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Charts Of The Day: Greek Unemployment Hits Escape Velocity

Tyler Durden's picture


It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%.

So without further ado, here are the charts that summarize this.

Total workers employed:

Total workers unemployed:

And the unemployment rate:

And yes, by returning to the Drachma, Greece would at least have some chance of curing the unfixable internal and external imbalances, which unless resolved, will send this rate into the stratosphere, and a far bigger chart will soon be needed.

Source: ElStat


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Thu, 12/06/2012 - 09:11 | 3038792 TahoeBilly2012
TahoeBilly2012's picture

People need to stop complaining and be thankful the Goldman Cartel gives them a nickle. Lick my boots El Greco!

Thu, 12/06/2012 - 09:24 | 3038830 LongSoupLine
LongSoupLine's picture

and all of that happened in a 1 block radius of Corzine's house...

Thu, 12/06/2012 - 09:26 | 3038840 GetZeeGold
GetZeeGold's picture



In his defense....Eric Holder also lives close by.

Thu, 12/06/2012 - 09:28 | 3038848 LongSoupLine
LongSoupLine's picture

+1 (a Holder trumps a Corzine)

Thu, 12/06/2012 - 10:12 | 3038993 waviator
waviator's picture

"A Holder trumps a Corzine"

Actually, you can't have one without the other. Look under "synergy"

Thu, 12/06/2012 - 11:30 | 3039296 Jack Kreuz
Jack Kreuz's picture

more like symbiotic parasites

Thu, 12/06/2012 - 10:27 | 3039035 TahoeBilly2012
TahoeBilly2012's picture

They all live in the same two towns, the bastards...

Thu, 12/06/2012 - 10:47 | 3039086 indygo55
indygo55's picture

Gonna make it easy to round 'em up.

Thu, 12/06/2012 - 09:29 | 3038850 Schmuck Raker
Schmuck Raker's picture

I have a mental picture of a crown of thorns on a milk carton, now. LOL

Thu, 12/06/2012 - 10:11 | 3038986 Snidley Whipsnae
Snidley Whipsnae's picture

Maybe part of the unemployment 'picture' in Greece is caused by Greeks saying FU to their gov/the bondholders/foreign banks/the EU/ et al... A general workers strike?

Thu, 12/06/2012 - 10:45 | 3039080 j0nx
j0nx's picture

The Greeks are the guy in the Mitt Romney style video who get to wipe Mitt's ass as he raps on the toilet.

Thu, 12/06/2012 - 09:13 | 3038794 dcj98gst
dcj98gst's picture

Guesses on the unemployment initial claims?  I say 405k


Thu, 12/06/2012 - 09:44 | 3038899 economics9698
economics9698's picture

390 then revised.

Thu, 12/06/2012 - 09:48 | 3038916 Ookspay
Ookspay's picture

Ah yes, the revision... Mom's on the roof!

Thu, 12/06/2012 - 14:25 | 3039833 MisterMousePotato
MisterMousePotato's picture

Haven't thought about that joke in a long time. Thanks for the chuckle.

Thu, 12/06/2012 - 17:36 | 3040592 Ookspay
Ookspay's picture

Nice catch. Always break bad news slowly, softens the blow...

Thu, 12/06/2012 - 11:11 | 3038905 Ookspay
Ookspay's picture

Not a bad guess, maybe a little high. Christmas help and government hiring may keep it lower. But starting in January we could see a million per month for a while. I definitely will be laying off workers in January as my taxes go up. My decision on whom to fire will be based upon the bumper stickers that I saw in November, elections do matter.

Thu, 12/06/2012 - 11:18 | 3039238 Zap Powerz
Zap Powerz's picture

Sadly, I may be making similar decisions in January.

Thu, 12/06/2012 - 14:21 | 3039793 Hacked Economy
Hacked Economy's picture

@Ookspay, I hear you. As a manager, I recently lost my own assistant due to changes in his personal family life.  In addition, I already had to downsize my department and permanently eliminate another position entirely. I'm able to temporarily handle the workload for the short term, but if our taxes go up substantially in January, I might have to go one step further and hire a new assistant on only a part-time basis instead of the usual full-time (read that to mean less than 30 hours so that the company doesn't have to pay benefits).  Definitely not something I want to do, but I'm being painted into a corner by the theatrical posturing in D.C.  I only have so much money in my department budget at my disposal.

Anyone remember the "Luxury Tax" fiasco from the Dems back in 1991?  The sharp rise in taxes (aimed at the wealthier demographic, but a rise nevertheless) resulted in an immediate REDUCTION in overall tax revenues, and killed an estimated 150,000 jobs in the marine industry until the tax was repealed in 1996.  And here we are again, watching the circus from the sidelines as the D and R clowns play word games over how much they want to slap down American taxpayers.  Politicians never learn...

...or should it be "we never learn", as we keep voting these clowns (or their similar ilk) back into office?  (Sigh)

Thu, 12/06/2012 - 17:27 | 3040573 Ookspay
Ookspay's picture

Your story and mine are all too numerous. My company just recieved a notice that under obamacare we will now be charged a .6 percent fee on the gross amount we pay in insurance that goes to obamacare. Death by a thousand cuts is coming, and I think it is obama's plan all along. Collapse the system and then rebuild it in a progressive utopia. NDAA will be utilized heavily to achieve this goal.

Thu, 12/06/2012 - 09:13 | 3038798 Navymugsy
Navymugsy's picture

They won't leave the Euro unless they're kicked out. Cyprus is next right after their Greek cousins. Great move buying all of those Greek bonds. The gifts that keep on giving!

Thu, 12/06/2012 - 09:45 | 3038903 economics9698
economics9698's picture

GS is long. /sarc

Thu, 12/06/2012 - 09:13 | 3038799 tuttisaluti
tuttisaluti's picture

Do they not know how to maipulate statistics.

Thu, 12/06/2012 - 09:19 | 3038816 Bag Of Meat
Bag Of Meat's picture

This chart is the product of already manipulated statistics..

Thu, 12/06/2012 - 09:22 | 3038823 GetZeeGold
GetZeeGold's picture



Count your blessings it could be worse.....and probably is.

Thu, 12/06/2012 - 11:02 | 3039164 ParkAveFlasher
ParkAveFlasher's picture

The really important revisions happen 15 years into the future.

Thu, 12/06/2012 - 21:54 | 3041346 mjcOH1
mjcOH1's picture

"Do they not know how to maipulate statistics."

The pattern is:

- unemployment gets manipulated higher (to forestall austerity)
- revenue gets manipulated higher (to convince the troika some portion of the bailout is recoverable)

By next December they should be at 110% unemployment with revenue at 110% of target, regardless of the target.

Thu, 12/06/2012 - 10:05 | 3038959 darteaus
darteaus's picture

There are many other broke countries in the EU, and the Greeks are getting the bulk of the bailout money, so, the answer to you question is: YES!

Thu, 12/06/2012 - 10:07 | 3038973 John Bigboote
John Bigboote's picture

Exactly. Greece needs a BLS to hide this shit! What a bunch of amatuers.

Thu, 12/06/2012 - 09:14 | 3038800 hugovanderbubble
hugovanderbubble's picture

And Spanish unemployment? Reverse Baumgartnering


Hidden Economy collapsing the last savings we have...


Next crash



Thu, 12/06/2012 - 09:27 | 3038843 EscapeKey
EscapeKey's picture

The entire world is in a state of default, it just doesn't know it yet.

Make good on your debt promises by printing = implicit default.

Thu, 12/06/2012 - 10:56 | 3039148 Vince Clortho
Vince Clortho's picture

Exactly right.

The Default Bust began years ago, and is intensifying.

As the remnants of the sovereign economies circle the drain, the CPs have no choice but to print their balls off.


Thu, 12/06/2012 - 09:14 | 3038801 LawsofPhysics
LawsofPhysics's picture

Garbage.  The black markets are doing fine.  Lots of people working outside the eye of a corrupt fascist system.  Good for them.

Thu, 12/06/2012 - 09:15 | 3038802 pods
pods's picture

Unemployment is a huge threat to the banking cartel.  Nothing worse than people with a lot of time on their hands.

Maybe Greece should hike the booze tax and really get the ball rolling?  Cutt off cable TV?


Thu, 12/06/2012 - 09:21 | 3038819 LawsofPhysics
LawsofPhysics's picture

Yes please, hike the booze taxes, the homebrewers, moonshiners and bootleggers in the real "free market" are looking forward to it.

Thu, 12/06/2012 - 09:15 | 3038803 Kina
Kina's picture

No exit - see unemployment go much higher, though officially ....

Thu, 12/06/2012 - 09:36 | 3038876 Element
Element's picture

At least they got the bailout  ... all good now.

Thu, 12/06/2012 - 09:15 | 3038804 hugovanderbubble
hugovanderbubble's picture

whole hedge fund industry has to be short selling FRENCH EQUITIES


And selling 2, 5 and 10yrs French Bonds






Thu, 12/06/2012 - 09:46 | 3038911 economics9698
economics9698's picture


Thu, 12/06/2012 - 09:15 | 3038806 Sheeple Shepard
Sheeple Shepard's picture

Gotta get up to get down.

Thu, 12/06/2012 - 09:16 | 3038812 Bag Of Meat
Bag Of Meat's picture

Drachma will solve nothing. Wtf zerohedge? Potatoes aint gonna grow if they throw drachmas to the ground. Greece needs to swift from crony capitalism to democracy, and to swift its economy to producing more goods that can be exported. This means that a whole generation of people in their 30s-40s are going to be unemployed.. This is the truth.

Thu, 12/06/2012 - 09:23 | 3038828 azzhatter
azzhatter's picture

Export to whom? Not like there is some huge unfulfilled demand out there

Thu, 12/06/2012 - 09:32 | 3038859 Terminus C
Terminus C's picture

yea but, the world would be rich if everyone just exported more than they import.  Why don't people get with the program?

Thu, 12/06/2012 - 09:34 | 3038870 LawsofPhysics
LawsofPhysics's picture

You'd think that people have actually figured out that the potato they grew themselves is actually worth more to them then the bullshit paper promise they will get in exchange?   "Shocker".

Thu, 12/06/2012 - 10:04 | 3038966 darteaus
darteaus's picture

Dude, farming sucks.  Give me an office cube and Zynga - anytime.

Thu, 12/06/2012 - 10:15 | 3039001 LawsofPhysics
LawsofPhysics's picture

Any real work sucks to some extent, what's your point?

Thu, 12/06/2012 - 10:58 | 3039152 merizobeach
merizobeach's picture

"Give me an office cube and Zynga - anytime."

You can give me whatever you want after you put a bullet in my head.  Til then, no fucking offices for me.

I'll harvest my avocados, dragon fruit, chili peppers, and everything else with the sun on my face.  :-)

Thu, 12/06/2012 - 11:08 | 3039203 darteaus
darteaus's picture

It is my sad duty to report that one now needs a "/s" flag due to an apparent and sudden increase in low IQ ZH "contributors".

Thu, 12/06/2012 - 11:14 | 3039223 Terminus C
Terminus C's picture

yea, I hoped most would pick up on my sarc... /s defeats the purpose of the comment.

Obviously everyone can't export more than they import.  Well maybe not obvious... there was a Alberta Minister of Education who said every Alberta student should be above average...


Thu, 12/06/2012 - 11:40 | 3039323 prains
prains's picture

the "lake of fire" comment by a wild hose member was also a good WTF!

Thu, 12/06/2012 - 09:43 | 3038885 Bag Of Meat
Bag Of Meat's picture

Its a zero sum game, welcome to earth

Thu, 12/06/2012 - 09:58 | 3038948 Fuh Querada
Fuh Querada's picture

Jim "Glibness award 2012" Rickards and acclaimed author of "Currency Wars" says that there is no absolutely problem: Kraut company plants will be established in Greece financed by Chinese capital and will employ all those 18-25 year olds.

Thu, 12/06/2012 - 10:47 | 3039089 merizobeach
merizobeach's picture

I generally like Rickards, though he seems a bit more optimistic than I am; perhaps he's just confident in the illuminati to carry out world government and unified currency; or perhaps his concerns stop with his Catholicism.  Nobody's perfect.  Twitter is generally pretty glib, but I can see where coming from.  He certainly wasn't being glib here, however, in his presentation "Economics and National Security":

Thu, 12/06/2012 - 09:27 | 3038844 UGrev
UGrev's picture

Buuuut.. isn't Greece the island of "Work less, earn more?" 

Thu, 12/06/2012 - 09:30 | 3038853 GMadScientist
GMadScientist's picture

The Drachma would allow them to deflate and get a reasonable amount of non-Drachmas for their potatoes, slick.


Thu, 12/06/2012 - 09:33 | 3038862 LawsofPhysics
LawsofPhysics's picture

Only so long as those "non-drachmas" are backed by something fucking real.  Greece, and the entire planet, is flooded with far too many bullshit paper promises already.

Thu, 12/06/2012 - 09:39 | 3038881 Bag Of Meat
Bag Of Meat's picture

THANK you. Dollar makes wars for oil, and so it gets backed at least for a while. Drachma will get backed with the shit wiped out of greek asses.

Thu, 12/06/2012 - 09:46 | 3038910 LawsofPhysics
LawsofPhysics's picture

wow, what an intelligent, well-reasoned and articulate response.  < sarc off >

Thu, 12/06/2012 - 10:03 | 3038956 Bag Of Meat
Bag Of Meat's picture

Well, sorry I don't speak excellent english thats true. But i thought we were talking economics in here. And the point is to spread the truth across all nations, and not only english speaking. And it wasn't even a "response", more like an addition to your arguement. But how did your higher intelligence miss that? <sarc unnecessairy> 

Thu, 12/06/2012 - 09:31 | 3038856 LawsofPhysics
LawsofPhysics's picture

Ahh yes, the good old export meme.  FAIL.  Nothing short of a complete forgiveness of all debt and execution of all those who have profitted from the fraud will save greece and the earth.

Greece, and the world, has gone far too long without seeing real consequences for bad behavior.   If increasing exports would solve a country or the world's problems, answer one simeple question; exactly who would the earth be exporting to again and what would they be offering the world in exchange?

Stupid fucking sheep.

Thu, 12/06/2012 - 09:37 | 3038877 Bag Of Meat
Bag Of Meat's picture

So your argument is that drachma would solve the earth's problem? lol
I agree with your thoughts about punishment. But then again, the incentives of everyone possibly involved in this punishment push them at a nash equilibrium of lack of punishment for the players responsible for this mess. The equilibrium under the current conditions is always in favor of the elites.

Thu, 12/06/2012 - 09:50 | 3038925 economics9698
economics9698's picture

Export Greek pussy to the Germans for fucks sake.

Thu, 12/06/2012 - 09:58 | 3038943 youngman
youngman's picture

I think this is how many families will survive.....there will be a huge increase in prostitution....

Thu, 12/06/2012 - 11:03 | 3039165 Cortez
Cortez's picture

Jobless men can't afford prostitutes. 

Thu, 12/06/2012 - 21:44 | 3041324 BidnessMan
BidnessMan's picture

German tourists can

Fri, 12/07/2012 - 18:22 | 3044121 forexskin
forexskin's picture

on yo back, i got some very special paper for you, you delicious little grape dumpling, you!

haaaaa, harraaaa, haaaaaaaaHAAAAAA HOOOOO!

when will we ever learn!

Thu, 12/06/2012 - 11:01 | 3039162 merizobeach
merizobeach's picture

Only on a lease; be sure it gets returned.

Thu, 12/06/2012 - 09:55 | 3038929 LawsofPhysics
LawsofPhysics's picture

The point is simple, all societies and monetary systems will fail unless the unit of monetary exchange implicity make it difficult for people to game the system.  No shit, that there will always be bad or evil individuals, but, those systems and societies that insure there are always real consequences for bad behavior will always do better.  It's a lot harder to "fake" an ounce of gold, or even a good potato for that matter, and you know dipshit?  To a person who has nothing and no good prospects, the fucking potato is more desireable.  Never back a wild animal into a corner, always leave them an exit route (preferably out of your house or garage) otherwise don't come crying to me to pay for your healthcare when you get your face ripped off.  Clear the bad fucking debt and prosecute the fucking fraud.

Thu, 12/06/2012 - 10:09 | 3038982 Bag Of Meat
Bag Of Meat's picture

Are you here just to call names on people, and keep rephrasing your arguement without reading the replies? You remind me of my 7 year old cousin.
It's alot harder to impose  any consequence on more powerful people, can't you understand this? No government has an incentive strong enough to impose consequences to those that help them remain on power. Its a give and take. Please , if you reply again, try to understand what i'm typing before you clog your ears and go "lalalalala i cant hear you you dipshit "

Thu, 12/06/2012 - 10:30 | 3039007 LawsofPhysics
LawsofPhysics's picture

Then provide a real solution and stop talking in circles, you sound like one of my cousins, an out of work MBA.  Offered him a job on the farm, said it was too much real work for him.

Thu, 12/06/2012 - 10:41 | 3039069 Bag Of Meat
Bag Of Meat's picture

I provide real and solid arguements that contribute towards a real solution. In the other hand you provide "solutions" that get rejected within seconds. Good luck flaming the rest of the forum

Thu, 12/06/2012 - 09:42 | 3038893 yrbmegr
yrbmegr's picture

Greece depends heavily on tourism.  Going back to the drachma would make visiting Greece more attractive.

Thu, 12/06/2012 - 09:46 | 3038909 Bag Of Meat
Bag Of Meat's picture

Tell me how greeks would buy energy with a drachma backed by nothing. Cmon, hit me. Thats right they wont.

Thu, 12/06/2012 - 10:30 | 3039042 LawsofPhysics
LawsofPhysics's picture

Shit, they can't afford to buy energy now (aside from cutting down their own trees and burning them), what's your point?  Clear the bad debt and prosecute the fraud. Nothing will change until these underlying structural issues are addressed.

Thu, 12/06/2012 - 10:43 | 3039075 Bag Of Meat
Bag Of Meat's picture

Name one country in the whole world and throughout the human history, that has achieved in a long term what you imply to be an easy and evident solution.

Thu, 12/06/2012 - 10:52 | 3039111 LawsofPhysics
LawsofPhysics's picture

Again, just like my cousin, the out-of-work MBA, you completely miss the point.  Go take a class in therodynamics, humanity is an unsustainable ponzi.  There are no easy solutions. Now quit whinning and go affect some real change by actually doing something productive.

Thu, 12/06/2012 - 13:08 | 3039586 Bag Of Meat
Bag Of Meat's picture

The most productive thing you've been doing for some hours now is editing your text so that it seems relevant. You are irrelevant and delusioned . I hope the best for you, barking doggy

Thu, 12/06/2012 - 09:43 | 3038898 blabam
blabam's picture

Democracy! Because it works! 

Thu, 12/06/2012 - 10:29 | 3039041 GetZeeGold
GetZeeGold's picture



I'll just keep the good old fashioned Republic......thanks anyway.

Thu, 12/06/2012 - 10:38 | 3039063 FrankDrakman
FrankDrakman's picture

 to swift its economy to producing more goods that can be exported.

Gets my personal vote as the most ludicrous gibberish of the year.

Thu, 12/06/2012 - 09:20 | 3038817 Quinvarius
Quinvarius's picture

Look at all that potential!  Why isn't Goldman all over this bullish development with helpful advice on how to maximize profit by getting long some Greek thing or another?

Thu, 12/06/2012 - 09:20 | 3038818 LongSoupLine
LongSoupLine's picture



What does any of this have to do with Hedge Funds changing the holiday party catering order for the better booze and caviar?

Thu, 12/06/2012 - 09:21 | 3038820 HD
HD's picture

Where is Ben Bernankeopolous to save the day?

Thu, 12/06/2012 - 09:21 | 3038821 Lucius Corneliu...
Lucius Cornelius Sulla's picture

That chart is darn right depressing.  

Thu, 12/06/2012 - 09:23 | 3038826 q99x2
q99x2's picture

Ok so when everything gets like that in the US as the banksters take down country after country does gold and silver retain their value. You know like for bribes or would a gun be better?

Thu, 12/06/2012 - 09:26 | 3038839 sunny
sunny's picture

Silver and gold are too valuable to waste on banksters.  Your suggested alternative would be more appropriate.

Next question.


Thu, 12/06/2012 - 09:28 | 3038847 GMadScientist
GMadScientist's picture

I'd start with a brain, otherwise the other stuff won't help you a bit.


Thu, 12/06/2012 - 09:24 | 3038831 Eugend66
Eugend66's picture

Why would someone rate this article "poor"?

Thu, 12/06/2012 - 09:33 | 3038866 Element
Element's picture

maybe golum reads zh?

Thu, 12/06/2012 - 09:35 | 3038874 Terminus C
Terminus C's picture

Some like to shoot the messenger.

"You can't handle the truth!"

No truer statement has ever been made in Hollywood propaganda.

Thu, 12/06/2012 - 10:08 | 3038977 thecoloredsky
thecoloredsky's picture

fat finger?

Thu, 12/06/2012 - 10:10 | 3038984 Bag Of Meat
Bag Of Meat's picture

I did, because of the drachma thing.

Thu, 12/06/2012 - 09:27 | 3038834 Dre4dwolf
Dre4dwolf's picture

They joined the Euro in what 2001~2002?

The bubble that was inflating to 2008ish2009ish artificially created jobs (probably in banking and service industries in greece) then when the bubble popped the true economic conditions of non-productivity and consumption were exposed and everything went into free-fall.


In America when the Bond+Financial institution bubble pops , I would expect a similar chart for America, we might hit a peak employement for the recession before it just starts to free-fall.

The problem with a service based economy (like america's) is that it only functions when there exists wealth to re-distribute/shuffle around, because most of the services are jobs that move stuff around/re-organize.


Its like we printed a shitload of money and everyone bought a bunch of crap, and it just made a mess, so we hire a shit-load of people to organize everything/move it around to where it needs to be, but when all is said and done, those people are no longer needed, factor in that Obama is making it so that its getting more expensive to keep human capital around.... people are gona get fired.


Thu, 12/06/2012 - 10:18 | 3039012 Bag Of Meat
Bag Of Meat's picture

I agree 100% . But tell me, how is the drachma magically going to solve the services based economy? Especially in an economy thats depends heavily on external energy sources.

Thu, 12/06/2012 - 11:27 | 3039280 merizobeach
merizobeach's picture

It certainly wouldn't happen because of magic.  But how does any country that issues a new currency make it last?  Most countries don't have much gold or energy, but they mostly all have currencies.

If it could be presumed that a re-adoption of the drachma was part of a legitimate and sincere effort to re-establish a thriving economy, then the government would need to undergo massive reforms to cut or eliminate entitlements, public employment, and other spending; at the same time, the newly issued drachma would need to be severely devalued to the Euro so that the purchasing power of the Euro would be much greater in Greece, coaxing an inflow of money.  When opening businesses, hiring workers, and producing goods in Greece becomes cheap and efficient relative to international standards, then investments will return, and the country would be on its way to recovery.  As I said, though, this is predicated as much upon governmental fiscal responsibility as well as noncorruption, both of which are human obstacles that tend to sink pretty much any political theory when put to practice.

Addressing the problems of a service-based economy can best be done with economic theories and political negotiations; addressing the problems of an entitlement-based society is another, more complicated, and uglier matter.

Thu, 12/06/2012 - 16:15 | 3040298 Bag Of Meat
Bag Of Meat's picture

You're absolutely right, except that "most countries" thing, I don't think anyone can say Greece is just "another country" for the investing world right now...

Thu, 12/06/2012 - 10:26 | 3039033 Temporalist
Temporalist's picture

Are you suggesting that the US doesn't need more "Life Coaches" that make $175k a year?  What kind of world would this be without people telling me I'm good enough, smart enough, and darn it people like me?

Thu, 12/06/2012 - 09:25 | 3038835 timbo_em
timbo_em's picture

LOL...meanwhile Greek PM Samaras said to German daily newspaper Bild that after the debt buyback (which according to him will be successful) Greece's debt levels will be sustainable.

Thu, 12/06/2012 - 09:27 | 3038841 Fezter
Fezter's picture

As long as I get my mousaka and belly dancers.

Thu, 12/06/2012 - 09:26 | 3038842 GMadScientist
GMadScientist's picture

Note: does not include black market employment.


Thu, 12/06/2012 - 09:36 | 3038878 EL INDIO
EL INDIO's picture

Like What ? Manwhores ?

Thu, 12/06/2012 - 09:31 | 3038845 Element
Element's picture

Nothing to see here, move along.

Problem is this feeds into the false solution of Krugmanism, rather than facing the fact that the real solution is to default on the fiat debt-money and rebuild from the ashes, and try to manage things so they don't get too nasty in the interim.

Which doesn't really work if you disenfranchise, enrage and generally radicalise and make everyone desperate and resorting to violence ... before you default any way.

Thu, 12/06/2012 - 10:03 | 3038965 youngman
youngman's picture

you are right...soon there will be generation of "criminals"...people who work and live off the marketers..who will never pay taxes again....they are losing their "base"....if they fail now...take the pain...they might save the country....if they keep kicking the can...more and more people will go off grid.....and stay there

Thu, 12/06/2012 - 10:32 | 3039046 wisefool
wisefool's picture

This is so important for people to realize. The governments are subserviant to the banks. Right now, in the USA, your .gov workers are actually working very, very hard.

Why? Obama told them to implement COG (continuity of government) proceedures. And COG proceedures have nothing to do with maintaing the level of services .gov provides. It has to do with preserving .gov supply chains. (i.e. tax revenues). This is why they bought all that ammo. They will also be releasing all kinds of new reports showing how important they are in your lives. Like most statistics, they will all be fake.

They already used up the Bin Laden thing. Most people dont give a crap about syria. Obama phones were more devicive than supportive. We might actually, finally get a perp walk for a bankster (circus victim), and a some type of direct payment from the government  based on some trumped up artifact of the fiscal cliff negotiation. (bread for the masses)

Thu, 12/06/2012 - 11:32 | 3039309 merizobeach
merizobeach's picture

"and stay there"  Bingo.

And why would I want to go back?  Freedom from Big Brother suits me just fine.

Thu, 12/06/2012 - 09:28 | 3038846 EscapeKey
EscapeKey's picture

You just *know* that once the 2nd derivative goes up, it will be used as a reason to pump the markets.

But until then? *markets whistle while looking the other way*

Thu, 12/06/2012 - 09:30 | 3038854 XRAYD
XRAYD's picture

Shouldn'f that be a Lickle?

Thu, 12/06/2012 - 09:34 | 3038867 youngman
youngman's picture

I predict in 5 years that number or % will become the new NORMAL

Thu, 12/06/2012 - 09:39 | 3038884 rsnoble
rsnoble's picture

Those charts say "Parabolic Collapse". End of story.

Thu, 12/06/2012 - 09:45 | 3038897 Element
Element's picture

Yes, but this won't happen in any other countries in europa ... it's just a Greekish thingy ...

wot? ... spains worse ... already?

Thu, 12/06/2012 - 09:40 | 3038886 buzzsaw99
buzzsaw99's picture


Mr. Burns apparently writes for zh. [/excellent]

Thu, 12/06/2012 - 14:27 | 3039841 Radical Marijuana
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... I am finding that harder to be able to do anymore ...

My well-developed macabre sense of humour can not keep up! Of course, as things get worse & worse, the "opposition" matches that by also becoming worse and worse. The basic system of debt slavery automatically runs away to become debt insanity, and that then must result in psychotic breakdowns.  From a sublime point of view, the absurdities become more and more amusing, LOL!? (Given the necssarily macabre sense of humour, required to laugh at evil.) It is practically impossible to imagine how more radical truth could ever emerge enough to become the cure for this kind of runaway debt insanity, driving social psychotic breakdowns. So far, the only thing happening is more and more money made out out nothing, as debts, born by more and more people, to be pumped into a system that is being destroyed by too much debt, due to operating too much on the fundamental fraud of money made out of nothing in the first place.

Of course, inside of a world that is controlled by those who are the best at being dishonest, where the fraud kings control what is happening, everything is as backwards as it can possibly be, so that something like 75% of the young women in Greece find it impossible to be "employed" ... Since the fascist plutocracy is a system of insane numbers, which were graudally built on top of patriarchal militarism, young women are the primary victims, and virtually nobody, including them, will ever be able to resolve that enough to provide genuine solutions to that social insanity.

Paternalism of the insane big daddies, destroying the lives of their young daughters ... while most of the fake solutions proposed by various controlled opposition groups tend to be merely more old-fashioned systems of big daddyism.

Since the real world is now almost totally controlled by triumphant runaway frauds, and Greece is one of the leading examples of the process of debt slavery transforming into debt insanity, of course that manifests as "unemployment" and the most unemployable are young women, since they are the furtherest away from the big daddies which were controlling society through huge lies, backed by violence, whose "success" automatically must become insane, and leads to psychotic breakdowns ... Then, in that context, under stress, people regress, and the "solutions" tend to be just more and worse regressions to big daddyism, as still somehow going to be the way to fix the problems caused by too much big daddyism for too long!

Thu, 12/06/2012 - 09:40 | 3038890 PR Guy
PR Guy's picture



It really has all gone to ratshit in Europe

Thu, 12/06/2012 - 09:59 | 3038954 darteaus
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Thu, 12/06/2012 - 10:13 | 3038970 Aurora Ex Machina
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Whoever made that chart made a clever choice to shade them from light blue to dark blue; simple, obvious but direct way of suggesting their conclusions to the data.


Entering the Deep


[Note: that data presumably doesn't include the approx 1-2 million (?? figures wildly fluctuate due to source. i.e. Golden Dawn puts it closer to 2 million, Greek government just under 1 million) unregistered illegal aliens in Greece (via North Aftica, Pakistan and Afganistan largely), which Golden Dawn gets so upset about. Work those into there and the rate is higher. See here for American friendly version]

Thu, 12/06/2012 - 10:08 | 3038978 GMadScientist
Thu, 12/06/2012 - 10:10 | 3038981 NEOSERF
NEOSERF's picture

At this point Greece is just an interesting social experiment on how bad it needs to get in today's society before meaningful daily demonstrations, riots and opposition leaders with megaphones get in the street.  Xbox, iphone and ipod opiation so far seems to have kept the young males in check but there is always and inflection point and perhaps when the electricity goes off or the phone goes dead or the room temp hits 52 degrees, that people will get off their couches and demand to leave the euro.

Thu, 12/06/2012 - 10:20 | 3039008 Aurora Ex Machina
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I'd fine tune that:

We know how bad it has to get in a developing world country // Muslim countries, Greece is the test-bed for a 'second world', largely traditional family based, non-fundamentalist Religious / secular economic system, with attendant Corruption / Nepotism due to social structure, weak / co-opted local Government.


Note this: 46.9% internet penetration per ITU; 34.6% Facebook penetration. Here. I could dig up the mobile G network data as well, but approx ~ 50% of the population is "low information"

Capital city: Athens - population 752,971 (2010)

5,043,550 Internet users as of Dec.31, 2011, 46.9% penetration, per ITU

3,718,340 Facebook users on Mar 31/12, 34.6% penetration rate.

Thu, 12/06/2012 - 10:24 | 3039026 Bag Of Meat
Bag Of Meat's picture

Attiki's (athens + close suburbs) population is more like 5 mil . 

Thu, 12/06/2012 - 10:39 | 3039065 Aurora Ex Machina
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Given the total pop is ~10-11 million, that's an interesting correlation between urban % and coverage %.

Might be meaningless, but worth thinking over.

Thu, 12/06/2012 - 10:28 | 3039040 Temporalist
Temporalist's picture

I'd also add that Greeks don't own guns.

Thu, 12/06/2012 - 10:37 | 3039062 THE DORK OF CORK
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The Euro boys (venetians) are the biggest most ambitious criminals ever to walk the earth.

Thu, 12/06/2012 - 10:54 | 3039135 Madcow
Madcow's picture

Obviously, the Eurocrats will not rest until there is total chaos and revolution.

Maybe its time to give all of Southern Europe back to the Moors  


Thu, 12/06/2012 - 11:01 | 3039160 GFORCE
GFORCE's picture

Greece is now on the "Sachsma"

Thu, 12/06/2012 - 11:06 | 3039191 BattlegroundEur...
BattlegroundEurope2011's picture

Greece needs to get all those unemployed and invade the rest of Cyprus.

Get the ball rolling for a bigger conflict with Turkey.  Might as well do it now when they have the means to do it and very little downside if they fail to pull it off.



Thu, 12/06/2012 - 11:08 | 3039198 Fix It Again Timmy
Fix It Again Timmy's picture

On the bright side, a depression will cure a nation's obesity problem....

Thu, 12/06/2012 - 11:11 | 3039214 Peterus
Peterus's picture

This problem is contained. I have seen the best - official - data and I can say with full confidence that wise, but maybe somewhat painful decisions done in the face of this crisis will lead Greece to sustainable growth and get it's debt under control by 2030. Even on top of these great news - according to these prognosis based on our... ekhm on the best experts aveilable the Greek government will be able to pay it's debt down to the Drah... ekhm to the Euro in early XXII century. I see great future opening up before Greek people!

Thu, 12/06/2012 - 12:06 | 3039407 Frank N. Beans
Frank N. Beans's picture

greeks pine for the good old days of 7% unemployment they had in 2008


Thu, 12/06/2012 - 12:55 | 3039547 TheOldMan
TheOldMan's picture

It doesn't look so bad if you use a logarithmic scale...

Thu, 12/06/2012 - 13:27 | 3039642 UndergroundPost
UndergroundPost's picture

The real story: GREECE HAS AN EFFECTIVE UNEMPLOYMENT RATE OF 64.8%! Not the young, sun-kissed youth population, but among the FULL FORCE of WORK-ABLE ADULTS

Here are the numbers:

Unemployed (those not working who are trying to find work): 1.3M

Inactive Unemployed (as defined by the most trusted Helenic Statistical Authority: "persons that neither worked, neither looked for a job"): 3.4M

Total number of REAL UNEMPLOYED in Socrates homeland: ~4.7M

Total number of Greeks employed (this includes GOVERNMENT WORKERS which of course means secretaries working for secretaries who type meaningless memos for bureaucrats who write reports on why Greece needs more German money): 3.7M

Total Labor Force: 5.3M (Another farce number - see below)

Total Population of Greece: 11.2M

Total Adult Population (15-65, i.e. WORKING AGE): 7.2M

So the BuLS*T (Bureau of Labor Stats) of Greece is saying that there are nearly 2 million of its citizens (Total Adult Population - Total Labor Force) that for some reason shouldn't be included in the Labor Force. So we don't seem totally heartless, let's acknowledge that there are some physically, mentally and politically challenged adults that CAN'T work. The UN estimates that around 10% of the world's population is disabled and slightly higher in 3rd world countries. Its probably less in Greece (unless you consider someone who is over-tanned to be disabled) but let's say 10% of Greeks really can't work. That's about 720K of working age adults that really need charity. That leaves - again generously - 7.1M total work-able adults. And for those EU bureaucrats who are insisting on robbing the rest of Europe's producers for the non-producers, we'll even deduct that full 720K from the Inactive Employed number. The results: 3.3M INACTIVE + 1.3M UNEMPLOYED = 4.6M NOT WORKING.

Here's why Zeus is curled up in a corner sucking his thumb: 4.6M non-working but able adult Greeks / 7.1M total work-ready adults = 64.8% REAL UNEMPLOYMENT.

Socratic wisdom for Prime Minister Antonis Samaras: Hemlock exists for a reason.



Thu, 12/06/2012 - 15:31 | 3040125 Catflappo
Catflappo's picture

My Great Big Greek Problem

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