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Greece Has One Month To Plug A €1.2 Billion Healthcare Budget Hole
Think Cyprus is the only country that will need a repeat bailout (as the FT reported earlier)? Think again. Cause heeeeere's Greece... again.... where as Kathimerini reports, a brand new, massive budget hole for €1.2 billion has just been "discovered." Only this time it is not some C-grade government service that can just be swept away: it is to fund the country's biggest healthcare provider, EOPYY. And the deadline is imminent: Greece has less than a month to plug it.
From the Greek publication:
The Health Ministry has less than a month to find ways to plug a funding gap of around 1.2 billion euros in the budget of the country’s biggest healthcare provider, EOPYY, following a meeting between representatives of the country’s creditors and Minister Andreas Lykourentzos on Monday.
“There are important issues still to be discussed, such as restructuring EOPYY and the issue of costs created by shortfalls from social security funds,” Lykourentzos said.
He added that the inspectors noted progress in curbing the costs of hospitals and in supplies, but he also said that spending on medicines still has some way to go to reach a set target of 2.44 billion euros by the end of the year from 2.8 billion in 2012.
Why are all these "funding shortfalls" coming out suddenly, two months before the German general election? Because Europe's periphery is now an expert in leverage, which is precisely why the budget holes are emerging at this moment.
Because if there is one time Angela Merkel is most vulnerable, it is right about now, and with an election to focus on, a crash in the EUR, and a repeat spike in bond yields in the European periphery, not to mention a test of the EFSF, the ESM, and of course, the non-existent OMT, is that last thing she would want on her mind. And, the insolvent thinking goes, any demands for extra cash issued now will be promptly met.
So: first Cyprus, now Greece. Who's next? Because now is the time to make demands from Mama Merkel.
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How do you plug a ruptured aorta?
This pig is going to bleed to death. And the sooner the better AFAIC.
1.2 billion is a joke at this point. Just give it to em
How much is that in Drachmas?
Didn't I just read the same thing about Detroit today?
Exponential math is a bitch.
Hah ha ha ha ha ha
Hey, remember how we/they/all of us got into this shit at the outset?
Was creative accounting, hiding numbers etc., so they could even get into the Euro and EU early on (aka fraud, lies, BS, etc)
And it's still happening!
Mommy, look what I found! What's all that white stuff in it, mommy? Why's it all slippery? Is this yours, mommy? What's it for? Mommy, Rover's eating it. Rover's throwing up, mommy. Hey mommy!
That is...unpleasant.
How much is that in Drachmas?
All of them.
Just have them mint a 1.2 billion euro coin.. why is this so hard? http://tinyurl.com/mem7o7x
Would prefer that this financial hole be one into which Angela Merkel falls, right onto her Teutonic butt, permanently
Some of those Greeks who didn't get medical care, because the Greek hospital money was stolen by the EU-Troika to pay German bondholders
Will hopefully take action soon, against both their own Greek quisling traitors and the Troika carpetbaggers trying to haul off the loot to Germany
How come we never see them eating or anything? They are always looking like a bunch of vultures sitting in a circle waiting for their next prey to come around. Or are we gettin tired of pukein on other peoples laps when the bad news finally gets around and the press goes silent about it all
US Medicare liabilities increase by $16.64 billion each and every day but nobody cares (12.4 billion euros everyday).
http://www.usdebtclock.org/
Wow that's a big number. I guess it goes with default at some point.
You don't know Greece. Remember the Golden Fleece. When the end of 1 month arrives it will be 120 billion.
They should have had Aflac, for those unexpected expenses.
Coming to a well known North American country very soon. Maybe 2014?
FORWARD SOVIET!
OR.....?
Yeah, good luck with that. Enjoy the riots.
I don't think riots would work anymore in Greece. There is no government - its all just a gigantic government-like ponzi:
"...Every single person in this country has had to make some very tough decisions on a day-to-day basis just to make ends meet. But the political system has failed in the simple task of agreeing on the closure of even one single state entity. It digs up legal arguments to prevent such a thing from happening, drawing on the fact that the constitutional and legal framework it has designed itself leaves little room for radical changes. At other times it targets some state entity that has no real reason to exist, announces its closure, and then realizes that it was staffed almost exclusively by its cronies..."
http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_1_18/06/2013_504473
The USA is going to disintegrate a lot like Greece. Which US government employees and contractors are indispensible? Ask Greece: all of them.
Every country will disintegrate like Greece. All of them are statists hell holes where a large portion of the population is dependent on government goodies to survive.
...and that is why I am learning to grow my own food.
The problem with cancer is the patient's immune system cannot tell cancer from self. The cancer grows until it is irradiated/chemo-ed/cut out or the patient dies.
Government is always for government, first. It is a kind of unwritten libertarian principle.
I both laugh and cry at the meltdown of the loving, caring, compassioate collectivist state. Greece is but the first of many. Wait till America does it's meltdown. I could imagine a new dark ages with only a little effort.
Modern statists generally talk about religious myths and are atheists. I suggest the godlike belief in the virtues of the State should be in the same category.
Weird
Is that like Obamacare? But Obamacare won't have those "funding gaps", right?
Of course not. It's priceless!
Funding "gap?" More like a canyon. . . A Grand Canyon.
Greece will do like the US will do... when it gets bad enough, they'll go to government system like Canada... that way it can't fail since it's funded by taxes... of course, those working in the industry will get screwed, and since it'll be ``free`` everyone will go and the lines will become very long... let's say the doctors give you a year to live... unless you're operated on... but they can only operate on you in 2 years... well you guess what happens...
"...an election to focus on, a crash in the EUR"
Not until EURUSD hits 1.99666 and quadrillion joins the nomenclature newspeak.
Just tell the people that they are not getting paid this month...its for the sick people...that should calm them down
"Hey,
nice election...
Shame if anything were to happen to it..."
The, Troika has one month to plug the DAM!
I'm in the midddle of the lake NSA! FUCKTARDS<
exactly.......................
Jeebus fucking stupidity. Thanks Kito, I'm a dip shit!
Maybe Greece should just invest in gold.
Woops, looks like they may have already.
just plug the damn hole
Don't worry the FED, through the ECB, will bail them out in time.
In other news, big tea party protest planned for tomorrow in DC.
Also :
Turkey's defiant PM says police to get more power against protesters (AP)
Clashes erupt in Egypt over Islamist governors (AP)
http://www.npr.org/blogs/thetwo-way/2013/06/18/193183899/the-standing-ma...
The world is watching. He is the first, but he will not be the last.
Thanks for that IR, you absolutely have to respect that. You'd also think that it creeps out the establishment and those cops.
If Greece were on the Drachma their Treasury could just send over some binary digits to fill the hole.
Don't forget about the second law of holes. Which is, when filling a hole, always start at the bottom.
It all comes back to POMO. Greece needs about a half day of a lite POMO. But naw lets just keep on buying bawnds. Bankers always need moar hookers.
Netflix and Amazon. ?
Honestly! I want to enjoy my new boat.
Sign my contract and I will guarantee your country fifty years of financial stability. But after then Greece is forever more mine!
out of thin air from ecb for 0.01%
problem solved...
NOT
They COULD do that, but they have principles you know, and if they started printing money every time people needed it, then where would it stop. That's why they ONLY give away free money to insolvent banks. Otherwise, peoples' morals might get corrupted and they might start thinking they're entitled to rape and pillage the world risk free, and THAT job is already taken.
Solution > sell Obama phones for crack?
First the jobs started drying up, then services went away, then TV went out, now healtcare. What's next on the list? Anyone? Bueller?
Food. They're gonna look like Haiti in a few years.
There are two realities that Greece has to face. The first is the depth of their problems. The second is the reality of what it will take for them to do in order to get out of their problems. The second erality will not be a pleasant one and may even be a challenge beyond their resources and abilities especially if outsiders seek to destabilize her or to rape her while she is on her knees.
I donate a lot of FIAT, every year.
I'm telling everyone at Z/H that I appreciate your input and honesty.
I love Jets and Boats!
(Deleted; sorry, wrong comment in wrong place!)
All that olive oil and sunshine, and they need healthcare too?
Killing Joke - Prozac People
The Greek budget does not have any funding holes because the Greek budget is a big black hole itself.
At any rate, obesity won't be a healthcare issue....
I can recall reading an article at one point that said that the Greek government heathcare system owed something like $2 billion to various drug companies. It might be more than that at this point. The drug companies kept shipping the drugs to them because they didn't want to take the hit to earnings the would result from writing the debt off. Not to mention the bad publicity of causing the death of sick people in Greece.
Remember all the unforseen consequences of the Lehman failure? No on thought in advance that it would cause the failure of AIG insurance. When Europe finally breaks up the consequences are going to be extreme and unpredictable. MF Global X 100
What do they need expensive german Subs or F-16's for? Can't they flog the stuff somewhere's and purchase some pharmaceuticals? They have a bunch of useless legislators and so does America.Some coincidence.... Since Detroit has the same problem but crappier climate,I suggest Greece defaults. Overhaul the gov't to get leaner and meaner. Gold backed currency and do an Iceland.Fuck the lot in Brussels.Nigel Farage is right about this stuff.Why should the UK taxpayer have to pay for this.Apparently it was the Greek bond purchases by the Cypriot banks that drove the Cypriots to the wall. This is known as "contagion" or a "Bank Run".Enough of this bailout nonsense.Not even the Germans are happy with the ECB performance as we will find out in the elections this year.
It is a well known fact that all those USELESS War toys that the Greeks have to "buy", are in fact, State Tribute to their Bankster Masters in order, the Sheeple do not get too suspicious of the affair (same goes for the Turks). Turkey did not invade so much as disembarked on the Island of Cyprus, with the connivance of the Greek High Command. It was a financial settlement of an old agreement of the 1860's ,just before the Crimean war that Turkey handed over Cyprus to Britain. The Financial History of Greece since 1821 to this day is a Revelation of what is really going on in that part of the World. Only the Greek soldiers to the amazement of their superiors fought with Antiquated weapons similar to that of the Spartans in 480 B.C (somewhere in the 1940s era really).
So that shows the Top Brass are really Traitors to their Country.
All of these top Politicians are in fact conniving amongst themselves From "Ultra right" to "Ultra Left" the top Hierarchy are wining and dinning to the ignorance of their "followers"
The Whorehouse .............sorry I mean Greek Parliament is a Top Theatre where the Politicians are Playing Good and Bad or so called, to the Tradition of their Glorious Ancestors
Exactly. With the whole economy underwater who needs a submarine?
The problem with defaulting now is that the new loans are not under Greek law and it will be tough dealing with the new creditors.
Germans might wake up to themselves and leave the Euro first.
This gives a new definition to Black hole!
But Europe's healthcare systems are soooo much superior to the troglodyte USA system! They get better results with less money! How can this happen?
Pay up Germany.
This is now boring. When are the Greeks going to wake up and realise that this is not going to end soon.
Get out of the Euro, a few years of hardship and then recovery as your currency begins to work.
Stay in the euro and you are looking at another 20 years of misery, so pleased we in the UK were not so stupid to join this halfwitted joke of a lie currency.
They will simply deny services of course.