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The Collapse Continues: Greek Unemployment Rises For 35th Consecutive Month, Passes 25%

Tyler Durden's picture





 

When we reported on the 34th consecutive month of Greek unemployment increases, following the June number hitting a record high 24.4%, the only good news was that the May number had been revised higher from 23.1% to 23.5%, making the monthly jump seem just under 1%. Well, that revision was re-revised, with Greek Statistic Service ELSTAT reporting that the original 24.4% number has now been revised to 24.8%, meaning in June unemployment rose officially by 1.3%. That's in one month! ELSTAT also reported the July number, and at 25.1% (pre-revision higher next month), it just hit a new all time high, increasing for the 35th month in a row. More than one quarter of those eligible for work in Greece (not many), are working. THis means labor related taxes are now being levied on a record low percentage of the population. Indicatively, Greek unemployment at the end of 2011 was "only" 21.2%. It also means that in order to restore even a tiny iota of confidence, the Greek labor department needs to hire a BLS consultant or two, or least license an old version of the ARIMA goalseek software, to find a seasonally adjusted decimal comma in there somewhere, and report that the jobless rate is really only 2.5%, which would be on par in credibility with everything else out of Europe these days. Finally, our question is at what point does anyone finally admit the Greek situation is not only a depression but outright economic death and the merciful thing to do at this point is to just pull the plug?

 


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Thu, 10/11/2012 - 07:59 | Link to Comment The Reich
The Reich's picture

Don't trust ever a Greek statistic!

Thu, 10/11/2012 - 08:00 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Please sir.....may I have more?

 

Thu, 10/11/2012 - 08:02 | Link to Comment LULZBank
LULZBank's picture

Everything is fine. They are just trying to make it sound worse to get free bailout money. Lazy Greeks.

Thu, 10/11/2012 - 08:05 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Lazy hell.....those guys are genius. They protested Angela......took her money.....and sent her home.

 

Come back anytime.

 

Thu, 10/11/2012 - 08:07 | Link to Comment negative rates
negative rates's picture

Throw in some US bonds and make it greek a salad.

Thu, 10/11/2012 - 08:08 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Could make some pretty good rock soup with all that stuff.

 

Thu, 10/11/2012 - 09:11 | Link to Comment asteroids
asteroids's picture

If Greece gets a cold hard winter, people WILL start dying. A lot will go hungry this Christmas. I expect the holidays and new year to be the breaking point. Any dramatic changes will certainly happen before next Easter. I expect a lot of fat-assed Greek politicians to be shitting themselves real soon.

Thu, 10/11/2012 - 08:02 | Link to Comment malikai
malikai's picture

Thank god the Troika is there to help perpetuate the misery.

Thu, 10/11/2012 - 09:30 | Link to Comment midtowng
midtowng's picture

A 25% unemployment rate and a 25% implosion in their economy, and yet the news media still doesn't use the term "depression". They still think they can fool us by using the word "recession", as if this is all some sort of temporary problem.

Thu, 10/11/2012 - 08:06 | Link to Comment Zer0head
Zer0head's picture

Did Tom Keene and Sara Eisen almost just reveal some insider info about SoftBank Nextel and Goldman  - we shall see if the video clip of that discussion just before 8am EDT shows up or is mysteriously deleted.

Thu, 10/11/2012 - 08:10 | Link to Comment slaughterer
slaughterer's picture

Softbank is playing.  Tom f'cke up.   

Thu, 10/11/2012 - 08:13 | Link to Comment Zer0head
Zer0head's picture

ya Ms. Sara all dolled up in evening wear (8:00 pm Tokyo time) was earlier in the day interviewing none other than Gary Cohn - Tom keene Fcked up big time - that video slip errr I mean  clip will never see the light of day. 

 

 

Thu, 10/11/2012 - 08:03 | Link to Comment Popo
Popo's picture

The Greeks are a conquered people.  Their ancestors are rolling in their graves with disappointment.   What happened to "This is SPARTA"???   Weren't 300 men supposed to hold off an entire army?   In this case we have a few thousand bankers using zero force and conquering a nation of millions.   How the times have changed.   Sad...

Thu, 10/11/2012 - 08:05 | Link to Comment malikai
malikai's picture

Today's equivalent is 300 men and women enslaving an entire continent.

Thu, 10/11/2012 - 08:14 | Link to Comment Peter Pan
Peter Pan's picture

Humanity as a whole is experiencing a reversal of its IQ. Once upon a time men could be bought with gold and silver. Today the idiots allow themselves to be bought for fiat which crumbles in value before their eyes.

Thu, 10/11/2012 - 08:23 | Link to Comment Mad Mohel
Mad Mohel's picture

Partially correct. The other part is that back then, people knew when to crack heads and smash faces.

Thu, 10/11/2012 - 08:36 | Link to Comment barroter
barroter's picture

300 Banksters in nice suits with suitcases are today's hoplites.

Thu, 10/11/2012 - 08:43 | Link to Comment Urban Redneck
Urban Redneck's picture

The Spartans ostracized and killed their weak who couldn't produce, the didn't give them 13 months pay and an early retirement to promote consumption.

Thu, 10/11/2012 - 09:09 | Link to Comment Popo
Popo's picture

Today's lack of resistance is entirely because male populations have been emasculated.   Women around the world have used policy, education and media to create generations of pussy-men.  And from a social cohesion standpoint, that may have seemed like a good idea.  But when your entire nation is turned into a service nation, enslaved by extrenal forces -- it sure would be nice to have a few men who weren't worried about sporting gay haircuts, wearing loafers and smelling nice.  This is what happens in female dominated societies (as *all* of Europe is):  They fall prey to external forces very quickly, and very easily.  (And we wonder why we can't seem to win in the Middle East...  A modern day contest between "Sparta" and "Persia" would be over in an hour.)

Right about now, as Greek women find themselves among the world's "new poor" they are wondering where the men went that will stand up and kick some ass on their nation's behalf.   Answer:  There aren't any left.   They're too busy apologizing,  begging and being sissies.   Feminists have convinced everyone that masculinity doesn't have much of a "purpose".  Well.. right about now that purpose seems pretty clear.   "Oops."

There's no fight left in Greece.  Time to roll in the oppression and convert the wimps to full-time slaves.  It's over.  Bend over Greeks.  Your overlords need servicing.  And Greek women will make a wonderful new generation of hookers in the London classifieds.    Game. Set. Match.

The "real" Tyler Durden would have shown you all a thing or two in Fight Club.   But now it's too late.  This was a contest, and the Greeks just got their asses handed to them.  There wasn't even any fighting save for a few small groups who were quickly "pacified".

Spain OTOH is showing a little more oomph.  There may still be hope for them ...

 

Thu, 10/11/2012 - 13:00 | Link to Comment Totentänzerlied
Totentänzerlied's picture

Yes those Spanish socialists are really kicking ass and taking names. Spain has been a slave plantation for its entire recorded history.

The men with any balls realized that the financial scam is the only game in town. They may not be out chopping wood and skinning game or whatever you consider archetypically masculine activities, but they have plenty of money, property, and power. Why risk your neck fighting to take it back when you can get a degree in finance and join the Ponzi?

Sat, 10/13/2012 - 08:47 | Link to Comment e-recep
e-recep's picture

> "Greek women will make a wonderful new generation of hookers in the London classified."

err, sorry to butt in but greek women are not that atractive...

Thu, 10/11/2012 - 08:08 | Link to Comment RSBriggs
RSBriggs's picture

And jumping from literature to music....   How can you have any pudding if you don't eat your meat.?

Thu, 10/11/2012 - 08:16 | Link to Comment Peter Pan
Peter Pan's picture

Don't trust a Greek statistic? I wholeheartedly agree but just remember the German people once did something worse by trusting a man called Hitler.

Thu, 10/11/2012 - 07:59 | Link to Comment Dick Darlington
Dick Darlington's picture

And all we hear is "We need moar Europe". Oh the delusion...

Thu, 10/11/2012 - 08:01 | Link to Comment LULZBank
LULZBank's picture

 

And all we hear is "We need moar Europe". Oh the delusion...

They mean that. Ponzi needs to grow. They wish they could make Mars, part of EU.

Thu, 10/11/2012 - 08:30 | Link to Comment andrewp111
andrewp111's picture

When Quebec secedes from Canada they will add it to the EU.

Thu, 10/11/2012 - 07:59 | Link to Comment LULZBank
LULZBank's picture

I like it when things go up... Green shoots Bitchezz!!!

Thu, 10/11/2012 - 08:27 | Link to Comment Mad Mohel
Mad Mohel's picture

Haven't heard that term for awhile. Someone needs to follow up with that motherfucker and ask him how those "green shoots" are doing.

Thu, 10/11/2012 - 08:04 | Link to Comment Meesohaawnee
Meesohaawnee's picture

now SPY 1500 and 100 crude is a lock

Thu, 10/11/2012 - 08:07 | Link to Comment fonzannoon
fonzannoon's picture

I am pretty sure you will definitely get 1 out of 2

Thu, 10/11/2012 - 08:10 | Link to Comment slaughterer
slaughterer's picture

WTI does not close above $93 until after election.  

Thu, 10/11/2012 - 08:12 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Oh shit......and just why do you say that?

 

Say it dammit! Where's Joe Keren when you need him?

 

Thu, 10/11/2012 - 08:16 | Link to Comment slaughterer
slaughterer's picture

"... oh shit (mumbled in background, as unmoderated screaming takes place on his show)..." (Joe Kernen, at his best).

Thu, 10/11/2012 - 08:14 | Link to Comment fonzannoon
fonzannoon's picture

yeah our time horizon's are a little different.

Thu, 10/11/2012 - 08:17 | Link to Comment slaughterer
slaughterer's picture

Probably, I take WTI 15 minutes at a time. 

Thu, 10/11/2012 - 08:17 | Link to Comment Meesohaawnee
Meesohaawnee's picture

if fundamentals were in play it shouldnt be closing above 73 let alone 93

Thu, 10/11/2012 - 08:19 | Link to Comment slaughterer
slaughterer's picture

$86 (and declining) is probably fair value.  But everybody is using WTI/Brent as a tail risk hedge for Iran/Israel/Syria, etc. and maybe a few for inflation.    

Thu, 10/11/2012 - 08:23 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Correct.  Moreover, there is still plenty of worldwide demand, even if it is for increasingly more molotov cocktails.

Thu, 10/11/2012 - 08:03 | Link to Comment PontifexMaximus
PontifexMaximus's picture

bullish, la belle christine has already anticipated more "temps pour nos amis de la grèce" and surely more bucks

Thu, 10/11/2012 - 08:10 | Link to Comment Peter Pan
Peter Pan's picture

How can the unemployment rate be only 25% when tens of thousands of employees both government and private have not been paid for months in some instances. They are the living dead that dutifully turn up to work each and every day in the hope of being paid as there is no alternative employment elsewhere.

How can unemployment be only 25% when you still have such a sizeable public service that provides precious little to the economy?

And all this despite workers' wages and benefits having been slashed to pieces.

Moronic Europe has demanded wages to be slashed without realising that the level of remuneration underwrites property values and ability to service debt. The result? Banks are crumbling with bad debts.

There is gridlock in Greece as even the government has not paid its suppliers and contractors all for the sake of showing Europe that it is reigning in its spending. Complete and utter BS.

Thu, 10/11/2012 - 08:16 | Link to Comment yrbmegr
yrbmegr's picture

Please allow me to interject one slight modification.  People are not being paid in euros.

Thu, 10/11/2012 - 08:26 | Link to Comment andrewp111
andrewp111's picture

If they are not being paid in Euros, then what are they paid with? Ouzo? Sex? Opium?

Thu, 10/11/2012 - 08:15 | Link to Comment RSBriggs
RSBriggs's picture

"More than one quarter of those eligible for work in Greece (not many), are working."

Shouldn't that be "NOT working"?

Thu, 10/11/2012 - 15:19 | Link to Comment Poetic injustice
Poetic injustice's picture

They show up and punch timecard, you can't ask more from a spaniard.

Thu, 10/11/2012 - 08:15 | Link to Comment disabledvet
disabledvet's picture

you mean "pull the plug on the 4th Reich." obviously not on Greece as "they are fighting the good fight" here. We want them to win...yes? yes?....No, no you say? Oh...sounds like more Goldman Stink is in da house again. What's next? Mario Draghi is looking out for the interests of Italy? That guys defending the move of all of Italy's gold into Germany! It's the OTHER Mario (Monti) who's talking with the "de Americans" who gets it. We shall see "which Americans show up" of course. Currently "the silence is deafening." And to think the Italians blame the Germans! hahahahaha! oh, the lies! oh, the lies! of course i'm not sure how good this is for creating investment banking clientele. You could argue "quite good for the fixed income division." anywho...just another day in a techno paradise. move along, move along.

Thu, 10/11/2012 - 08:15 | Link to Comment fonzannoon
fonzannoon's picture

There is a link on the cnbc site that says something about silver going to $50. Everytime I click on it I get an article about how high speed trading is good. Funny shit.

Thu, 10/11/2012 - 08:16 | Link to Comment Olympia
Olympia's picture

Germans plunge Europe into a new Medieval Era.

Are they ready to take that risk ?

It was Germany that took huge loans from the American FED. It was Germany that put the markets up to buying ownership shares of the European Central Bank, which has burdened the States with sins. It was this State that lured the rest of the Europeans into a dissolute life so that it can pass the burden of its debts, hence its own sin to them. The current epidemic of debt crisis has begun from Germany, it is just that it kept its disease a secret and at the expense of everybody else, and now that it is in a better shape, it has gone hunting in order to take advantage of the disease it itself had created. The first State to have sickened has gone hunting for the one who was most weak in dealing with the disease, and that was Greece. If Germany had not been over-indebted, the European states would have never been vulnerable to the markets’ attacks.  If Germany had not been over-indebted the European states would have never been forced to mortgage their existence so that Germany’s bosses can get their money.

________________

The Eastern gates of Europe at risk: How Northern Europe shoots itself in the leg

http://eamb-ydrohoos.blogspot.com/2012/05/greece-among-salem-witches.html

Authored by Panagiotis Traianou

Thu, 10/11/2012 - 09:07 | Link to Comment sessinpo
sessinpo's picture

It was Germany this. It was Germany that. How about you (Panagiotis Traianou) come over and buy some ocean front property in Arizona. Afterwards, you can all me a German that deceived you and forced you to buy that property just like the Europeans were forced to do whatever . Or even better yet, you can take the opposite spectrum and and call me a zionist Jew that had it out for you.

 

Give me a break dude. If you go to the average German or Jew on the street, they have no idea what is going on just like the average American has no clue. Follow the path of money and power and it all goes back to the central bankers and central planners. And that is the problem and your post exhibits it it profoundly. The average person has no clue and buys into whatever propaganda that suits their situation. And if it doesn't work out, then blame the Germans, blame the Jews. But never blame the source of where the loans originate and the source of the currency problem - the central banks and central planners.

 

Money has no racial bias. It doesn't care if you are Jewish, German, American or whatever. You play with the fiat devil, you pay.

Thu, 10/11/2012 - 14:08 | Link to Comment Nick Jihad
Nick Jihad's picture

This is just another example how, as Popo pointed out, Greek culture has been feminized. Blaming others for the results of your own short-sighted decisions is a classic feminine dodge.

Thu, 10/11/2012 - 08:20 | Link to Comment larz
larz's picture

remember your history... the greeks invented sex

 

.....and the romans brought women into it

Thu, 10/11/2012 - 08:20 | Link to Comment firstdivision
firstdivision's picture

...and Iceland continues to be the example that needs to be followed.

 

In other news, collusion has been quite lucrative for some people http://dealbook.nytimes.com/2012/10/10/e-mails-back-lawsuits-claim-that-equity-firms-colluded-on-big-deals/

Thu, 10/11/2012 - 08:23 | Link to Comment ziggy59
ziggy59's picture

Obviously no one from the BLS works in Greece!

Thu, 10/11/2012 - 08:28 | Link to Comment Peter Pan
Peter Pan's picture

The world is faced with a choice. Either it destroys the unbacked paper debt that was created by manipulative bankers and profligate governments or else it destroys the world and its people.

Once it does this it must make a second choice between saying "no" to its masses and thus not creating more unfunded laibilities and expectations or it must make a new set of promises to create a temporary illusion of growth.

Once it does this, it must make a third choice and allow the free market to prioritise expenditures on the basis of merit and a market driven rate of interest or it must allow men like Bernanke the opportunity to pursue his fallacious ideas till Armageddon come.

Thu, 10/11/2012 - 08:37 | Link to Comment LawsofPhysics
LawsofPhysics's picture

There is no longer a growth option, we are at the technological limits of growth.  Should a lot of fusion reactors come online, that would change, but for now the sun remains the only successful fusion reactor that I know of that is still providing power to do work.

Thu, 10/11/2012 - 09:07 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

The Euro values capital more then people.

Withen the Euro the Greek & Irish people are worth more dead then alive.

If Greek people started to commute to work under the euro construct they would suck more energy in then what they produce.

The Greek oil balance has not moved in 3 years.

The euro must destroy both machine and human capital so as to sustain a return.

The death of the greek rail system withen the euro framework says all there needs to know.

 

Peloponnese metre-gauge network belonged since its construction to the former SPAP-???? (Piraeus-Athens-Peloponnese Railways) until 1962 when they were merged to OSE-??? (Hellenic State Railways). All service on network was suspended in 2011 (expect "Rack Railway" Diakopto-Kalavrita,Suburban Railway of Patra and local service Katakolo-Ancient Olimpia).
Excursion train 7460 Tripoli-Kalamata-Pirgos.
American built in 1965 by ALCo diesel-electric locomotives

www.youtube.com/watch?v=xk2IdBH5Zaw

Thu, 10/11/2012 - 08:56 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

Re Greek Unemployment Rate Passes 25%

 

The Greeks should ask the Bureau Of Labor Statistics to take a look at the numbers  - I'm sure they'd have that unemployment rate down under 8% in no time.

 

Thu, 10/11/2012 - 08:56 | Link to Comment youngman
youngman's picture

Well they have one thing right...they need more time.....lots of time..a millinieum or two....

 

My bet on this is that many people are saying they lost their jobs.....then you don´t have to pay taxes.....easy see

Thu, 10/11/2012 - 08:56 | Link to Comment Olympia
Olympia's picture

From the Wall Street Crash of 1929 to the Global Financial Crisis of 2007

 

It all started with the big crisis of 1929. The American economy reached a deadlock because of its social "pathogenesis"; a deadlock that led it to economic crisis in a different - faster- pace than the rest of the industrial forces of that time. Important decisions had to be made - mostly social - and the Whites didn't like that, especially the Whites' rulers, the Anglo-Saxons. The USA society had to either be homogenized and "forget" about racism against black people or find itself in a permanent deadlock that would threaten it with social uprising. If they didn't equate the black working people with their white colleagues so that there wouldn’t be an issue with the salaries that threatened the national currency, they couldn't avoid reactions and all that goes with it.

 

The problem which began as social but was turning into economic was simple. As long as the economy functioned adequately and the Blacks worked and asserted what they deserved for their work, the white employers had to "fund" the white working force with extra money because of their skin color. To avoid complaints from a white worker who received the same salary with his black colleague, the employers had no choice but to give them more money. The demands of the Blacks were used as an excuse by the Whites to demand more and everything ended up in the same pocket, since they were under the same employ. The problem that arose from this "strange" tactic was that the increased takings of the "superior" White employers were seeking outlet in investments and that threatened the capital. Having higher salaries, they bought more houses; they bought stocks and so on.

 

 

www.eamb-ydrohoos.blogspot.com/2010/02/ten-plagues-of-pharaoh.html

 

Authored by Panagiotis Traianou

Thu, 10/11/2012 - 09:04 | Link to Comment Bastiat009
Bastiat009's picture

What the Greeks need is an election. Elections usually do wonder to unemployment rates. I bet it could go down below 20% if they voted soon.

Thu, 10/11/2012 - 09:10 | Link to Comment IridiumRebel
IridiumRebel's picture

it has been a while.....6months or so. You may be on to something. Yep, another vote should do the trick.

Thu, 10/11/2012 - 09:11 | Link to Comment sessinpo
sessinpo's picture

You crack me up. I have to assume this is sarcasm. After all, the Greeks have already had several elections and appointees in the 2 or 3 years, or maybe more. I forget because this drama has been going on for so long now. Many of us don't even pay attention.

Thu, 10/11/2012 - 09:07 | Link to Comment Chupacabra-322
Chupacabra-322's picture

The US is not too far behind in the REAL unemployment number of 22% not the bullshit PsyOp lie you'll be hearing in tonight's debate of 7.8%. 

Thu, 10/11/2012 - 09:35 | Link to Comment TWSceptic
TWSceptic's picture

The Greek people are ignorant, their politicians are stupid, and the banks lending to them are evil. Yet somehow the eurocrats expect prosperity with this recipe.

Thu, 10/11/2012 - 11:16 | Link to Comment flyweight
flyweight's picture

Other Greek news:

There is a 555-million-euro payment that Greek banks are due to make to the state by the end of the year.

The troika suggests that the process be stopped, because in this case, more money for the recapitalization of the banks will be needed.

The troika suggests that the state should find the missing 555 million (which have been registered in the 2012 budget, passed by Lucas Papademos' government, as expected revenue) "from elsewhere", implying new taxes or new payment reductions for civil servants / pensioners.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_11/10/2012_465596

Thu, 10/11/2012 - 14:58 | Link to Comment Sandmann
Sandmann's picture

The only answer for Greece is National Socialism and focus on the Population of Greece. It will emerge as the only coherent philiosophy in the USA, UK and other states as the Depression deepens and the Alchemy of Finance proves to be simply a justification for a new Overlord Class to be insulated from the very misery of their own policies of self-enrichment

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