get out from the black hole where was first to enter…and see after the tunnel…the light…the world of other dimension…new world because the old one is the world of the dead…and Greece must rise first and get out of the dark cave. Starting tomorrow maybe can be a good idea

  • Bob Kokis

    Hahaha brilliant! All the trolls and haters having a field day…Happy April Fool’s day!

  • Astrit Kasa

    A finance ministers meeting in EU just decided to kick Greece out of the EU in May 1st..2015.. as a symbolic parade of the Greek unemployed workers outside the babel of the EU empire

  • Billy Kidd

    nicely done!

  • Robert

    You know, I was in this guy’s corner, this guy is going off the deep end.

    The Greek banking system is 60 years behind modern banking technology. So this guy wants to bring a high-tech currency, into a prehistoric banking system. Brilliant.

    This is why I learned very quickly that my college Master degrees mean absolutely nothing in the real world. That is the problem when you have college professors who work in a theoretical world of the classroom, and are then put into real world situations. It never works.

    Greece needs infrastructure to bring employment to Greece, not some hi-tech currency. I see Greece is hooking up with Russia. Another stupid move.

    The only investors with vision, are Americans. That is why it is the world’s #1 economy. Greece could be a strong economy country if it adopted U.S. business practices. Instead, they ally themselves with a losing economy. So Greece can forget any support from the U.S. sector of business. It doesn’t get any dumber than that.

  • Robert

    Really ? So how does that help create businesses, that employ people ?

  • Steven Dutch

    Greece will handle Bitcoins through it’s secure servers. Headline: Greece’s Bitcoins drained in 3….2…1…

  • Snuffo Laughagus

    Too bad because it would really start a revolution that no tyrant could appropriate as his own…

  • Snuffo Laughagus

    By making it impossible for tyrants to appropriate it for themselves. Remember what peer-to-peer means? Yeah, the same thing that our civilization was originally based on. A means for exchanging goods and services outside of the control of nation states and their masters, the central bankers.

  • Snuffo Laughagus

    Exactly!!!

  • Snuffo Laughagus

    Maybe not Bitcoin, but actually cryptocurrency is definitely the way to go for the long run – Just look at history and the intoduction of like paper money, especially during the French Revolution (it’s older than that actually – the Chinese used paper money before that), it bankrolled it when the aristocrats had left with all their gold, and France got back on its feet and almost managed to conquer Europe on it.

    Furthermore, like Varoufakis says, Bretton Woods was a seminal event that disconnected the Dollar from Gold and allowed the conomy to keep going because gold is finite and cannot be grown compared to goods and services. The problem was of course that the Dollar is controlled by the worl’d s superpower, so just like the Roman Empire, the world is enslaved to it.

    In any case, paper or electronic, it’s just a matter of trust. And who to trust better than a peer to peer system, outside of the control of the elites who have kept humanity enslaved since the dawn of time?

    Just think about it. An April Fool’s joke it is, but it isn’t totally outrageous.

  • JK

    Anytime central bankers are cut out of the equation, citizens regain their freedom from serfdom.

  • Don River

    LOL!

  • Phil

    Don’t you have a life other than trolling Greeks?

  • Chris Sky

    Leave it to the Greeks to implement the ULTIMATE Trojan Horse… while other Governments *cough* France are using the threat of “Terrorism” to Ban cash… Greece is pretending like it’s the “Way of the future” … Government would LOVE to DIGITIZE all your currency. it gives them 100% reporting on everything you buy or own and gives them 100% control over each and every one of you 😀 Thank God this is April Fools.

  • Phil

    “The second top thinker in the world according to prospect magazine”

    Correction. Prospect magazine unscientific poll. The “top thinkers” were all well known far leftists being voted by other leftists. The very fact alleged moderate leftists would vote for a Marxist extremist shows that many alleged moderate leftists are no longer moderates.

    Communism is second only to fascism in pure evil department of 20th century history. 100 million dead. Billions oppressed. 120, 000 died in Greek civil war. Treasonous Greek leftists betrayed Hellenism to irredentist Skopje and Stalinist tyranny.

    Now Greek leftists vote for Syriza that treats those communist terrorists as “heros”.

  • TecumsehUnfaced

    Good surmising. I suspect it’s intentional fogging by Varoufakis.

  • TecumsehUnfaced

    Right.

  • 00Pottus00 .

    Go back to sleep.

  • dirtybird

    If this is their backup plan then heaven help them, because it is a bad one.

  • Lucio Procaccianti

    In my opinion Greeks have no reason to laugh…..

  • John Locke

    April Fool’s Day by Yanis VeryFaker.

  • c4p0ne

    It was a vicious April fools joke. Varoufakis has openly blogged about Bitcoin, saying it could never work. Greece is a country of only 11 million people. Active Bitcoin users worldwide are estimated to be somewhere between 3 ~ 5 million. Even still, a COUNTRY officially acknowledging Bitcoin as a currency for all uses would cause the price of BTC to skyrocket. Just Imagine a few hundred thousand people acquiring 45 Euros worth of BTC in a period of a few days or even weeks.

    Of course, then the counter-balance of dumping would kick in to apply downward pressure again.

  • c4p0ne

    Greeks need a currency that IS NOT controlled by ANY kind of self-appointed authority. “We” will never be there as long as governments are allowed to exercise crushing control over currency, because they have never acted (and can never act) in the best interest of the people. Governments are inherently (and necessarily) violent institutions of coercion, and completely unjustified in their very existence, let alone authority. As such, the Greeks WILL NEVER be able to climb out of the gaping hole of human exploitation their politicians & banksters have plunged them into, UNLESS there is a sudden, massive, and extremely rapid change in the social consciousness of the people.

    Politicians ONLY serve their own interests, and CAN ONLY wind-up serving their own interests even if entering the game with good intentions. ONLY the people can rescue themselves from this situation, and ONLY using a tool like Bitcoin to help do it. It can be one of the most powerful tools in their arsenal, if they would just *wake up* out of their heavily propagandized consumer coma.

  • William Echevarria Jr

    How bankrupt Greece will find money to buy limited bitcoins is beyond me, but I would suggest beware of those gifting you a Trojan horse.

  • Robert

    I see you censored my comment about the BitCoin issue. My comments were accurate. Just so you are aware, I have been in contact with your finance minister’s office. You don’t know who I am. You also don’t know the major businesses I am involved with who could help Greece.

    Unless you Greeks are willing to face reality, you will become a third world country. Your banking system IS 60 years behind modern banking technology. Your system of conducting business is 100 years behind modern business practices. The list is long.

    The procedures now in place discourages private business, and does not allow it to prosper. Without private business, the unemployment problem in your country will never be solved.

    Einstein, once defined the word insanity. He stated, “insanity, is repeating the same thing over again, expecting a different result.” Greece has done that for the past 40 years. There is no one, in your government who has the knowledge, or experience, to run a corporation. A country, operates just like a corporation, in case, you were not aware of that. There is not one person in your government, I would even hire at an entry level job, in the numerous corporations I have owned. That fact, is not good, considering the position Greece is in right now.

    Greece, partnering with Russia, will destroy any chance of real investment in Greece. I have done business internationally for 40 years. Including Russia, and Germany. Presently, I am doing business in China.

    These are things we will tell your prime minister, and finance minister, if a meeting takes place. In a lot more detail of course. However, we are monitoring the situation right now and how it is handled, as we have some concerns regarding some of the things we have seen.

    The people involved, can not only boost the Greek economy, but they can create employment for thousands of Greeks. They can also create an infrastructure for Greece, which Greece presently does not have, nor can it afford.

    The best thing we can show Greece, is our plan of making Greece a strong economy, and it will also get even with Germany, by becoming it’s competitor.

    Finally, I realize, you won’t print this. Nor was it intended to be made public. My point is, you Greeks better start listening to CONSTRUCTIVE criticism. Otherwise, your country will remain in the dark ages.

    By the way, BitCoin would be a disaster for Greece.

  • Vesna

    Maybe you should read the article to the very end next time.

  • Virgilios Arvanitopoulos

    He keeps embarrassing Greece. Omg.