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2011 Greek State Budget Deficit Widens 24% Through July

Tyler Durden's picture




 

Remember how the Troika said Greece has its "budget situation" under control, and as such is a worthy recipient of the second €120 billion bailout tranche? Then perhaps they can explain to us how the following makes sense: according to Bloomberg, Greece’s state budget deficit widened to €15.5 billion in the January to end-July period from €12.5 billion euros in the year earlier period, according to an e-mailed statement from the Athens-based Finance Ministry today. So.... after praising the Greek deficit cutting progress, the country comes out and tells everyone it was really only kidding, it kinda sort lied, about its deficit but was more than happy to take European and US capital, and as for collecting taxes, well, they can try it, or at least promise to do so, after bailout #3.

 

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Wed, 08/10/2011 - 07:42 | 1545569 Gordon Freeman
Gordon Freeman's picture

It's Charlie Brown and the football, Tyler...

Wed, 08/10/2011 - 07:44 | 1545571 alexwest
alexwest's picture

Greeks are not stupid, they know
they will lose money either through confiscation by taxes, or through bank/debt defauls.. so only smart way is hide , move money out of system, dont declare incomes..

i hope Americans will wise up eventually
alx

Wed, 08/10/2011 - 07:46 | 1545577 Sudden Debt
Sudden Debt's picture

i hope Americans will wise up eventually

Can you add some change to it to?

 

Wed, 08/10/2011 - 07:48 | 1545580 cossack55
cossack55's picture

Amerikans have to stay in the open in order to receive their next Gubmint fix.

Wed, 08/10/2011 - 07:44 | 1545572 oogs66
oogs66's picture

August 20th, big maturity and interest payments due by greece!

Wed, 08/10/2011 - 08:15 | 1545644 Iriestx
Iriestx's picture

The Germans will mortgage their children's future to pay for it.  It's all good.

Wed, 08/10/2011 - 07:44 | 1545573 dwdollar
dwdollar's picture

So the Greece saga will be back sooner than expected?  Talk about a perfect shit-storm on the horizon.

Wed, 08/10/2011 - 07:46 | 1545575 Sudden Debt
Sudden Debt's picture

ROOM TO MANEUVRE BITCHEZ!!!

 

Wed, 08/10/2011 - 07:46 | 1545576 max2205
max2205's picture

And that's spun to the upside....

Wed, 08/10/2011 - 07:48 | 1545581 EscapeKey
EscapeKey's picture

But the NEXT estimate will be correct! Trust us!

Wed, 08/10/2011 - 08:48 | 1545709 pods
pods's picture

I love it how we got in a big tussle over here in the US because the S&P had a different 10 year estimate than the administration, when in reality, they cannot forecast out a quarter with any precision.  

Just goes to show there are no wrong answers in the land of make believe. Only different and opposing right ones.

pods

Wed, 08/10/2011 - 07:49 | 1545585 papaswamp
papaswamp's picture

Time to head for Mykonos beach and party on! The EU will keep paying for the party.

Wed, 08/10/2011 - 07:49 | 1545587 cossack55
cossack55's picture

IRS has hired thousands recently. I'm sure they would enjoy a all-expenses-paid Greek working vacation.

Wed, 08/10/2011 - 07:57 | 1545601 oogs66
oogs66's picture

not in this world.  the trips will go to timmay and other "top" bosses who don't do any actual work, who will nod their heads, tell the grunts to do the work, and not understand their perplexed looks when they ask how they can do the actual details when they haven't been involved in the proces

Wed, 08/10/2011 - 07:50 | 1545589 Ancona
Ancona's picture

We should send them a boat load of hopium. I hear Obama has a warehouse full of the stuff.

They can smoke it all up, and pretend things have changed.

Sweet!

Wed, 08/10/2011 - 08:00 | 1545608 Archimedes
Archimedes's picture

I prefer to snort my Hopium.

Wed, 08/10/2011 - 08:44 | 1545702 MsCreant
MsCreant's picture

Mainline. What is wrong with you people?

Wed, 08/10/2011 - 08:55 | 1545728 pods
pods's picture

Cannonball comin!

pods

Wed, 08/10/2011 - 07:58 | 1545602 Archimedes
Archimedes's picture

Ah, can you blame them? Broke, jobless americans have been taking free money for the past two or three years while they look for a "job".

No one will turn down free money as long as there are entities that are stupid enough to keep giving it to them.

Wed, 08/10/2011 - 08:06 | 1545624 Dr. Engali
Dr. Engali's picture

They take jobs collecting money under the table while they collect the free stuff.

Wed, 08/10/2011 - 08:01 | 1545611 Dr. Engali
Dr. Engali's picture

Give them another 120 billion. They are good for it. Hell Ben can print that with his eyes closed.

Wed, 08/10/2011 - 08:02 | 1545615 dpr10
dpr10's picture

and probably this does not even include social security..What I wanna see next is the socialist state of France to fall...from AAA of course as a first stage..they have crazy budget deficits and debt to GDP is up there with the best with no chance of ever getting paid back..then the stu..assss Germans can pick up the tab...

Wed, 08/10/2011 - 08:06 | 1545625 CharlieSDT
CharlieSDT's picture

The Greeks are totally screwed.  It's going to be a good buying oportunity soon for Greek beachside real estate and hot exotic Helens of Troy soon, just bring your gold bars.  Here's our take on the Greece debacle:

http://www.singledudetravel.com/2011/07/greece-greed-graft-and-the-grim-reaper/

Wed, 08/10/2011 - 08:48 | 1545710 topcallingtroll
topcallingtroll's picture

That is the funniest shit I have read in a long time!

Wed, 08/10/2011 - 08:18 | 1545648 Snidley Whipsnae
Snidley Whipsnae's picture

Big fire sale of Greek state property coming up. This is what happens when the bankers buy pols. Wait till Yellow Stone Natl Park or Federal grazing/mining lands are put on the block for auction... From Max Keiser... False Flag Finance...

http://www.youtube.com/watch?v=PxgBQ5IrgcA&feature=player_embedded

Wed, 08/10/2011 - 08:43 | 1545696 topcallingtroll
topcallingtroll's picture

Not a good idea to buy property unless you have enough money to buy the government too.

The greeks will sell it to you, then tax and regulate you and harass you with administrative fines until you go bankrupt and they get it back free.

Wed, 08/10/2011 - 10:36 | 1546236 ElvisDog
ElvisDog's picture

I agree. An American buying property in most other coutries is seen as a tax donkey/fee donkey. "Rights? You don't have no stinkin' rights".

Wed, 08/10/2011 - 08:24 | 1545664 woofer
woofer's picture

Anyone who has ever visited Greece would see that there isn't much there apart from Greeks, rocky ground, ruins, olives and tourists. If the original money lenders to the Greeks reckon that they did due diligence on the Greek economy or government or anything, then they are kidding themselves and everyone else. All they had to do was take a holiday there for a week to see what was really going on. The Eurozone was bulldust from the beginning. Since no one can get out, default, or go broke in case the money lenders suffer the onus of underwriter is being foisted on an increasingly reluctant Germany who has worked hard for its savings, unlike other warmer countries. What happens when the Euromasters break the Germans? 

Wed, 08/10/2011 - 08:54 | 1545714 alexwest
alexwest's picture

well i've been there.. as in Detroit..
no comparings, for example

Europe have been in much more difficult situations.. it will get by..

and trust me, if you 're at a bit financial well off, you'd never relocate from from any place in SOuth Europe (Spain/Italy/etc) to any place in USA
(Cali/Floria incld).

USA mostly look like shithole w/ malls and fat boys/girls in t-shirts everywhere ..

food /stuff/cars/women/etc are way better in EUROPE...
alx

Wed, 08/10/2011 - 09:06 | 1545755 Sudden Debt
Sudden Debt's picture

DIDN'T YOU READ THE NEWS?!!!!

HAMBURGERS AT MCDONALS COST LESS IN AMERICA THAN IN EUROPE!!!

 

Wed, 08/10/2011 - 09:26 | 1545860 snowball777
snowball777's picture

Sure...just don't try to find a place to park, pay for anything without a VAT attached, ask the girls to shave, or expect a cold drink.

Judging the US by Detroit is like judging all of Zooropa by travelling to Vilnius.

Wed, 08/10/2011 - 09:33 | 1545895 alexwest
alexwest's picture

well, article was about Greece, possible worst place to be in Europe now,
so its apples to apples..as far as Detroit concerned

as far as girls concerned, well at least they're not that crasy about boob implants as here.

Vilnius is nice city, there's yet too much USSR heritage, but it will
disapper..

and might be its good idea to introduce VAT here,, seems people wont be so fat ..

alx

Wed, 08/10/2011 - 09:22 | 1545836 snowball777
snowball777's picture

I don't suppose you looked out at the water and noticed the world's largest fleet of merchant vessels?

Wed, 08/10/2011 - 08:40 | 1545687 topcallingtroll
topcallingtroll's picture

The Germans can continue to pour money down a rat hole never to be seen again.......or the Greeks can take Europe down through contagion.

I feel so ashamed, but I can't turn away.

History first repeats as a tragedy, then as a farce.

Wed, 08/10/2011 - 09:03 | 1545747 Sudden Debt
Sudden Debt's picture

IT CAN'T BE!!

STANDARD AND POORS HELPED THEM MAKE THE CALCULATIONS!!!

+24% or not, there is no deficit...

Wed, 08/10/2011 - 10:13 | 1546112 Grand Supercycle
Grand Supercycle's picture

UPDATED S&P500 CHART THAT FORECAST THE CRASH:

http://bit.ly/x618

My long term indicators still warn of USD rally and EURUSD weakness.

Wed, 08/10/2011 - 12:34 | 1546987 jmc8888
jmc8888's picture

Cutting to pay off fraud does that to deficits.  Of course that's not the only reason it widened, but a major factor.

Don't cut, print, or tax for fraud.

Cancel it. Via Glass-Steagall

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