Greece Tensions Escalate As Labor Unions Call For Two Day General Strike On June 28-29 To Celebrate Austerity Vote

Tyler Durden's picture

The last time Greece had a full day strike was a week ago on June 15, when labor unions decided to cut another 0.15% from Greek GDP by doing absolutely nothing, and events on Syntagma square reached the highest level of violence so far in 2011. And unfortunately for the Troica, Greece seems to have realized that the best way to make sure the bailout program craters is by continuing to miss all IMF output and production targets. As a result, as Athens News reports, "according to the General Confederation of Workers of Greece (GSEE) and the civil servants' umbrella federation Adedy, the 48-hour strike is an escalation of their recent industrial action comprising 24-hour nationwide strikes in protest of the medium-term programme. A main demonstration will be held on Tuesday, June 28, at the Pedion tou Areos park in central Athens at 11am, while on Wednesday another demonstration will be held in downtown Klafthmonos Square." As a reminder June 28, is the far more critical Greece austerity vote, which unlike the vote of confidence in G-Pap, already has several PASOK members saying they will vote against it. 


A GSEE announcement said the central demands include rejection of the measures contained "in the mid-term programme and the memorandums 1 and 2" and "rejection of austerity, halting the climate of layoffs and rising unemployment, the imposition of respect and implementation of the collective labour agreements and halting the sell-off of public utilities and state organisations".
Adedy, in its own statement, accused the government and the troika of following a "destructive path" for the workers and society and called on civil servants to participate in the strike in order to obstruct the ratification of the medium-term programme and the new anti-popular measures.

The now open warfare between labor unions and bankers is about to get real. 


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GhostTrader's picture

Is is just me, or the market is feeling flash-crashy?

So Close's picture

It seems the only two choices are "flash crashy" or magical no vol levitation.

PY-129-20's picture

No! Noooo! Everything is fine. No crash! Really, really no crash! Nothing will happen. Nothing. Don't worry. It's just a little radiation, a tiny two day General strike, it's a soft landing, a soft restructuring of debt, nothing to worry about, just like a little raindrop, really, absolutely nothing to worry about...oh come on...these are not riots, these are the middle east..that's not a mortar launcher, you idiot, it's just firework...crackers...and in name it...festivals for the kids and the elderly...everybody is celebrating...that's not a flood, that's a swimming contest...interlending?'s high because the banks can make more profit...really, really...

it's not that a hooker has turned down a GS employee - now that would be catastrophic and almost apocalyptic...


So Close's picture

Is anyone else in the camp that they expect at some point to see PM's diverge from the overall markets and start moving in distinctly different directions?

Dr. Richard Head's picture

I would be in that camp.  The eternal is question is when?

GeneMarchbanks's picture

Maybe when JPM is no longer short your precious silver or panic buying in physical markets overwhelms paper(Comex) and then the sadness begins... because you having realized that you were right the whole time, now stand there... alone... tons of precious metal in your possession yet the world in a crumbling post-Apocalyptic state. Then you realize the absurdity of human existence and then...

Strange day-dream that was... back to erotica...


Dr. Richard Head's picture

I prefer boozing it now anymore. 

I feel good, I feel great, I feel wonderful. - What About Bob

eureka's picture


When critical mass understands that US is morally and financially bankrupt - which realization will accellerate and grow  toward the end of 2011 and crescendo 2012 + 2013.

I.E. PMs will start going up - and separate from stocks which will go down - this fall + winter.

wandstrasse's picture

is it a boot camp, warm campfire, good cup of coffee?

JR's picture

Three cheers! PY

These are the economic fires being set around the world by the Fed’s IMF arsonists - causing depressions, huge food shortages, housing catastrophes and homelessness, widespread unemployment, wars killing innocent men, women and children...

Whether the mundane Establishment go-along-to-get-along people like it or not, this is an economic conspiracy by a group of highly placed elite investment bankers who work closely with each other, using central banks to print their own currency to buy up the infrastructure of the world, selecting friends and puppets to reward and enemies and patriots to punish. 

It’s time to admit that the Federal Reserve and IMF are the same people, the same people sharing the same goal of world governance, whether it be Goldman Sachs’ Geithner in the U.S. Treasury or Strauss-Kahn under house arrest in Europe.

That’s why international banker Josef Ackermann of Deutsche Bank is so sensitive about having to moderate the Greek debt, when a few billion dollars would solve the IMF problem for good. I mean, Apple is bigger than the entire Greek economy, according to Cody Willard on MarketWatch..

Any hint at the default, of a break in the EMU, destroys the pattern of the IMF-orchestrated takeover of the world – or what’s left of it - all confiscated with worthless banker paper.

TruthInSunshine's picture

I just hope the Greeks channel their rage in a rightful fashion and target the correct people for the treasonous acts being perpetuated against them.

I will also concede to those who've been saying it that Greeks, in many ways, share part of the blame for their fiscal woes, as they took the easy money from the banking cartel, due to their heavy reliance on unions, generous social benefits, etc.

However, they, just like the rest of the Eurozone Members, had politicians (bought and paid for) sell them into debt slavery when they ushered into the EU, losing their right to coin their own money, which is the very act of depravity that the Central Bankster Cartel has been using to rob nations of their independence and literal land for centuries now.

Any rational person draws the line at ceding a square inch of physical land, utilities, infrastructure, etc., as a precondition to receiving a 'bailout' (which will be temporary relief at best, in any case, as the game has already been rigged against a people who can no longer coin their own currency) in the form of dropped bundles of fiatskis from the Central Bankster Jackals.

The Greek Politicans & Banksters who are urging their own nation to go down that road are treasonous bastards of the highest order and should be made to suffer the traditional fate of treasonous bastards.

Transformer's picture

It's important to realize that if privatisation happens, whatever monies realized from the sale of Greek assets will just immediately be paid to the bankers.  The money from the sale of islands, landmarks, etc. will go to paying off the debt.  It's criminal.  This is how privatisation works, see argentina.

TruthInSunshine's picture

by Transformer
on Thu, 06/23/2011 - 11:26

The money from the sale of islands, landmarks, etc. will go to paying off the debt.  It's criminal.  This is how privatisation works, see argentina.


And not just sale, but rent and 'use' fees (think toll roads, municipal water supply, electricity, etc.).

And not just Argentina, but many dozens of nations taking the 'bailout' whether from the IMF, World Bank or "their very own" central bank criminal racket (think England - which has been essentially sold out from underneath the Brits, literally, cuz the Rothschildian Bank of England, aka the artist formerly known as the London Central Bank, had gots to gets paid!).

wandstrasse's picture

from a technical perspective the EURUSD will pass the 1,40724 low from June 16 in a few days.

Cognitive Dissonance's picture

Wake me when they have a Greek Woodstock of national brotherly love and drugs.

carbonmutant's picture

I thought the Greeks all went to Ibiza to celebrate that stuff...

Cognitive Dissonance's picture

I wouldn't know. Leo is the resident expert when it comes to videos of wild greek parties.....presumably drug infested of course.

Leo, can you clarify?

GeneMarchbanks's picture

"Celebrate" the austerity!? Ohhh I see what you did there... clever.

wandstrasse's picture

transitory. And bullish for everything.

cougar_w's picture

I guess it's no longer acceptable to mention "green shoots"? I always liked that one.

I think the Greek riots will be great for thier local economy! Green shoots baby!

Cognitive Dissonance's picture

I had some tender greens with ranch dressing for lunch.

Did I do something wrong?

Please......don't tell me I'm responsible for this mess.

alien-IQ's picture

Greece understands what Americans refuse to believe: The best way to put an end to a rigged game is not to fight...but instead simply NOT to play.

Deepskyy's picture

"The revolution will be monetized and streamed live via renegade wifi" -Otep "Smash the Control Machine"


hedgeless_horseman's picture

Have they called for strikes during the 13th or 14th months?

The 14th salary works like this: Greek workers get their annual salary in roughly 14 installments. On top of 12 monthly payments, employees receive double their paychecks in December, right in time for Christmas consumerism. They also receive half of their monthly spending in the spring to shell out on goods for Easter. Then they get another half-salary boost in July, before their traditional summer vacation.

Dr. No's picture

Reminds me of my dads vacation pay (AFLCIO).  In the summer he would get a "vacation pay" check.  As a young lad, I commented on how cool it was to get paid for not working.  He corrected me by saying the vacation pay was money withheld for the entire year and finally paid out all at once as a "vacation" pay.  Unions have been holding on to  people's money since they began. 

Transformer's picture

Of course, for some time now, many employees do not get paid at all. Or, are as much as a year behind in their salary.

Version 7's picture

Better start to report when they're working.

etrader's picture

CNBC's Guy Johnson's reporting the new greek finance minister has gone down like a lead balloon at the Luxembourg meeting today....

Cassandra Syndrome's picture

That is quite an achievement, what did Jabba the Hut do?

hedgeless_horseman's picture

Gone over like a lead balloon.

Gone down like a White House intern.


alien-IQ's picture

stumbled out of the meeting like Dylan Thomas leaving the White Horse Tavern for the last time.

Cassandra Syndrome's picture


The archetypal Catch-22, as formulated by Heller, involves the case of John Yossarian, a U.S. Army Air Forces bombardier, who wishes to be grounded from combat flight. This will only happen if he is evaluated by the squadron's flight surgeon and found "unfit to fly." "Unfit" would be any pilot who is willing to fly such dangerous missions, as one would have to be mad to volunteer for possible death. However, to be evaluated, he must request the evaluation, an act that is considered sufficient proof for being declared sane. These conditions make it impossible to be declared "unfit."

The "Catch-22" is that "anyone who wants to get out of combat duty isn't really crazy."[1] Hence, pilots who request a mental fitness evaluation are sane, and therefore must fly in combat. At the same time, if an evaluation is not requested by the pilot, he will never receive one and thus can never be found insane, meaning he must also fly in combat.

Therefore, Catch-22 ensures that no pilot can ever be grounded for being insane even if he is.

A logical formulation of this situation is:

  1. (Premise: If a person is excused from flying (E), that must be because he is both insane (I), and requests an evaluation (R));
  2. (Premise: If a person is insane (I), he should not realize that he is, and would have no reason to request an evaluation)
  3. (2, Definition of implication: since an insane person would not request an evaluation, it follows that all people must either not be insane, or not request an evaluation)
  4. (3, De Morgan: since all people must either not be insane, or not request an evaluation, it follows that no person is both insane and requests an evaluation)
  5. (4, 1, Modus Tollens: since a person may be excused from flying only if he is both insane and requests an evaluation, but no person can be both insane and request an evaluation, it follows that no person can be excused from flying)
unununium's picture

Premise 1 clearly does not map to reality, as someone other than an insane pilot himself would likely request the evaluation.

Garbage in, garbage out.

MonsterZero's picture

Unions make it more difficult for companies to operate in country for multiple reasons including influencing(lobbying) government interference into private industry labor practices. If people don't like the work conditions or pay then go find another job. Making it appealing to companies to move factories overseas to hire labor without all these requirements results in the downfall of your national economy.

I don't mind organized labor, go for it, but stop influencing private labor market through political bribery. Hope these greek unions get what they deserve... nothing.

alien-IQ's picture

yes because corporations do not lobby or bribe's just organized labor that does that.


g's picture

They both do, so both issues need to be addressed, and realistically unions are just another special/coporate interest.

alien-IQ's picture

strikes are the only way to remind corporations (and governments) who really holds the power...because a corporation with all it's workers on strike is soon out of business...there is always a need for labor since labor actually produces something. corporations only produce profit at the expense of labor...but they can do nothing without labor.

Transformer's picture

Right, the Greeks are not very smart.  If they want jobs and stuff, they should just shut up and go to work!!  /sarc


The future of the world's freedom could depend on the Greeks winning their battle.  If the people win, then the die is cast and will follow for all the other PIIGS (and US, UK).  If the banks win, it could be slavery for all of us.  These people are on the front line, fighting the fight for the whole world, and you call them lazy socialists.  You can be sure that Americans will not do shit, they will just sit at home and watch TV, while their freedoms and rights are completely taken away by the police state.  American men are pussys, they will stand by and watch filthy strangers humiliate and feel up their wives and children. 

g's picture

I wholeheartedly support the revolt against the banks. But let us not forget that the citizens of any country bear some of the responsibility for the faults of their countries. Seems to me the citizens of Greece, the US, and others, lived up the 'good' times leading up to their individual debt crises. It is ironic how people want tons of handouts 'for free' and are not willing to pay taxes for them. This goes both ways. I agree that it is up to the people to revolt and fight for change, but their complacency got them in their predicament.


Fact is I would love to retire at 55, or not work a full day, habitually get away with not paying taxes, and all of the other issues that lead to an unsustainable economy in Greece. Seems to me the politicians were pretty cool with borrowing all that money from the banks that they could never pay back, and the citizens were quite supportive of this as well as it bought their votes.


This however is not just the fault of the banks, it is a combination of failed policies of politicians, the complancency of the people, union greed, bank greed, etc.


Moral of this fucking story is: do not buy what you can not afford, the Greece people are learning this lesson the hard way, as we in the US will as well. How come it is only at the moment of crisis that there is any clarity of thought, or any attempt to change? Pretty fucking lame I would say, how about recognizing that debt was an issue the FIRST time any of the country issued debt to pay the bills. Fact is no one gives a shit until they have to, because EVERYONE IS GREEDY. Consumers live the same way the government does, they borrow up to their eyeballs to satisfy their impulse buying desires. Dude the people are equally to blame, accept personal responsibility for your actions,  and your countries. Then change you habits and the change your countries.

MonsterZero's picture

I'd just like to add to the moral of the story part:

You do inherit the debt of your ancestors.

g's picture

Yes that is so, and it is bullshit, which is perhaps why the younger generations need to stand up and say enough is enough. But they also need to stand up and say, 'we will not be wards of the state'

AnAnonymous's picture

It is ironic how people want tons of handouts 'for free' and are not willing to pay taxes for them.


Inheritance from the US. The whole US stuff was built through government handouts, distributing for free indian lands to sponsor the US unique experiment.

Everyone wants to mimick that, but hey, shortage of Indians.

The US is not the solution, the US is the problem.

g's picture

Yes that is a huge smear on US history. Unfortunately most of the rest of the world operated the same way. Look at the history of European imperialism, and for that fact one group has subjugated another group all throughout history. When will this change? Once again this pattern exemplifies the greed that is at the center of human nature, and the complacency of the the people for allowing it to happen.

LFMayor's picture

The US is not the solution, the US is the problem

I read that's what they said when outdated tactics met the full speed industrialization of war implements, and Europe had wasted 2/3 of their young men in 4 years of idiocy.

that's exactly what 1/2 of the pacific rim was saying when they were being used as pleasure women and field hands by the Japanese.

I also understand that's what all of continetal Europe was shouting when they were being told to start wearing tall boots, or else muster at the train station.

And then, they said it again when Russian tanks covered the fucking earth just east of the Fulda gap for about 40 years.

You're welcome, dickbeat.