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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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Thu, 06/23/2011 - 11:02 | 1394838 GhostTrader
GhostTrader's picture

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

Thu, 06/23/2011 - 11:10 | 1394891 So Close
So Close's picture

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

Thu, 06/23/2011 - 11:09 | 1394904 PY-129-20
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...


Thu, 06/23/2011 - 11:15 | 1394918 So Close
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?

Thu, 06/23/2011 - 11:19 | 1394946 Dr. Richard Head
Dr. Richard Head's picture

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

Thu, 06/23/2011 - 11:32 | 1394998 GeneMarchbanks
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...


Thu, 06/23/2011 - 11:42 | 1395046 Dr. Richard Head
Dr. Richard Head's picture

I prefer boozing it now anymore. 

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

Thu, 06/23/2011 - 11:46 | 1395059 eureka
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.

Thu, 06/23/2011 - 11:31 | 1394990 wandstrasse
wandstrasse's picture

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

Thu, 06/23/2011 - 12:06 | 1395148 JR
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.

Thu, 06/23/2011 - 11:16 | 1394911 TruthInSunshine
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.

Thu, 06/23/2011 - 11:26 | 1394981 Transformer
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.

Thu, 06/23/2011 - 12:08 | 1395176 TruthInSunshine
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!).

Thu, 06/23/2011 - 15:59 | 1396284 Havana White
Havana White's picture

Troika -150 Peeps +135

Thu, 06/23/2011 - 11:13 | 1394923 wandstrasse
wandstrasse's picture

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

Thu, 06/23/2011 - 11:00 | 1394844 Cognitive Dissonance
Cognitive Dissonance's picture

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

Thu, 06/23/2011 - 11:17 | 1394924 carbonmutant
carbonmutant's picture

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

Thu, 06/23/2011 - 11:48 | 1395075 Cognitive Dissonance
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?

Thu, 06/23/2011 - 12:31 | 1395295 carbonmutant
carbonmutant's picture


Thu, 06/23/2011 - 11:05 | 1394851 GeneMarchbanks
GeneMarchbanks's picture

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

Thu, 06/23/2011 - 11:06 | 1394852 wandstrasse
wandstrasse's picture

transitory. And bullish for everything.

Thu, 06/23/2011 - 12:17 | 1395207 cougar_w
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!

Thu, 06/23/2011 - 12:38 | 1395339 Cognitive Dissonance
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.

Thu, 06/23/2011 - 11:02 | 1394862 alien-IQ
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.

Thu, 06/23/2011 - 11:02 | 1394865 Deepskyy
Deepskyy's picture

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


Thu, 06/23/2011 - 11:11 | 1394866 hedgeless_horseman
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.

Thu, 06/23/2011 - 11:08 | 1394903 Jeff Lebowski
Jeff Lebowski's picture

Well played, sir.

Thu, 06/23/2011 - 11:18 | 1394929 Dr. No
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. 

Thu, 06/23/2011 - 11:22 | 1394936 hedgeless_horseman
hedgeless_horseman's picture

It's for their protection.


Get it?

Thu, 06/23/2011 - 11:28 | 1394995 Transformer
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.

Thu, 06/23/2011 - 11:03 | 1394873 Version 7
Version 7's picture

Better start to report when they're working.

Thu, 06/23/2011 - 12:19 | 1395224 cougar_w
cougar_w's picture


Thu, 06/23/2011 - 11:08 | 1394874 etrader
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....

Thu, 06/23/2011 - 11:06 | 1394893 Cassandra Syndrome
Cassandra Syndrome's picture

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

Thu, 06/23/2011 - 11:10 | 1394895 hedgeless_horseman
hedgeless_horseman's picture

Gone over like a lead balloon.

Gone down like a White House intern.


Thu, 06/23/2011 - 11:23 | 1394945 bonddude
bonddude's picture

I see what you did there.

Thu, 06/23/2011 - 11:27 | 1394968 alien-IQ
alien-IQ's picture

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

Thu, 06/23/2011 - 11:04 | 1394876 Cassandra Syndrome
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)
Fri, 06/24/2011 - 02:46 | 1397737 unununium
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.

Thu, 06/23/2011 - 11:05 | 1394882 MonsterZero
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.

Thu, 06/23/2011 - 11:19 | 1394948 alien-IQ
alien-IQ's picture

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


Thu, 06/23/2011 - 11:40 | 1395039 g
g's picture

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

Thu, 06/23/2011 - 12:11 | 1395174 alien-IQ
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.

Thu, 06/23/2011 - 11:40 | 1395058 Transformer
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. 

Thu, 06/23/2011 - 12:18 | 1395171 g
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.

Thu, 06/23/2011 - 12:23 | 1395248 MonsterZero
MonsterZero's picture

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

You do inherit the debt of your ancestors.

Thu, 06/23/2011 - 12:24 | 1395256 g
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'

Thu, 06/23/2011 - 12:32 | 1395302 AnAnonymous
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.

Thu, 06/23/2011 - 12:36 | 1395333 g
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.

Thu, 06/23/2011 - 16:40 | 1396448 LFMayor
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.

Thu, 06/23/2011 - 14:52 | 1395880 LFMayor
LFMayor's picture

curious here... just how many TSA (or just plain government or civic official) agents have you laid the smackdown on in the past month or so, killer?

How many smackdowns have you admistered in your life?  And yes, you can count the time you were asking Randy Couture "Why are you hitting yourself Randy?" as you forced him to strike himself with his own hands.

Thu, 06/23/2011 - 15:31 | 1396108 g
g's picture


Thu, 06/23/2011 - 11:24 | 1394955 topcallingtroll
topcallingtroll's picture

They are getting exactly what they deserve.

It is hilarious watching greek unions work so hard to make the situation worse for themselves.

Thu, 06/23/2011 - 15:16 | 1396023 edotabin
edotabin's picture

A bit of a scathing remark. 

The real issue is that no matter which direction/currency/political party emerges, their lives will be worse off. They haven't realized they lived the golden years.




Thu, 06/23/2011 - 11:26 | 1394967 g
g's picture

Great points, agreed.

Thu, 06/23/2011 - 12:12 | 1395195 AnAnonymous
AnAnonymous's picture

Making it appealing to companies to move factories overseas to hire labor without all these requirements results in the downfall of your national economy.


Wrong.  Shifting away activity is the consequence of smithian economics, that concentrates wealth on one area and thus turns it improper for hosting low valued activity.

Unions have little influence on that.

Practical evidences of that: all countries that do not allow unionizing, are caught in the Smithian paradigm and thus move away their activity. Activity is not stuck in one third world country, but move from one place to another (even though China managed to pin off a share of the world activity)


Unions have milked up the situation as much as possible to warrant workers get their share.

Thu, 06/23/2011 - 11:10 | 1394887 Trajan
Trajan's picture

My pool is dialed in at 78, SkyNews live feed of the square, beer/chips, fk it,  put me down for a symparthy strike. I work for the gov.,  they don't give shit .....*yet*

Thu, 06/23/2011 - 11:10 | 1394910 mynhair
mynhair's picture

If the Greek Unions always strike, how would anyone notice?

Thu, 06/23/2011 - 13:20 | 1395516 MS7
MS7's picture

Oh, they'll notice. One day without electricity for a certain number of hours, without public transportation, or other services is a nuisance. If there are many days like that, the whole country shuts down and no one can hope to govern a country like that. Hopefully, G-Pap would surrender his throne at that point, or be removed from it by the folks in his party.

Thu, 06/23/2011 - 11:11 | 1394912 thetrader
thetrader's picture

more to come, but who is winning on this greek situation, from russia with love.....

Russia Takes Advantage of the Eurozone Crisis

Thu, 06/23/2011 - 11:11 | 1394915 cdskiller
cdskiller's picture

Man, would I love to be there on the 28th.

Thu, 06/23/2011 - 11:32 | 1394997 Dr. Richard Head
Dr. Richard Head's picture

Not able to make it to the next Greek protest?  Well, have we got a deal for you - Police State the Kit.  With Police State the Kit you can have your own revolutionary protest right in your own home. 

Police State the Kit comes with everything you need to feel like you are right there.

Police State the Kit comes with -

A teargas canister with easy open top.  Automatic club bashing stick and zip ties for all the arresting fun you can have.  Protestor signs and markers for all your sign making needs.

Anarchist police provocateurs are included too and will smash your living room up like a hell hole. 

Just open the canister, sit in your room, set the auto club beating feature, and wave your protest sign as you use Police State the Kit to bring the dissent of the many right into your own home.

Call now!  Supplies are limited.

Thu, 06/23/2011 - 12:18 | 1395243 cougar_w
cougar_w's picture


Thu, 06/23/2011 - 11:15 | 1394920 SDRII
SDRII's picture

The oil moves are broadly consistent with the timing of the silver moves exiting the first press conference


Thu, 06/23/2011 - 11:16 | 1394921 alus
alus's picture

It's unfair. Why Greeks, Spanish get 13th, 14th pensions when other countries never have such thing! The same - greek farmers get more than 500 eur per ha every year, german 350, polish 150 eur, latvian 80 eur. Retirement wages are in the same amount as last pension! More than 30% of Greeks works in goverment sector (producing nothing!)Where's the justice? And now every country has to pay for them??? Never. Why to help them? They have to help themselves.

Average pay in Greece is abt 1000 eur/month. Compare this to ukrainian 350 eur. Eh...

Thu, 06/23/2011 - 13:02 | 1395442 Carl Spackler
Carl Spackler's picture

"It's unfair"....... Huh????

It's not "unfair."  They created their own systems.

And if they want to destroy themselves, then so be it. They have that sovereign right.

Thu, 06/23/2011 - 13:03 | 1395446 Carl Spackler
Carl Spackler's picture

"It's unfair"....... Huh????

It's not "unfair."  They created their own systems.

And if they want to destroy themselves because of utter stupidity, then so be it. They have that right as sovereign entities.

Thu, 06/23/2011 - 19:10 | 1396896 zuuuueri
zuuuueri's picture

unless you're trolling, you really need to know what youre talking about before you say rubbish like this. 

first, regarding 13th, 14th, etc salaries. This is a common (and stupid) gimmick throughout europe, with full-time salaried people. the annual salary is typically specified in one's contract as well as the schedule for its being paid through the year- often not in 12 even installments but instead with some bullshit 'extra' salary.. but it's all just different ways of dividing the same number up over the year. 

In greece most people do not work in salaried fulltime permanent positions, outside of the public sector. 1000 euros a month is probably not too far above the average, but i'd suspect that the average is lower, or else the average of the bottom 95% is definitely lower.. if you count all the people who are working part-time which is much more common these days. They tend to pull more like 500-800 a month.

pensions are _much_ lower than the wage while working.. and in the private sector, nobody has any delusions about pensions. they are never going to see any money. public sector parasites also don't get full pension when they retire so early, but about half (of the pension, which might be half to 2/3 of the pay, and is less now sine some big cuts this past year).. 

as for farm subsidies, your numbers are pure fantasy. maybe a handful of politically connected people get that kind of money. most people get a big fat... nothing.

This is not to say that i am a fan of farm subsidies (i'm not), nor having tons of useless public sector chairwarmers collecting even their moderate wages for doing nothing.. but one shouldn't just say random totally inaccurate bs simply because it might sound good.. 

Thu, 06/23/2011 - 11:16 | 1394937 topcallingtroll
topcallingtroll's picture

Can someone please tell me in all seriousness what good it does to strike?

Do they prefer the mild austerity of accepting the loan package or the severe, harsh Argentina style austerity of an immediate cut off from international debt markets.

All a strike does is increase the possibility of the latter.

Thu, 06/23/2011 - 11:44 | 1394977 hedgeless_horseman
hedgeless_horseman's picture

Some prefer the liberty of immediate cut off from international debt markets.

Thu, 06/23/2011 - 12:00 | 1395127 gwar5
gwar5's picture

Labor is threatening to force Chapter 11 on Greece and go the Iceland route (which is doing nicely now) so Greece can recover faster on their own terms. The banker debt slave option would hurt Greece for generations. Hard to say if Greece would be Iceland or Argentina. 

What Greeks really want is to have it both ways and continue their lifestyle status quo with OPM, but that's over.

Since a Greek default would be an economic nuking of the European banking system, Greek Labor has leverage here and appears to be willing to use it. Interesting times.


Thu, 06/23/2011 - 20:49 | 1397133 nathan1234
nathan1234's picture

Which is how it should be.

Human life is short. Servicing debt of this kind is akin to being a slave of the Banksters.

Greek's will be commiting financial suicide if they accept these terms and debt.

It's time that the Bankster's hanged themselves instead of the people.

Thu, 06/23/2011 - 11:32 | 1395016 ThisIsBob
ThisIsBob's picture

The projections of Greece's ability to meet  restructured debt obligations just blithley assume that Greeks are going to work.

Thu, 06/23/2011 - 11:36 | 1395017 AldoHux_IV
AldoHux_IV's picture

In full support of the Greek people and their attempt to fighting against a flawed economic plan and insolvent system that is perpetuated by the Troika.

Thu, 06/23/2011 - 11:36 | 1395018 Cpl Hicks
Cpl Hicks's picture

Where are the panzer divisions when we really need them?

Thu, 06/23/2011 - 11:39 | 1395032 Stuck on Zero
Stuck on Zero's picture

Unions should always be careful about calling a strike.  People may notice that things get done better and faster without them.

Thu, 06/23/2011 - 13:07 | 1395461 Carl Spackler
Carl Spackler's picture

Amen.  +1

Lose the unions, and productivity returns, followed thereafter by economic growth.


Thu, 06/23/2011 - 11:41 | 1395043 Confucious 222
Confucious 222's picture

Greece really NEEDS to do the "Iceland" thing and tell the banksters to "Fuck off, eat shit and die".

If they were smart, they should then arrest all their finance ministry, ECB and IMF personnel for "economic terrorism" with bail at 50 million Euros each. No bail money arrives after day 1, start hanging them in Syntagma Square after a 60 second trial.

Methinks it would have "popular" support.

Thu, 06/23/2011 - 12:23 | 1395247 topcallingtroll
topcallingtroll's picture

I think they should do that too.

What they dont realize is how harsh and austere it is to restructure argentinian style.

The greeks dont have a good enough reputation to get the iceland treatment and easy access to capital markets, so a greek default will not be all hunky dory and easy street like iceland's was.

Thu, 06/23/2011 - 14:15 | 1395693 Rick64
Rick64's picture

What they dont realize is how harsh and austere it is to restructure argentinian style.

 Argentina was back on its feet about 12 months after their default.

so a greek default will not be all hunky dory and easy street like iceland's was.

 Easy street like Iceland? 

On 28 October 2008, the Icelandic government raised interest rates to 18%, (as of August 2010, it was 7%) a move which was forced in part by the terms of acquiring a loan from the IMF.

The national currency has fallen sharply in value, foreign currency transactions were virtually suspended for weeks, and the market capitalisation of the Icelandic stock exchange has dropped by more than 90%. (Which means those loans will cost more to repay)

Unemployment had more than tripled by late November 2008, with over 7000 registered jobseekers.  Since October 2008, 14% of the workforce have experienced reductions in pay, and around 7% have had their working hours reduced.

The assets of Icelandic pension funds are, according to one expert, expected to shrink by 15–25%.

Inflation may climb as high as 75% by the end of the year.


Thu, 06/23/2011 - 14:20 | 1395735 earnyermoney
earnyermoney's picture

How about quoting a more recent article. They exist. I have seen several in the WSJ or NYT over the past 3 months. Gist of every article was economic recovery is taking hold in the country.

Thu, 06/23/2011 - 18:14 | 1396771 Rick64
Rick64's picture

 The point was that it wasn't easy street or hunky dory. Are they recovering well it seems so, but if you look at the deals they made with the IMF then I would say it is far from over. The loans and deals they made will come back and bite them on the ass or citizen's asses. Looks like they are selling their country out again.

   the third major factor behind the resolution of the financial crisis was the decision by the government of Iceland to apply for membership in the EU in July 2009. While views on the feasibility of EU membership are quite mixed in Iceland, this action has served to enhance the credibility of the country on international financial markets. One sign of the success of the above efforts is the fact that the Icelandic government was successfully able to raise 1$ billion with a bond issue on June 9, 2011. This development indicates that international investors have given the government and the new banking system, with two of the three biggest banks now in foreign hands, a clean bill of health.

 This is what got them into trouble to begin with. Their banks were privatized before that they were doing fine.

Despite a contentious debate with Britain and the Netherlands over the question of a state guarantee on the Icesave deposits of Landsbanki in these countries, credit default swaps on Icelandic sovereign debt have steadily declined from over 1000 points prior to the crash in 2008 to around 200 points in June 2011. The fact that the assets of the failed Landsbanki branches are now estimated to cover most of the depositor claims has had an influence to ease concerns over the situation.

 So where is the default? Instead of default Iceland is borrowing huge amounts from other countries and the IMF. What do they get in return? The government gets short term relief at the cost of the citizens. Those interest payments are a bitch just ask all those third world countries.

 The first pillar is a program of medium term fiscal consolidation, involving painful austerity measures and signficant tax hikes. The result has been that central government debts have been stabilised at around 80-90 percent of GDP.

 Is this success? It seems the only haircut was to the citizens.




Thu, 06/23/2011 - 14:31 | 1395782 Lednbrass
Lednbrass's picture

Iceland will have 75% inflation? According to this it has dropped drastically in the last 2 years.

Thu, 06/23/2011 - 17:50 | 1396685 Rick64
Rick64's picture

 It says may have not will have. It was still pretty high for three years.

May 2011   3.349%

May 2010   7.482%

May 2009   11.672%

May 2008    12.318%

May 2007   4.618%




Thu, 06/23/2011 - 13:19 | 1395487 Carl Spackler
Carl Spackler's picture

Stop paying the foreign financiers is like shooting yourself in the head.

It would create a disaster lasting over the next 30 years or more.

Any future currency would have zero global support or acceptance and any future government would have zero ability to borrow in the capital markets. NO MONEY!

Moerover, the populace is corrupt and lazy, so the country has no economic re-development potential. NO HOPE!


Thu, 06/23/2011 - 14:21 | 1395719 earnyermoney
earnyermoney's picture

Iceland seems to be doing fine since they told the banksters to jump.

Thu, 06/23/2011 - 14:25 | 1395733 Rick64
Rick64's picture



Duhalde, a Peronist with a centre-left economic position, had to cope with a financial and socio-economic crisis, with unemployment as high as 25% by mid 2002, and the lowest real wages in sixty years. The crisis accentuated the people's mistrust in politicians and institutions. Following a year racked by protest, the economy began to stabilize in late 2002, and restrictions on bank withdrawals were lifted in December.[32]

Thu, 06/23/2011 - 20:31 | 1397106 nathan1234
nathan1234's picture

We may possibly see this happen next week after the vote

Thu, 06/23/2011 - 11:46 | 1395070 Nothing To See Here
Nothing To See Here's picture

The Greeks may be dumb and socialists, but Going Galt is a good call.

Thu, 06/23/2011 - 11:45 | 1395079 Jovil
Thu, 06/23/2011 - 11:50 | 1395084 Greeny
Greeny's picture

Are those bums ever working?

Thu, 06/23/2011 - 12:07 | 1395153 alien-IQ
alien-IQ's picture

you are a jingoistic retard...but I mean that in the best possible way.

Thu, 06/23/2011 - 12:11 | 1395175 epwpixieq-1
epwpixieq-1's picture

Interestingly all Greeks are complaining about austerity and no one is asking why did we get here.

Greece is the only country on the Balkans that has lived beyond their means. Just do some research on  Google for GDP per capita:

Greece - $29,240

Turkey - $8,215

Romania - $7,500

Bulgaria - $6.423

Serbia - $5,872

Macedonia - $4,515

Albania - $3,808

These countries are in the same region of the world, somehow similar culture ( but Turkey ) and generally the more north you go the more industrialize the country is. Given that Greece having GDP of 3.5x the next in the region is due mainly on only one major reason. The money from the EU.

So here you have it living on credit. Well guess what, someday the bill is coming due and someone will have to pay for the luxury lifestyle compared with the rest of the region. Do not blame only the banks although they have their big share in the mess, blame also the Greek politic system and culture that allowed this to happen. Finally someone pays somehow, the people can not live in lifestyle beyond what they earn.

Thu, 06/23/2011 - 12:23 | 1395250 AnAnonymous
AnAnonymous's picture

Since when have they received money from the EU?

Thu, 06/23/2011 - 12:50 | 1395369 topcallingtroll
topcallingtroll's picture

The greek population is 11 million.

They are estimated to have a total debt public and private of close to a trillion dollars.

This is how they kept up "parity" of lifestyle with real Europeans, the true west.

Thu, 06/23/2011 - 12:57 | 1395407 TruthInSunshine
TruthInSunshine's picture


The debt per person in Greece is less than it is in the U.S.

And in fact, that figure is derived from using the U.S. Government's "official" debt of 14 trillion (when it's actually definitely higher than 50 trillion, but something less thn 203 trillion, when taking future entitlement spending through 2030 into account).

Thu, 06/23/2011 - 13:22 | 1395506 Carl Spackler
Carl Spackler's picture

That is because the USA is absorbing the daily defense and security costs for everyone in Europe, Japan, and South Korea...a practice which has to stop or come with a stiff tax to the European Community, Japan, and South Korea.



Thu, 06/23/2011 - 14:11 | 1395678 Silvarouvres
Silvarouvres's picture

This stiff tax should come on top of the petrodollar you think?

Thu, 06/23/2011 - 19:16 | 1396915 zuuuueri
zuuuueri's picture

defending exactly what, and from whom? The US military machine and its expense is just the cost of maintaining an empire. Yes, all empires eventually get to the point of diminishing returns on all that expense, and most of them at some point make some noise about making the provinces pay the costs of their 'defense'.. 

Thu, 06/23/2011 - 13:13 | 1395489 High Plains Drifter
High Plains Drifter's picture

My message to the Greeks.......



Thu, 06/23/2011 - 13:14 | 1395492 lindaamick
lindaamick's picture

1) Read about labor in the US prior to Unions.  No limits on work hours, no limits

on child labor, no fair wage.  The Jungle is a great read.    Any residual worker

rights can be traced back to labor rights earned during the Union period after the


2) I have been a US citizen for 60 years and have never taken any kind of handout.

Now my house is vastly underwater and all equity is gone.  The 110 year old

corporation that I worked for for 25 years is in Chap 11 and therefore my pension

is mostly toast and no retirement benefits that were promised. 

3) The parasite class is the Transnational Corps who get ALL the

major welfare.

Wake up.  Stop blaming the common man.  We, the commoners are all

in this together and we are ALL the losers.

Thu, 06/23/2011 - 14:55 | 1395894 CustomersMan
CustomersMan's picture


    I agree, if we don't stop them now and forever, then when?

Thu, 06/23/2011 - 13:57 | 1395567 Hacksaw
Hacksaw's picture

The Greeks need to flee the Euro, go back to their own currency, devalue it and listen to the kraut bastards scream like little girls.

I waited on Tyler to start a thread with this piece but I can't wait any longer.,1518,769703,00.html

Thu, 06/23/2011 - 13:39 | 1395573 Bunga Bunga
Bunga Bunga's picture

Figlio di puttanas!

Police joins protests in Greece.

Thu, 06/23/2011 - 14:58 | 1395878 AbbeBrel
AbbeBrel's picture

But what does this impact the thing that really matters - the price of good Ouzo!!

Thu, 06/23/2011 - 20:40 | 1397122 Buck Johnson
Buck Johnson's picture

They don't want austerity, pure and simple. 

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