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

Tyler Durden's picture

If only the Greeks were as passionate about maintaining the debt of their economy at a reasonably insane level, as opposed to the "full retard" reserved for banana republics such as the UK and the US, as they are about striking when it comes to preserving their entitlements, Europe would have a budget surplus of several quintillion. Today, and tomorrow, and likely everyday thereafter, Greece will be shut down as billions in (non-taxable) economic output is eliminated, trade is shuttered, and the tourism industry is dead. And since hospitals are also on strike, tourism may be the least of the casualties. Bloomberg reports: "Greek government workers shut down schools and hospitals and disrupted flights as demonstrators occupied the Acropolis in an escalation of protests against 30 billion euros ($40 billion) of additional wage cuts and tax increases unveiled this week." And no, there is no hope: "“Protests will increase,” said Spyros Papaspyros, the head of ADEDY. “Opting for the easy path of cutting wages and pensions can’t be accepted.” 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. But at least they gave us democracy.... The same democracy that will see the Supreme Court soon side with the Federal Reserve over 300+ million US citizens.

More from Bloomberg:

    The ADEDY union federation, which represents more than 500,000 civil servants having their pensions and pay slashed under measures announced May 2 by Prime Minister George Papandreou, will hold a rally at midday joined by striking teachers. A general strike, the third this year, is planned for tomorrow, with private-sector workers due to participate.

    Protesters from the Communist Party of Greece draped banners over the walls of the ancient Acropolis citadel in Athens today that said “Peoples of Europe Rise Up” in Greek and English, as tourists took photographs. Unemployed teachers yesterday disrupted the evening news show on state-run NET TV.

    ‘Terrorizing’ Tourists

    Government spokesman George Petalotis condemned the occupation of the Acropolis, saying on NET TV that such protests “aimed to destroy tourism to Greece by terrorizing foreign visitors.”

    “My trip is complete,” said Roger Smith from the U.S. as he took photos of the protests below the Acropolis. Smith, on his first visit to Greece with his wife, Diane, said rich Greeks, like rich Americans, needed to pay their taxes.

    Fifty-one percent of Greeks say they won’t accept new austerity measures and would join protests against them, according to a poll of 1,000 people by ALCO for Proto Thema newspaper. That compared with 33 percent who would accept them. No margin of error was given for the poll, which was conducted from April 27 to April 29.

    Most Greeks feel anger and dismay rather than relief over Papandreou’s decision to request emergency loans, a separate survey showed. Just 14.8 percent of the 1,256 people polled by Kappa Research April 28-29 for To Vima newspaper felt relief or hope after the move, compared with 31 percent who answered “anger,” 30.6 percent “disappointment or fear” and 22.8 percent who said they felt “shame.” The margin of error for the poll was 2.6 percentage points.

TS Eliot was wrong. For Europe, May is about to prove the cruelest month by far. Should there be no change to the status quo, we anticipate the disintegration of the monetary union in the very near future. And the more Spain refuses to acknowledge that it has requested a several hundred billion dollar bail out, the more we are convinced our assumption is correct.

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Oracle of Kypseli's picture

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.


Dr. Acula's picture

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

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


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?

moldygoat's picture

Funny shit! Top Shelf!

carbonmutant's picture

Contractual agreements are always the leading casualties of socialist economies.

Joe Davola's picture

Ask the GM bondholders about free market contracts.

carbonmutant's picture

Yes but it was socialist administration that canceled them...

Dr. Acula's picture

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"?


Catullus's picture


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.

Gordon_Gekko's picture

Bingo. +100000

Fuck the Governments and their Bonds.

Carl Spackler's picture

“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?

Shoegazer's picture

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".

Mitchman's picture

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. 

Bam_Man's picture

The strikers are going on strike?

Cognitive Dissonance's picture

"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.

Mitchman's picture

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.

hedgeless_horseman's picture

Greece is no more corrupt than America.  The difference is that Americans have faith in their corrupt government, less so with Greeks.

Cognitive Dissonance's picture


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.

Gordon_Gekko's picture

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.

hedgeless_horseman's picture

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.

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...?

Alienated Serf's picture

My bankster brother booked his honeymoon to the greek islands this august; he is exhibit a on the intelligence of banksters.  shadenfreude guilt...

Moonrajah's picture

Who knows, maybe by that time he will be welcomed as a representative of the new overlords of Greece.

Alienated Serf's picture

LOL. yeah, welcomed with a marble brick to the head.

sushi's picture

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.

seventree's picture

Unfortunately most lacked the foresight to get over their heads in debt, leaving them with nothing to default on.

Albatross's picture

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...

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.


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.

MacedonianGlory's picture

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.

Cursive's picture

Greece is everyone's future if we don't throw the central bankers out.

Gordon_Gekko's picture

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.

Cognitive Dissonance's picture


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.

Cursive's picture

I guess my little family will just have to settle for a visit to the Acropolis replica in Nashville.  :D

MacedonianGlory's picture

What you are about to see in Greece is unimaginable.

Cursive's picture

Are you there?  Can you give us any man-on-the-street perspective?  Anyone you know?

MacedonianGlory's picture

I'm gonna inform you about Greek situation.

Gordon_Gekko's picture

Send an email to Tyler so we all can read 'on the ground' reality instead of MSM lies and bullshit.

Cursive's picture


Looking forward to it.

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.  


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

doolittlegeorge's picture

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Leo Kolivakis's picture

A pic from many photos on Yahoo:

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

kohoutek's picture

Communists in Greece? Uh-oh!

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

MacedonianGlory's picture

Greece is a democratic country. All the political expressions are allowed.

MacedonianGlory's picture

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?

Cognitive Dissonance's picture

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?

Leo Kolivakis's picture

Edit: delete duplicate.