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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 | Link to Comment grunk
grunk's picture

And I thought it would be different this time.

Tue, 11/13/2012 - 18:57 | Link to Comment 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 | Link to Comment Ineverslice
Ineverslice's picture

 

and goldman keeps laughing...

Greece- all your Gods are belong to us.

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

Greece reneges and the U.S. renigs.

Tue, 11/13/2012 - 19:12 | Link to Comment 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 | Link to Comment akak
akak's picture

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

Tue, 11/13/2012 - 20:48 | Link to Comment Jethro
Jethro's picture

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

Tue, 11/13/2012 - 21:00 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment AU5K
AU5K's picture

What a surprise.

Tue, 11/13/2012 - 19:00 | Link to Comment MillionDollarBoner_
MillionDollarBoner_'s picture

Is Jeenihus! Jeenihus !;o)

Tue, 11/13/2012 - 19:00 | Link to Comment PLira
PLira's picture

"Bring out your dead"

Tue, 11/13/2012 - 19:00 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment knukles
knukles's picture

"Beware of Greeks bearing amyl nitrite."

Tue, 11/13/2012 - 20:23 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

Pop goes the weasel... Opa!

Tue, 11/13/2012 - 22:02 | Link to Comment Drachma
Drachma's picture

I'll give you 1000 drachmas for that weasel.

Tue, 11/13/2012 - 22:09 | Link to Comment 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 | Link to Comment northman
northman's picture

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

Tue, 11/13/2012 - 19:00 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment QQQBall
QQQBall's picture

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

Tue, 11/13/2012 - 21:50 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Lost Wages
Lost Wages's picture

Greece is my hero.

Tue, 11/13/2012 - 19:12 | Link to Comment 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 | Link to Comment Anne Ominous
Anne Ominous's picture

Very Bubble and Squeak.

Tue, 11/13/2012 - 19:21 | Link to Comment 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!

Tools

Tue, 11/13/2012 - 19:21 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment max2205
max2205's picture

Foiled again

Tue, 11/13/2012 - 19:55 | Link to Comment 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 | Link to Comment 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 | Link to Comment 1000924014093
1000924014093's picture

+1 for Petradufus

Tue, 11/13/2012 - 20:54 | Link to Comment max2205
max2205's picture

Missed it by THAT much

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

Dzinious! Dzinious Dzinious Dzinious!

http://www.youtube.com/watch?v=8x3pq8PQpLw

Tue, 11/13/2012 - 19:32 | Link to Comment Piranha
Piranha's picture

http://s18.postimage.org/eqy9sstuh/Jean_Claude_Juncker_960982c.jpg

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

edit: deer in headlights kind of style

 

Tue, 11/13/2012 - 22:04 | Link to Comment smiler03
smiler03's picture

Captured just before Daemons screamed forth from his mouth

Tue, 11/13/2012 - 19:36 | Link to Comment 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 | Link to Comment Yen Cross
Yen Cross's picture

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

Tue, 11/13/2012 - 19:49 | Link to Comment obessoligarch
obessoligarch's picture

well 2022........reasonable

Tue, 11/13/2012 - 19:58 | Link to Comment Zero Govt
Zero Govt's picture

perfectly reasonable

what sane person could not believe a Greek politicians word is his bond a decade into the future when 10 minutes feels like an eternity with these clowns 

Tue, 11/13/2012 - 19:49 | Link to Comment BurningFuld
BurningFuld's picture

So about four years ago I guess I was watching the show Megabuilders on Discovery channel. They were drilling a tunnel under Madrid at the time. Anyhow they had a crew of Spanish welders on site and the German guy in charge of the project almost had to shoot them to get them to pack up their shit a leave and I said to myself: "Spain is so fucked." I'm kinda extrapolating to Greece here...sorry Greece.

Tue, 11/13/2012 - 22:27 | Link to Comment Angus McHugepenis
Angus McHugepenis's picture

Spain has welders??

Tue, 11/13/2012 - 20:05 | Link to Comment GoldbugVariation
GoldbugVariation's picture

Renege not reneg.  And it rhymes with age.

Tue, 11/13/2012 - 21:16 | Link to Comment Optimusprime
Optimusprime's picture

Rhymes with "beg".

Tue, 11/13/2012 - 20:14 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Nothing will be done until there is a lynching of a EU representative, or a country stops running and chaos reigns supreme.

If the EU collapses because it is so leveraged in Greece or it's debt, IT DESERVES IT.

A fucked up house of cards and I would expect demonstrations of "WE TOLD YOU SO" outside the German government offices.

C'mon, Greece will say and promise anything for that fix.

The dealer thinks his imagined wealth will disappear if the junkie dies.

Tue, 11/13/2012 - 20:23 | Link to Comment chump666
chump666's picture

I used to like Europe.

 

Tue, 11/13/2012 - 20:26 | Link to Comment schadenfreude
schadenfreude's picture

Government paid jobs 8:1, compared to Germany. Tax collection? No fucking clue. Raising ticket prices? Parlimantary vote neccessary. It's disgusting.

Tue, 11/13/2012 - 20:28 | Link to Comment monopoly
monopoly's picture

I love that country. So innovative. What a disaster. Oh my.

Tue, 11/13/2012 - 20:50 | Link to Comment Pumpkin
Pumpkin's picture

Good!  Lie to those sack of shit bankers thats only goal is to enslave the people.  Lie your fucking asses off, and then, in the end, tell them to fuck the fuck off!!!

Tue, 11/13/2012 - 20:56 | Link to Comment Dareconomics
Dareconomics's picture

Greek politicians know one thing. The country will not be allowed to default.

A Greek default would be an unmitigated disaster for the eurozone, and countries like France and Germany would be hit the hardest because of the large exposure their banks have to Greece.

Furthermore, Greece would merely be the first domino to fall. The resultant pressure on the other eurozone countries in the bond markets could lead to a complete breakup.

Because the Greek politicians know that Greece's default is out of the question, they no longer have any reason to follow their agreement with the troika. An intriguing pattern is developing whereby the politicians vote for reforms and the bureaucrats summarily ignore them.

Northern tier voters open the newspaper and read that the Greek parliament is approving reforms and austerity budgets; meanwhile the Greek politicians get money to maintain the status quo and the Greek bureaucrats continue avoiding any discomfort by ignoring the law changes.

Even voters resentful of the bailouts do not want Greece to fail and are looking the other way while the circus continues. Up until now, I believed that eventually Greece would default, but now I am not so sure.

What's to keep the troika from giving Greece drips and drabs of aid indefinitely so that it never defaults but never returns to prosperity either?

http://dareconomics.wordpress.com/2012/11/12/the-greek-addiction-to-debt/

Tue, 11/13/2012 - 23:43 | Link to Comment Tenshin Headache
Tenshin Headache's picture

Some unmitigated disasters are unavoidable. This, I fear, is one of them - the pace seems to be quickening.

Tue, 11/13/2012 - 21:09 | Link to Comment icanhasbailout
icanhasbailout's picture

Thank you for your money Germany

Tue, 11/13/2012 - 22:08 | Link to Comment smiler03
smiler03's picture

German banks thank the German taxpayers for the continued bailout.

Tue, 11/13/2012 - 21:25 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

One must ask why they want to increase the cost of public transport when the Greek oil balance (export of hard currency) is so bad.

 

Its madness for a national economy without oil to increase the cost of public transport.

 

But of course Europe no longer functions as a collection of national economies - its a rentiers paradise

 

A market state nirvana.

 

The euro market state wishes to extract a rent from movement.........

 

The Greeks are right to tell those bastards go fuck themselves.

Tue, 11/13/2012 - 23:40 | Link to Comment Tenshin Headache
Tenshin Headache's picture

That is excellent, thanks for the link.

Wed, 11/14/2012 - 03:22 | Link to Comment Joe A
Joe A's picture

What is wrong with cycling? Many Greek are overweight (they have a sweet tooth) so cycle or walk and save money and lose weight. Anyway, this game between Greece and the Trojka is to each other's benefit: Greece continues to get money and keep its people poor, and the Trojka can continue with its agenda of making everybody in Europe poor and get full control. It might seem a policy of muddling through but it is actually a policy of creating a European superstate. Merkel said it the other day that the EC and the EU council should get more power. Oh yeah, and also more power to the EP but they don't really matter. Cause democracy is just a ploy to distract attention away from those who really are in power. In the EU it is so obvious who are in power that we don't even need this smoke screen called the EP anymore.

Mon, 11/19/2012 - 17:01 | Link to Comment goldenbuddha454
goldenbuddha454's picture

The truth about europe is that the northern partners are hanging in only as long as their present politicians hold political office.  They know that collapse is inevitable down the road, but by that time it won't be their problem, their names will all be forgotten and they'll be sipping pina coladas on some greek island they bought today for pennies.  A system much like our own, the only difference is instead of bailing out greece, we'll soon be bailing out california, illinois and newyork.  Good times, good times

Mon, 11/19/2012 - 17:00 | Link to Comment goldenbuddha454
goldenbuddha454's picture

The truth about europe is that the northern partners are hanging in only as long as their present politicians hold political office.  They know that collapse is inevitable down the road, but by that time it won't be their problem, their names will all be forgotten and they'll be sipping pina coladas on some greek island they bought today for pennies.  A system much like our own, the only difference is instead of bailing out greece, we'll soon be bailing out california, illinois and newyork.  Good times, good times

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