For some time, economists and investors have acknowledged that Greece cannot pay back the debts it has accumulated since joining the Euro. The recent election of Alexis Tsipras was hailed by many as a potential break with the failed policies of the past, however German economic orthodoxy ended any hope of a significant debt restructuring.
Greece currently faces the unenviable position of being locked in a currency union that has made its domestic industries uncompetitive and levels of debt that can never realistically be paid off. National assets have been sold off merely to service existing debts that many creditors privately acknowledge will never be met.
But there is a way for Greece to not default on its existing debts and instead monetise its considerable national assets into a digital currency that can be used to pay pensioners, civil servants and as legal tender: through the digital ledger Blockchain. Blockchain has the potential to transform Greece’s economic situation by monetising its considerable assets and infrastructure into a digital token that could be used as a currency alongside the Euro....