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Plunging Greek Wages Crater Q2 Disposable Income By 9.3%, Government Borrowing Rises To Record
Can someone please explain this whole "Grecovery" concept to use because neither we, nor apparently the people of Greece which are not only unemployed and broke, but have negative savings, and collapsing wages, social benefits and disposable income, seem able to understand it.
Here is the latest absolutely disastrous news from Elstat, reporting on Q2 Greek Non-financial sector accounts
During the second quarter of 2013, disposable income of the households and non-profit institutions serving households (NPISH) sector (S.1M) decreased by 9.3% in comparison with the same quarter of the previous year, from 33.2 billion euro to 30.1 billion euro. This was mainly on account of a decrease of 13.9% in the compensation of employees and a decrease of 12.4% in social benefits received by households.
This was the biggest drop in household disposable income since Q3 2012. Is this part of the Grecovery?
Next, the savings rate of the households and NPISH sector, defined as gross savings divided by gross disposable income, was -8.7% in the second quarter of 2013, compared with -6.7% in the second quarter of 2012.
So, households are broke, unemployed, and have negative savings. But at least the stock market is up. Is this, too, part of the Grecovery?
Finally, remember that myth about the suddenly accountable and responsible Greek government, which has a primary surplus, and is living within its means? Then please explain the following:
Net borrowing of general government (S.13) during the second quarter of 2013 amounted to 14.0 billion euro, compared with 3.8 billion euro in the second quarter of 2012. The increase in the General Government deficit in the second quarter of 2013 is due to capital transfers in the context of the program of state aid to specific banks. Net borrowing of general government excluding the impact of the support to financial institutions in the second quarter 2012 amounted to 2.6 billion euro.
This was the biggest quarterly government borrowqing in well... ever. Is this the final component of the Grecovery?
And some other independent data poinst:
- Greek 2Q Govt Deficit Widens to 16.6% of GDP From 11.0% in 1Q - obviously, this spells Grecovery
- Greek Debt Swells to 169.1% of GDP in 2Q, Nearing Pre-PSI Levels - this definitely must be the Grecovery, right?
The good news for all the broke, unemployment, incomeless Greeks: you still have your precious Euro.
Source: Elstat
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Long feta (goats).
First it was dogs roaming the streets because no one could afford them.
Now I assume there will be a wave of cats next.
Doesn't socialism rock?
It is the roaming bi-peds, especially if the EBTs dry up, that keep us up at night.
I always thought the meat in those Gyros tasted funny...
The good news is the worst is over ... so I hear ... um, heard, sorry.
I don't get it either. NBG (National Bank of Greece) up 50% for the month! Opa!!
this situation is the system called the fed reserve.
the system is working perfectly.
the system has taken 100 years to bring the only uncontrolled nation to its knees.
the system is, if you haven't seen it yet.
to enslave a free people to debt with paper created out of thin air,
and capture all productive assets through boom and bust cycles the system creates.
Anyone needing CONTAINERloads just available to ship in Europe and the States.
Just keep me posted. (limited to 1 per week for the moment)
Government workers being paid in euros spread the faulty idea that getting out of euro it will be worse. Being so many of them they are succeeding.
Get out of the euro if you want to be liberated.
No problem - print some moar fiat. Easy fix.
Croatia...behold your future.
Don't stop there.... unfunded liabilities everywhere.... we are getting ready for a giant global reset. Wonder what it will look like on the other side?
"unfunded liability" = "I'll pay you afterwards. And I promise I wont come in your mouth".
"unfunded liability" = Gladly pay you Tuesday using profits from my new website. I promise that I'll pull out, I promise, don't worry. DO-NOT-WORRY.
They'll be bailed out over and over. They know this. They owe German banks a lot of money.
Europe is not interested in Greeks. It is only interested in Greece. Once you understand that then everything else makes sense.
Merkel will proclaim them fixed and Draghi will demand that Greece fudge their numbers again.
Goldman is working the books to make Greece solvent...again.
No problem.
"people of Greece which are not only unemployed and broke, but have negative savings, and collapsing wages, social benefits and disposable income"
Picky picky picky. I'm beginning to detect a certain amount of negativity in the Durden clan.
the dream of a nation where everyone has a gummint job, dies hard.
"The increase [in the deficit] ... is due to capital transfers in the context of the program of state aid to specific banks"
Insolvent Government borrows in a zombie currency to give artifical life support to zombie banks - and that is the news. WTFF?
TPTB are pissing all over the Greeks, and dont even have the decency to call it rain.
Extended bank holiday and capital controls next - "give us your richez, bitchez".
Long lampposts and piano wire ...
Coming here soon. Only thing that will stop the slide of DI here is if nobody signs up for Obumbled Care and only pay the fine.
This is basicly the worst case scenerio when you go off of a gold standard. The bankers printing money nonstop and unrestrained for themselves, while at the same time making sure the public and economy lose all access to money. The bankers are so scared of hyperinflation as they print the money they want, that they purposely cause a depression to delay it. At least if they were on gold, the printing part would be limited and the people would have some savings. But that is cool. They pushed paper gold down 30%. So the less intelligent can pretend gold would not have helped.
SHEEPS MEET BBQ!!
Golden Dawn is illegal. And I suspect it's gaining in popularity.
Chryssí Avgí is the cool underground thing now. Leftist totalitarianism is so bourgeoisie.
THAT IS THE IDEA.
The Golden Dawn is the extension of the Crooks in charge in Greece. The Leader of the Arian Greek followers, before his mistress. Look at his face
http://lefteria-news.blogspot.co.uk/2012/05/blog-post_4557.html
Also his receipt from past "Services" rendered to the Deep state http://www.to-radar.gr/Misthodotoumenos-praktoras-tis-KUP-o-Mixaloliakos...
So the Sheeple of Greece walking right into the trap that has been setup for them really nicely.
They are going to make illegal because the fools think that, that product is independent , my arse
goes to show you just how bad US data has to be before the stock market even thinks about declining. we are a LONG way away from that. the result will be the same for US and Greece, but they are a couple years ahead of us...so GAME ON!
" Finally, remember that myth about the suddenly accountable and responsible Greek government, which has a primary surplus, and is living within its means?"
This is the Government run by Mr. SomeAreAss (Samarash) He had mismanaged/missaproprieted (Accidentally on purpose) funds from a rich relative in New York back in the seventies.
Are we led to believe that, that crook, is going to help the Greeks or HIMSELF?
Its funny how their stock market is doing so well......but they have farther to drop...less pay..less jobs...less tax revenues forever as people are going to a black market economy...Greece is a dying country....its not going to be fun either...
MONOTONICALLY INCREASING SEQUENCE aka fiat money borrowed at an interest from central banks
is it FINITE or INFINITE ? :-)))
I told you the other day- Happy Talk from TPTB <i>is</i> the only true economic metric.
Greek government withdraws from the national economy, tax receipts fall further. Net borrowing rises. Withdrawal from the economy must accelerate. National collapse will accelerate. The most excellent way to get one's national finances in order.
Don't they have wood, nails and blades in Greece?! In a pinch, trees and ropes will do fine as well.
Prediction Golden Dawn wins more seats as direct result of mass criminal invasion and unemployment displacement by mass state subsidized alien scab labor.
Greece needs an immigrant charge law, and mass deportations.