In Other News, Greeks Will NOT Hold A Full Day Strike On Sunday

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Tue, 05/04/2010 - 14:51 | 331227 Oracle of Kypseli
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In a convoluted way, default or debt forgiveness is the only way out. Hence, the demonstrations may lead to the best result.

BTW: Bank hatred (especialy foreign) is deeply rooted in the Greek DNA  

Once reality sets in, getting paid in drachmas and retiring at 63 may not look so bad.


Tue, 05/04/2010 - 15:36 | 331306 Dr. Acula
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>BTW: Bank hatred (especialy foreign) is deeply rooted in the Greek DNA  

Whereas in USA we love counterfeiting, bailment fraud, and Ponzi schemes.


Tue, 05/04/2010 - 14:53 | 331229 chet
chet's picture

"Greeks Will NOT Hold A Full Day Strike On Sunday"

I'm tired, and striking is soooo HARD!  Can't we just bring in some cheap foreign labor to strike for us?

Tue, 05/04/2010 - 14:59 | 331239 moldygoat
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Funny shit! Top Shelf!

Tue, 05/04/2010 - 14:55 | 331231 carbonmutant
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Contractual agreements are always the leading casualties of socialist economies.

Tue, 05/04/2010 - 15:14 | 331258 Joe Davola
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Ask the GM bondholders about free market contracts.

Tue, 05/04/2010 - 15:36 | 331304 carbonmutant
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Yes but it was socialist administration that canceled them...

Tue, 05/04/2010 - 15:34 | 331297 Dr. Acula
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Contractual agreements? You mean Greek bonds?

What we have here are contracts between the government and bondholders to obtain revenue by stealing from future Greeks. The bondholders are buying shares in slavery.

Why should Greek people respect such a "contract"?


Tue, 05/04/2010 - 16:16 | 331373 Catullus
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there it is, folks. These are debts governments incurred, not individuals. The government has nothing of it's own. It's simply promising the wealth of those whom it can confiscate from. It's not private debt. There is no sacred honor in a government obligation. It's a contract only in the sense that thugs agree to divy up spoils.

Repudiate, Greeks! Be free of this. Starve your government. The rest of Europe will follow.

Tue, 05/04/2010 - 16:48 | 331488 Gordon_Gekko
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Bingo. +100000

Fuck the Governments and their Bonds.

Tue, 05/04/2010 - 14:55 | 331232 Carl Spackler
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“Opting for the easy path of cutting wages and pensions can’t be accepted.”


If the "easy path" is cutting wages and pensions, then what is the hard path?

Total disintegration and chaos?

Tue, 05/04/2010 - 15:19 | 331276 Shoegazer
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They've cleared out the treasury and borrowed money from every sucker willing to give it to them so I believe the next step is: "tax everyone except me and don't touch my entitlements".

Tue, 05/04/2010 - 14:59 | 331236 Mitchman
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a) People will not change unless they are in enough pain.  Clearly the people out in the streets of Greece are not yet in enough pain and- more importantly, the IMF hasn't given them the pain they need to come to grips with their situation; b)  when the images of these demonstartions hit the television sets of Deutschland, Mrs. Merkel and the members of her party will not get elected dog catcher if she continues with the bailout; c) the UK election will have more negative impact than mopre currently thought; and d) although we all saw this coming, things are starting to get very scary. 

Tue, 05/04/2010 - 15:00 | 331240 Bam_Man
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The strikers are going on strike?

Tue, 05/04/2010 - 15:04 | 331244 Cognitive Dissonance
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"In essence, the Greek people would rather see their country bankrupt, the EMU destroyed and their nation locked out of the funding market for the next decade than have to retired at age 63."

Tyler, this is too simplistic a view of what's going on. No doubt, people don't wish to give up anything and they will nearly always see themselves as the victim. With 30% of the working population in civil service, there is most certainly an entitlement mentality.

But Greece is a corrupt state, to the point that everyone must participate in corruption in order to get anything done. People don't trust their government and why would or should they? This isn't the first nor fifth time they have been in "crisis" and as far as the average Greek is concerned, the people in charge are simply helping themselves rather than helping the Greek people.

So in a country that long ago became a dog eat dog take care of yourself society, the people of Greece don't expect anything to change except they get more of the shaft. I'm not going to say they are revolting against the Ponzi because I don't know if the average Greek understands what's going on internationally. But they do know they must bribe every state employee and many private ones to get anything done and they are (rightfully) expecting this to continue only they will have less money to survive.

Tue, 05/04/2010 - 15:16 | 331265 Mitchman
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Right you are CD.  So it is with the most sardonic of feelings that I point out to you that it is exactly the way we are not-so-slowly becoming here in this forsaken, increasingly corrupt US of A.  And nobody give s a s**t because it happens slowly.  And nobody gives a flying f**k so long as they are getting their share and they think the next guy is getting less.

Tue, 05/04/2010 - 15:18 | 331275 hedgeless_horseman
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Greece is no more corrupt than America.  The difference is that Americans have faith in their corrupt government, less so with Greeks.

Tue, 05/04/2010 - 16:19 | 331388 Cognitive Dissonance
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While I agree with your premise, I don't remember having to bribe the clerk at the motor vehicle department to register my car or the county tax clerk to receive the stamp that proves I paid my vehicle taxes and so on. This type of small time graft is the norm in Greece.

On the other hand, in America, rather than nickel and dime around like a bunch of amateurs, we do it all in one fell swoop with money printing on the sly and inflation that isn't acknowledged, thus eliminating messy things such as cost of living raises and other citizen adjustments to the corruption. And of course most of us have been conditioned to think our misery is good for us. Oh look, prices have gone up again. That must mean I'm richer than I was last week.

In reality we have it better because our way allows us to maintain our moral righteousness. No need to slip a twenty to the clerk to get those auto tags.

Tue, 05/04/2010 - 16:53 | 331500 Gordon_Gekko
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I think small time graft will become more common in America as it sinks deeper into poverty, as has been the experience in many countries throughout history.

Tue, 05/04/2010 - 17:10 | 331527 hedgeless_horseman
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I was thinking more along the lines of law firm's wholesale, open, and legal funding of judges' campaigns in Texas.  When you give a judge $10,000 in Greece you conceal it, in Texas you report it as a tax writeoff.

Tue, 05/04/2010 - 16:03 | 331334 CD
CD's picture


"In a striking example of the inextricable ties of our modern world, close to 1,000 tourists on a cruise ship lost a day of their vacation when Greek unionists, protesting planned legislation that will allow cruise ships with foreign crews to dock in Greek ports, stopped them from embarking in Piraeus. This prompted the Spanish cruise company to warn that it may suspend visits to Piraeus. If this occurs, at least 1,000 tourists per week, who are by definition in a high income bracket, will no longer visit Athens as part of their Mediterranean cruise. They will not eat at Plaka's restaurants, visit our museums nor buy souvenirs. This loss is not likely to affect the unionists who probably count every new injury to the Greek economy a trophy in their war against capitalism. But it does show how the actions of a few can affect the livelihood of many. It is a snapshot of how Greece destroyed itself - with every group taking care only of its own interests, without any consideration for the rest of society. All the groups, and their selfish interests, piled up, until Greece could no longer function."

As I may have mentioned earlier ( and +1 to Cog Dis above), those with the least influence in affecting the current situation will suffer the vast majority of the downside. While (eventual) default in some shape or form seems inevitable, I am wondering if the people mentioned here may shed the scales on their eyes, get up and actually DO something beyond bleating their indignation -- and wash out the stables of the myriad types of parasitic life forms that now inhabit it. Perhaps (much) more pain is still required for that to happen, but perhaps the pebbles/snowflakes are already in motion on the slopes of Olympus.

"We are a society that accepted unacceptable divisions: between those who worked like dogs and had to borrow to make ends meet, and those who made money with minimal effort; between those who obey the law and those who get away with anything, exploiting the law to their own ends; between those who avoid every obligation and exploit every benefit, and those who pay taxes and social security contributions."

Sound like (an)other country(es) we know...?

Tue, 05/04/2010 - 23:45 | 331985 Alienated Serf
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My bankster brother booked his honeymoon to the greek islands this august; he is exhibit a on the intelligence of banksters.  shadenfreude guilt...

Wed, 05/05/2010 - 02:25 | 332072 Moonrajah
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Who knows, maybe by that time he will be welcomed as a representative of the new overlords of Greece.

Wed, 05/05/2010 - 10:25 | 332507 Alienated Serf
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LOL. yeah, welcomed with a marble brick to the head.

Tue, 05/04/2010 - 15:05 | 331246 sushi
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The Greeks would be better off if they stopped paying their mortgages and went out and bought a new pair of shoes and a few dozen Anne Taylor dresses. Works for other folks I know.

Tue, 05/04/2010 - 15:12 | 331255 seventree
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Unfortunately most lacked the foresight to get over their heads in debt, leaving them with nothing to default on.

Tue, 05/04/2010 - 15:06 | 331247 Albatross
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On another thought, may be sheeple in continent

Europe are some what less sheeple in the good ole

USA (relatively speaking).

Hey, leave me enough crappy fast food&beer I don't

care about the rest here in the USA...

Tue, 05/04/2010 - 15:07 | 331249 Black Swan
Black Swan's picture

Yassu Re.......!!!!!

First the bailout, then eventually they default on said bailout, then departure from the EU. Knowing the greeks as I do, I will say this, either the greeks leave the Euro or the country implodes. Either way it ends real UGLEY folks.


Tue, 05/04/2010 - 15:16 | 331266 A Man without Q...
A Man without Qualities's picture

The missing piece of the puzzle in this is the Greek union pension schemes.  Most unionized workers have been contributing to a second pension managed by their union.  I do not know the specifics of the plans, but I know that these funds have been as badly managed as anything else in Greece and the investment decisions made based on the size of the brown envelope.  With the proposed changes to the state pension, the union leaders are probably terrified the mishandling of the union schemes may cause these to collapse and take their power away.  I think they are trying to "burn down the house" to destroy the evidence of their crimes.  Rather than being ideologically opposed to the bankers, the union leaders have had their snouts in the same trough, but through a "workers revolution," they can bury their nasty secrets.

Tue, 05/04/2010 - 16:12 | 331267 A Man without Q...
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Tue, 05/04/2010 - 15:52 | 331314 MacedonianGlory
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Don't be afraid. People is facing hunger in Greece with the austerity measures, that are so tough you can't imagine. What did you expected? To stay silent? Of course they are going to protest. Socialist destroy Greeks, for they protect the corrupted.

Tue, 05/04/2010 - 16:14 | 331366 Cursive
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Greece is everyone's future if we don't throw the central bankers out.

Tue, 05/04/2010 - 16:02 | 331335 Gordon_Gekko
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Greece going bankrupt is probably the best option right now for Greek citizens - the banks and idiot Greek bondholders DESERVE to EAT the losses - they should have known better than to lend money to drunken sailor governments like Greece.

Tue, 05/04/2010 - 16:09 | 331349 Cognitive Dissonance
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Of course, it's not about saving Greece but of saving the Greek bondholders (a multiple of foreign and domestic banks and wealthy individuals) which was also the entire purpose for "saving" the US banks in late 2008.

Tue, 05/04/2010 - 16:42 | 331466 Gordon_Gekko
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Tue, 05/04/2010 - 16:12 | 331358 Cursive
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I guess my little family will just have to settle for a visit to the Acropolis replica in Nashville.  :D

Tue, 05/04/2010 - 16:13 | 331364 MacedonianGlory
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What you are about to see in Greece is unimaginable.

Tue, 05/04/2010 - 16:15 | 331368 Cursive
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Are you there?  Can you give us any man-on-the-street perspective?  Anyone you know?

Tue, 05/04/2010 - 16:38 | 331452 MacedonianGlory
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I'm gonna inform you about Greek situation.

Tue, 05/04/2010 - 16:43 | 331469 Gordon_Gekko
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Send an email to Tyler so we all can read 'on the ground' reality instead of MSM lies and bullshit.

Tue, 05/04/2010 - 16:43 | 331472 Cursive
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Looking forward to it.

Tue, 05/04/2010 - 16:17 | 331377 ignorant
ignorant's picture

Couple months now reading and trying ustand this site why  is tht much obsessed with greece, provoking most of times on a obnoxious and pathetic way even retards can ustand . 

Reasons cud be

a/ personal whc don't believe

b/ you or yr bosses were heavily betting on greece default and nothing worst than a looser

c/ political on an assignment trying through greece to degrade  the EURO not on the value but as a trustworthy currency for other countries to have it on reserves (china,arabs) and big deals especially on oil not to be done on tht currency.

Don'y really care what of those happens but can tell you wht's going happen in greece.

Soon you wl get in USA a packet with G-Pap his mom and the IMF guys now trying to play monarchs of greece , then we talk again.

Better in deep sea than in deep shit.  


Wed, 05/05/2010 - 01:27 | 332050 nobita
nobita's picture

people here are not as negative about the us as greece???

and a bet on greek default has been an excellent bet if you placed it the last six months.

sorry about your country

Tue, 05/04/2010 - 16:25 | 331410 doolittlegeorge
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Tue, 05/04/2010 - 17:25 | 331559 Leo Kolivakis
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A pic from many photos on Yahoo:

How embarassing, to promote communism on the Acropolis! Shame on them!

Tue, 05/04/2010 - 17:42 | 331587 kohoutek
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Communists in Greece? Uh-oh!

Better call in the CIA and install a bloodthirsty right-wing dictator instead...that'll teach 'em!

Tue, 05/04/2010 - 18:48 | 331693 MacedonianGlory
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Greece is a democratic country. All the political expressions are allowed.

Tue, 05/04/2010 - 18:47 | 331688 MacedonianGlory
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Leo, Socialists always hated communists. Hitler hated Stalin.

Was it better when antiauthoritarians promoted destruction in Athens back in December 2008?

Was it better when antiauthoritarians had socialists cover?

Tue, 05/04/2010 - 19:58 | 331775 Cognitive Dissonance
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But the Acropolis is looking mighty fine. Did my US taxes help pay for that? Or maybe I should say will my US taxes help pay for that?

Tue, 05/04/2010 - 17:26 | 331562 Leo Kolivakis
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Edit: delete duplicate.

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