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Greek Crisis Underscores Value Of Cloud In Startup Ecosystem

TechCrunch

There was a ton of fallout as the Greek economic crisis worsened this week week and the country struggled to come up with answers to its growing predicament.

As Alexia Tsotsis explained  in an article on TechCrunch earlier this week:

This week, the Syriza government failed in negotiations to receive a tranche of bailout money in time to make a $1.7 billion IMF payment on June 30th. Instead of deciding whether to accept the creditors’ offer himself, Prime Minister Alexis Tsipras put the decision to a referendum, or public vote, to be held this Sunday. Bear in mind that voting on fiscal matters is unconstitutional in Greece.

Greek startups felt the impact in a big way when capital controls put in place by the government prevented them from accessing cloud services outside the country. Specifically, the government prohibited any money transfers outside Greece without approval from a Ministry of Finance commission. That included, for…

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