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Greece Renegs On Troika Terms Hours After Getting Bailout Extension

Tyler Durden's picture


Earmuffs time for Europe's carefully sculpted theater of goodwill, solidarity and cohesion. Because this has to be some sort of record. Hours after Greece got its much desired two year bailout extension of Deutsche Bank from Germany Europe, Greece is already in breach of the terms it, and Europe, all "fought so hard" for. From Kathimerini: "A planned 25 percent increase in the price of public transport tickets next March is to be postponed until October, the general secretary of the Development Ministry, Nikos Stathopoulos, said on Tuesday. The increase originally demanded by the troika would have pushed the price of a ticket for all modes of public transport to 1.75 euros from 1.40." Instead the Troika's demand is overruled, and in its place is a promise that some efficiency has been extracted elsewhere, until of course, said promise is probed and uncovered to have also been a lie.

“We managed to postpone the increase until October, from March, and we hope to eventually be able to avert the measure,” Stathopoulos said, attributing the change of plan to a crackdown on fare dodging on public transport.


Sources told Kathimerini last month that the campaign has contributed to a 9 percent increase in ticket purchases, bringing in nearly 300,000 euros in revenue in just three weeks.

Perhaps a far better indication of Greek society is that the local ministry is now making provisions to reimburse travellers with prepaid transit cards for "strike days" on which the transport services are offline. Lately, this has been a majority of them.

The ministry is also planning to change the regulations relating to weekly, monthly and annual travelcards to allow commuters to be reimbursed for strike days when transport services do not operate. Earlier this week, the Athens Urban Transport Organization (OASA) said it was not obliged to compensate travelcard holders who were unable to use public transport last week because of a series of strikes by employees. 

As for what one can expected from a "reformed" and "contrite" Greece, here it goes: "The Finance Ministry admitted on Tuesday it does not know the identities of the owners of the 500,000 properties for which last year’s special tax levied via electricity bills was not paid."

In a written response to a parliamentary question, Deputy Finance Minister Giorgos Mavraganis stated the tax corresponding to each electricity connection may not be listed in the name of the owner, but in that of the tenant, a former or a deceased owner etc. However, Public Power Corporation and the alternative power suppliers charged with collecting the tax submitted lists of tax evaders to the ministry in May.

In other words, not only has Greece not stepped up its tax collections efforts, it has no idea who or where the tax evaders are as part of its much (self) lauded plan from 2011 to boost government revenues... 

And finally:

If and when the ministry establishes who is supposed to pay for each property, tax authorities will issue payment orders including fines. Confiscating salaries and properties would be a last-resort measure.

Would that be the 14th monthly salary, or 16th for the Parliamentary workers? Either way, we are certin they are all shaking in their boots. Shaking.

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Tue, 11/13/2012 - 18:54 | 2977837 grunk
grunk's picture

And I thought it would be different this time.

Tue, 11/13/2012 - 18:57 | 2977849 john39
john39's picture

whatever it takes to keep the dream of world government alive... afterall, reality 'is' what they say it is...  /s.

Tue, 11/13/2012 - 19:00 | 2977856 Ineverslice
Ineverslice's picture


and goldman keeps laughing...

Greece- all your Gods are belong to us.

Tue, 11/13/2012 - 23:12 | 2978626 zorba THE GREEK
zorba THE GREEK's picture

Greece reneges and the U.S. renigs.

Tue, 11/13/2012 - 19:12 | 2977889 Nussi34
Nussi34's picture

We need a big tsunami to erase Greece. I cannot stand reading how fucked up a place can be anymore!

Tue, 11/13/2012 - 19:28 | 2977933 akak
akak's picture

Wouldn't work anyway --- everyone knows that Greece floats on water.

Tue, 11/13/2012 - 20:48 | 2978206 Jethro
Jethro's picture

And in other breaking news, water has been reported to be wet.

Tue, 11/13/2012 - 21:00 | 2978244 Doubleguns
Doubleguns's picture

Look at NY and NJ with just a tiny wave from Sandy. Talk about fucked up. Think wipeing it out would have been better.

Tue, 11/13/2012 - 22:45 | 2978552 Buck Johnson
Buck Johnson's picture

And with all the talk of that it doesn't matter if Greece exit is BS.  Europe wouldn't keep playing this sick game unless they are afraid of those hundreds of billion in bonds going into default and with them the avalanche  of derivatives that will hit the banks.

Tue, 11/13/2012 - 18:54 | 2977839 Zero Govt
Zero Govt's picture

No worries, Junker's got Greek politicians to agree balancing the budget in 2022

"All Is Well" ...no joke!


Tue, 11/13/2012 - 18:55 | 2977841 AU5K
AU5K's picture

What a surprise.

Tue, 11/13/2012 - 19:00 | 2977853 MillionDollarBoner_
MillionDollarBoner_'s picture

Is Jeenihus! Jeenihus !;o)

Tue, 11/13/2012 - 19:00 | 2977854 PLira
PLira's picture

"Bring out your dead"

Tue, 11/13/2012 - 19:00 | 2977855 Dr. Engali
Dr. Engali's picture

Hah ... Thanks for the Euros now fuck off until October. Then we promise .. Cross our hearts we will do as you asked.

Tue, 11/13/2012 - 21:21 | 2978305 twh99
twh99's picture

Do we need to add that to the list of great lies:


1) the check is in the mail

2) I love you

3) I won't xxx in your mouth

Tue, 11/13/2012 - 19:00 | 2977857 Winston Churchill
Winston Churchill's picture

Never,ever trust a Greek with money.

I learnt that in six months, living in Athens.

Seems like  the Troika are slow learners.

Tue, 11/13/2012 - 19:25 | 2977926 ThirdWorldDude
ThirdWorldDude's picture

"Beware of Danaeans bearing gifts (and making promises)" is a very old proverb.

Some people never learn. 

Tue, 11/13/2012 - 19:32 | 2977949 knukles
knukles's picture

"Beware of Greeks bearing amyl nitrite."

Tue, 11/13/2012 - 20:23 | 2978113 ThirdWorldDude
ThirdWorldDude's picture

Pop goes the weasel... Opa!

Tue, 11/13/2012 - 22:02 | 2978421 Drachma
Drachma's picture

I'll give you 1000 drachmas for that weasel.

Tue, 11/13/2012 - 22:09 | 2978450 zorba THE GREEK
zorba THE GREEK's picture

You can trust a Greek with money. You just can't trust a Greek with your money.

Tue, 11/13/2012 - 19:00 | 2977858 northman
northman's picture

You didn't say "You didn't build that". Somebody else said that.

Tue, 11/13/2012 - 19:00 | 2977860 Fedophile
Fedophile's picture

Fuck, I wish a bus ride only cost 1.75 euros, I'm paying 2.35 eur equivalent.

Tue, 11/13/2012 - 19:01 | 2977862 youngman
youngman's picture

Yes 2022...something to look forward too...I bought a bottle of Ouzo and am going to keep it in my cabinet to celebrate the turnoround.....lol

What thieves....but then again so are the EU buddies.....where is the press in all this...are they telling the truth or just watching...Is the press pro ECB of pro citizen...????  I do not know the European press

Tue, 11/13/2012 - 19:45 | 2977982 bank guy in Brussels
bank guy in Brussels's picture

Re your question about the Continental European press

In general our press is timid ... not out of fear, but because Europeans in general, are of the co-operative, get-along mentality as individuals ...

The press here is not really so pro-EU, they tend to gently needle it, like when the auditors don't approve the EU accounting

But the press does not so much go and 'agitate' ... Aggressive journalism is too 'individualistic', I am stereotyping but that is the general idea

It seems the aggressive individualistic Europeans, in general, were either killed in the wars, or they moved to America

It is a standard joke here, that we have so little crime here by native Europeans, because most of the assh-les who used to live here, moved to the USA

However, the way we are much more aggressive than Americans, is when we get in a mob on the street over economic issues. That is why you see Greek cities on fire, millions in the street in Spain, riots in France, and so on.

We are intrinsically less afraid of police, lawyers, and government ... it is much less repressive here, very hard to go to jail, in general ... so we feel our democracy as a group affair ... Democracy is the general strike and street demonstration and potential riot, as much as 'voting'

We are not separated by cars, highways and great distances ... Word of mouth on the street trams and buses, and we can have a riot going pretty quickly ...

But re the European press, it is like everywhere else in the Western world, big companies own the major media and they have a committee mentality

Tue, 11/13/2012 - 20:52 | 2978220 QQQBall
QQQBall's picture

Europeans in general are cooperative. Noticed that during WWI and WWII

Tue, 11/13/2012 - 21:50 | 2978396 Big Ben
Big Ben's picture

It is a standard joke here, that we have so little crime here by native Europeans...

Europe is swarming with thieves and pickpockets. They probably don't show up in the statistics because the police never seem to catch them or even do anything about them. Maybe the police are getting kickbacks or maybe they are just lazy.

And if Europeans are so considerate of each other, why are their streets covered with dog crap? They watch their dogs dropping it and make no attempt to clean it up. They just leave it for someone to step in.

Tue, 11/13/2012 - 22:25 | 2978497 akak
akak's picture


And if Europeans are so considerate of each other, why are their streets covered with dog crap? They watch their dogs dropping it and make no attempt to clean it up. They just leave it for someone to step in.

Alas, alas, triple alas, if only it were only the dogs doing that in China.  Unfortunately, in China it is not only the dogs who are parangongs of streetside defecationalisticalism.

Must be that 'citizenism' intestinal parasite causing it --- very persistent, I hear.  Constantly causing the bowels to blob-up.

Tue, 11/13/2012 - 19:05 | 2977867 Yen Cross
Yen Cross's picture

 We don't need no freaking risk...  long " Chutes and Ladders". Tell Cramer to fuck off!  I'll come hunt his already worthless ass down! We'll discuss P/L's old skool!

Tue, 11/13/2012 - 19:10 | 2977878 Lost Wages
Lost Wages's picture

Greece is my hero.

Tue, 11/13/2012 - 19:12 | 2977888 kliguy38
kliguy38's picture

LET THIS BE A LESSON TO YOU! If they don't comply then THEY TOO FACE ....THE FISCAL CLIFF!!! Be Afraid, VERY afraid

Tue, 11/13/2012 - 19:19 | 2977911 Anne Ominous
Anne Ominous's picture

Very Bubble and Squeak.

Tue, 11/13/2012 - 19:21 | 2977913 strangeglove
strangeglove's picture

God I really feel sorry for those fucks! It cost $20 RT on the MTA to get to NYC 15 miles each way + 2.5 for a subway to the same A holes and didn't even mention the mobility tax!


Tue, 11/13/2012 - 19:21 | 2977916 ForTheWorld
ForTheWorld's picture

I must say that it seems strange - some Greek people aren't paying taxes to the government for property they own (or the government can't find owners details for), and Greeks get called all sorts of names for it.

Yet, if a US citizen chose to not pay their taxes (or fly a plane into an IRS building), it's classed as a positive action because it's trying to bring the government to heel. So why the double standard? Is it just the Greek government people are calling out here for their actions, or the citizens of Greece who have to live with the decisions of the Greek and EU governments?

I know everyone is accountable for their own actions, but if your country is going down the shitter, why would you bother paying taxes to prolong the inevitable?

Tue, 11/13/2012 - 19:23 | 2977920 SheepDog-One
SheepDog-One's picture

'The grand solution' was a .30 cent increase on bus fares? What? Oh my fuck this is way worse than even I imagined, these people are stark raving lunatics!

Tue, 11/13/2012 - 19:47 | 2977987 Matt
Matt's picture

But they figured out instead, if they can get 100 percent of the people who use public transit to pay for it, instead of only (just picking a number for discussions sake) 75%, then they will not need the fare hike.

So, now they need to catch all of the fare-jumpers without incurring any additional costs in doing so. It is the perfect compromise. No way this plan can fail.

Tue, 11/13/2012 - 19:24 | 2977921 1000924014093
1000924014093's picture

Oh big deal. 25% increase postponed. So what? The troika has let them get away with far more with no consequences of any significance.

Tue, 11/13/2012 - 19:24 | 2977922 max2205
max2205's picture

Foiled again

Tue, 11/13/2012 - 19:55 | 2978015 Zero Govt
Zero Govt's picture

Christine Lagarde is having no luck with Greece, she keeps putting her foot in it or getting slapped in the face

aren't we pleased the IMF is nowhere near a nuke button

Tue, 11/13/2012 - 20:10 | 2978065 kliguy38
kliguy38's picture

what makes you so sure they aren't? what gang do you think is behind the Petradufus debacle...you think that is a random dirty trickster event?

Tue, 11/13/2012 - 20:41 | 2978180 1000924014093
1000924014093's picture

+1 for Petradufus

Tue, 11/13/2012 - 20:54 | 2978223 max2205
max2205's picture

Missed it by THAT much

Tue, 11/13/2012 - 19:29 | 2977938 pashley1411
pashley1411's picture

Ever get the feeling that living off the EU tit has so numbed the Greeks, that the very basics of modern government are now totally beyond them.  

Greece has become a Hayek theme park.   Forget about a tax system; the poor fcks are so used to banging a tin cup for their supper that they have to relearn the meaning of 2 + 2.  

Census and enumerating, its like soooooo 1086 AD (Doomsday Book),   But accuracy and numbers would hamper the kleptocracy from skimming the harvest.

Tue, 11/13/2012 - 19:29 | 2977939 e-man
e-man's picture

Dzinious! Dzinious Dzinious Dzinious!


Tue, 11/13/2012 - 19:32 | 2977945 Piranha
Piranha's picture


great picture of Junker, didnt know how to upload into comments

edit: deer in headlights kind of style


Tue, 11/13/2012 - 22:04 | 2978433 smiler03
smiler03's picture

Captured just before Daemons screamed forth from his mouth

Tue, 11/13/2012 - 19:36 | 2977967 Silver Garbage Man
Silver Garbage Man's picture

This entire can kicking program is going to come to an end very soon. The half life of every new plan is getting TINY! Every number out there is going parabolic .......if you still have not moved from paper to precious metals you are BRAIN DEAD! GET OUT KNOW!

Tue, 11/13/2012 - 19:41 | 2977975 Yen Cross
Yen Cross's picture

 The Giant,   "C/B TiT" is running out of milk!

Tue, 11/13/2012 - 19:49 | 2977994 obessoligarch
obessoligarch's picture

well 2022........reasonable

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