Chart Of The Day: Greek Poverty

Tyler Durden's picture


And now, the saddest chart of the day: Greek poverty since the crisis, and in 2013, when the so-called "Grecovery" arrived.

Here is how Greek Kathimerini describes the fact that nearly half of all Greek incomes, some 44%, had an income below the poverty line in 2013 according to estimates by the Public Policy Analysis Group of the Athens University of Economics and Business (AUEB).

The poverty threshold is measured as 60 percent of the price-adjusted average income in 2009, or up to 665 euros per person per month and up to 1,397 for a couple supporting two underage children. The AUEB researchers also found that last year 14 percent of Greeks earned below the adequate living standards, compared with 2 percent of the population four years ago.

The blame, of course, was placed squarely on austerity, or the fact that Greece, whose epic socio-economic problems stem primarily from its massive overleveraging leading up to 2008, did not leverage some more to "fix" itself.

The group’s report, published last week, suggested that during the crisis instead of strengthening support to the unemployed – which is one of the most efficient methods to rekindle demand – the state was forced to reduce it.

Well, not all the blame: some was reserved for where it rightfully resides: an incompetent, corrupt, crony and quite criminal political system:

... besides the austerity policies of the last few year, the inability of the state to contain the collapse of social structures is due to the lack of targeted strategies and to the inefficient use of resources, problems that dogged Greece even before the onset of the crisis.

No mention that Greece was merely a pawn in the "political capital" invested in the failed Eurozone experiment, in which the main thing at stake is the vested interest of the legacy oligarchs and, of course, the bankers.

As for the Greece: don't cry for it - it still has the euro - that symbol of successful European integration - so all is well.

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Mon, 01/06/2014 - 17:54 | 4305621 youngman
youngman's picture

Good Greece is back in the news...

Mon, 01/06/2014 - 17:55 | 4305628 idea_hamster
idea_hamster's picture

How do you say "hockey stick" in Greek?

Mon, 01/06/2014 - 18:04 | 4305657 malikai
malikai's picture

Now that's growth!

Mon, 01/06/2014 - 18:09 | 4305660 ZerOhead
ZerOhead's picture

In other words... Extremely bullish.

Mon, 01/06/2014 - 18:19 | 4305670 nope-1004
nope-1004's picture

Bankers destroying the world.


"Rising food prices in developing nations can largely be attributed to the citizens of those nations seeking more sophisticated diets."

Ben Asshat Berfuckme

Mon, 01/06/2014 - 18:24 | 4305697 Oldwood
Oldwood's picture

Not the whole world, just the parts they don't give a fuck about.

Cannibalism... the new sophisticated diet.

Mon, 01/06/2014 - 19:42 | 4305945 kaiserhoff
kaiserhoff's picture

The Hamptons are just fiiiine,

   until they're not.

Mon, 01/06/2014 - 18:27 | 4305702 DoChenRollingBearing
DoChenRollingBearing's picture

Is the premium of physical gold (vs paper price) still high in Greece?  Some time ago I read it was something like 10% or maybe more over prices in the US.

Mon, 01/06/2014 - 18:47 | 4305759 tallen
tallen's picture

They can't afford food, nevermind gold.

Tue, 01/07/2014 - 07:07 | 4307388 samcontrol
samcontrol's picture

It is not just " Greece" . You will be paying more for gold in 98% of the countries besides the US. Premiums should range from5 to 20%.

You have not been out much.

Mon, 01/06/2014 - 19:21 | 4305871 Offthebeach
Offthebeach's picture

"......more sophisticated. .."

As if they were eating a sophisticated diet, only now its MORE sophisticated. Why the ignorant little people were stuffing their pie holes with lobster and tenderloin for breakfast. Lunch was champagne and truffles. And now...and now they are MORE MORE MORE SOPHISTICATED!
See, it's not the Feds fault. Proved it. See?

Seriously, if people stuck to their sorghum flour, rats, small birds, second harvest corn kernals.....there would be zero food inflation.
Ben Bernanke.

Mon, 01/06/2014 - 18:19 | 4305682 max2205
max2205's picture

How bout rephrasing to income reported.....whatever

Tue, 01/07/2014 - 03:05 | 4307178 zuuuueri
zuuuueri's picture

Greece is the wonderful country where reported income is HIGHER than actual income!!! unless of course you're one of the 1% crowd.. example: a friend of mine is lucky enough to have a decent job. Pays about 500 a month , from which she actually manages to live.. nothing in the way of surplus to save, but she makes rent and bills and expenses. She's an only child and her mother put her apartment in her daughter's name to simplify inheritance eventually (indeed she bought it in her daughter's name decades ago.. probably might be getting close to paying off the mortgage in a few years even) Anyway.. her declared income is almost 12k euros, on which she has to pay income tax. But she might have had 6k of income from her job. The rest is imaginary income added by the tax people simply because there's a residence technically owned by her somewhere, so she magically has another 6500 or so euros of 'income' which is of course taxed. Nevermind that they have two different property taxes on the apartment already, the regular one and the 'extraordinary one time tax' (yes they still have the temerity to call it that though it's three years running now!).. for the 99%, perhaps half of 'income' reported by the statistical service is this kind of imaginary income. But it looks good on the books when they would go to frankfurt or new york and say 'look at all this GDP and owed tax we have waiting to bring in'! and it's also a great way to force the serfs to sell. The banksters have never liked the fact that home ownership in greece is higher than anywhere else in europe (and outside of the cities, it's usually the ancestral home in a village which was owned free and clear, seeing how grandpa built it with his bare hands). You can get an idea which stage they expect things to hit by the fact that this year they finally cut the horrific 11% tax on property transfers down to 3%.. now that the little people are being forced to sell to the big, dont want to gouge the big people too much now do we?

Tue, 01/07/2014 - 07:08 | 4307389 samcontrol
samcontrol's picture

Greece has wonderful islands.

Fixed it for you

Mon, 01/06/2014 - 19:22 | 4305879 tallen
tallen's picture

It's just transitory.

Mon, 01/06/2014 - 18:02 | 4305651 wee-weed up
wee-weed up's picture



Greek poverty since the crisis...

US loss of jobs since Obama's inauguration...

Same chart... same slope.

Mon, 01/06/2014 - 18:42 | 4305742 duo
duo's picture

just move the x-axis 3-5 years and America will have a similar chart

Mon, 01/06/2014 - 18:14 | 4305665 TheGardener
TheGardener's picture

News would be poverty measured as before Euro entry .

Hard currency killed the Greek cats.

Third world country Greece as it is and always was
whinging for hand outs is more than the world should stomach. Leave the Euro Greek comrades alone and never look back.

Those troika folks have never been your friends, they hate you for your antique democratic traditions and would love to see you fail on all measures.

Tue, 01/07/2014 - 07:10 | 4307391 samcontrol
samcontrol's picture

I would call it second world.... a phrase i invented when I moved to Argentina.

Tue, 01/07/2014 - 09:44 | 4307612 StandardDeviant
StandardDeviant's picture

Um, you didn't invent that.  It used to refer to the Soviet bloc of communist countries.

(That said, maybe you're not so far off the mark.)

Mon, 01/06/2014 - 17:54 | 4305623 DOT
DOT's picture

Are we sure that isn't the chart for EBT benefits here in the US?

Mon, 01/06/2014 - 18:53 | 4305774 Oldwood
Oldwood's picture

Ebt is not for the poor folks as they don't see themselves that way. They are the Least Employed American Citizens Habitually, or a LEACH. The rest of us are the Financially Usurped Citizens Knavishly Expecting Deliverance, or FUCKED.

Mon, 01/06/2014 - 17:58 | 4305627 Hulk
Hulk's picture

poverty to be redefined in 3,2,1...

Mon, 01/06/2014 - 17:55 | 4305629 HardlyZero
HardlyZero's picture

Athens or Detroit ?  Panic will set in after the tapir is inserted.

Mon, 01/06/2014 - 18:00 | 4305634 HFBondsTrader
HFBondsTrader's picture

Problem with Euro Zone boils down to this: there is a central bank without debt issuing authority. Greece is only the first casualty of this arrangement.

Mon, 01/06/2014 - 18:03 | 4305645 Sudden Debt
Sudden Debt's picture

once gorvernments will realise that "bank investments" and bonds they own are worthless they.ll all burn.

In England, they'll make it a election topic "to try to keep government pensions"


Mon, 01/06/2014 - 18:21 | 4305691 max2205
max2205's picture

Did that line go parabolic after the Bail Ins?

Mon, 01/06/2014 - 17:57 | 4305639 Sudden Debt
Sudden Debt's picture

well,t hey just go back to 1990 levels. Greece was not rich than and it will never be again.

all southern countries will fall back to those levels!

Mon, 01/06/2014 - 18:02 | 4305641 PontifexMaximus
PontifexMaximus's picture

Only 45%? No riots? ATM's still working? Where's the problem?

Mon, 01/06/2014 - 18:05 | 4305654 Sudden Debt
Sudden Debt's picture

there's not a fascist government in power yet. they'll fix it for sure

Mon, 01/06/2014 - 18:01 | 4305648 lynnybee
lynnybee's picture

well, that graph with the parabolic line going pretty much straight up, looks like the same graph & line re the money printing.   it's sick, it's all just so sick & sad & real people are paying for this with their lives.  

Mon, 01/06/2014 - 18:12 | 4305664 Spungo
Spungo's picture

In other news, extremely desperate Greeks are infecting themselves with HIV to get government handouts. Yep, deficits don't matter. The bill never comes, America. 

Mon, 01/06/2014 - 18:22 | 4305694 LawsofPhysics
LawsofPhysics's picture

And the "taper" hasn't even begun yet.

almost looks like a chart of population growth, or printing...

print all the paper promises you want, the calories required to actually do anything of real value (like survive), are what the are...

just remember, when fraud is the status quo, possession is the law.

Mon, 01/06/2014 - 18:23 | 4305695 savedbyfreethought
savedbyfreethought's picture

I just watched the trailer of 300: Rise of an Empire, there is a scene where Themistocles says: "We would rather die on our feet than live on our knees". Looks like their descendants don't share that view.

Mon, 01/06/2014 - 19:24 | 4305885 Godisanhftbot
Godisanhftbot's picture

 they didnt have kneepads back then

Mon, 01/06/2014 - 23:17 | 4306692 edotabin
edotabin's picture

The descendants have been too busy riding the coattails of their forefathers. Whether quickly and shockingly ( as it is happening now) or slowly and over 1-2 decades, the country would have disintegrated.

They should have been put on training wheels, cleaned things up slowly over a period of 10-15 years and then stayed with the drachma anyway. A LOT of hurt, pain and misery could have been avoided. Some of the stories I hear are truly unconscionable. Somebody had better do something and quickly. This should not be allowed to continue.


Mon, 01/06/2014 - 18:25 | 4305699 ServingMyKing
ServingMyKing's picture

Future of fallen Empires?

Mon, 01/06/2014 - 18:35 | 4305715 yogibear
yogibear's picture

The Greek mobs need to travel to the ECB/Troika and do some head chopping.

The banksters fear retribution if people rise up and go after these criminals.

Mon, 01/06/2014 - 18:36 | 4305720 yogibear
yogibear's picture

LOL, thought everything was fixed....

Mon, 01/06/2014 - 19:45 | 4305956 kaiserhoff
kaiserhoff's picture

Exactly like my dog got fixed.

Mon, 01/06/2014 - 18:41 | 4305735 Soph
Soph's picture

I'm supposed to feel sorry for Greeks, why? It's one of the largest "gimmee" cultures in Europe. Not paying your way but expecting the state to do so for you is a national past time there. They are simply reaping what they've sown.


Mon, 01/06/2014 - 18:50 | 4305765 Hedgetard55
Hedgetard55's picture

Same as here in the good ol' USA.

Mon, 01/06/2014 - 18:51 | 4305773 q99x2
q99x2's picture

Is Greece going to default?

Mon, 01/06/2014 - 23:19 | 4306701 edotabin
edotabin's picture

MSM horseshit aside, hasn't it already?

Mon, 01/06/2014 - 19:05 | 4305784 kashey
kashey's picture

keep alcohol cheap and you will not have to solve real problems of the econony - population will appreciate this way of coping with deteriorating standards of living.

so far bernanke and co haven't even approached this method so we still have a couple of generations until things finally fall apart



Mon, 01/06/2014 - 19:22 | 4305877 Godisanhftbot
Godisanhftbot's picture

let them eat souvlaki

Mon, 01/06/2014 - 19:49 | 4305976 kaiserhoff
kaiserhoff's picture

Baklava and octopus soup. 

What's not to like?

Mon, 01/06/2014 - 19:23 | 4305881 Godisanhftbot
Godisanhftbot's picture

better yet, go to a bitcoin based economy and ride that airball into the strat.

Mon, 01/06/2014 - 19:27 | 4305892 zookeep
zookeep's picture

They should have BTFD!

Mon, 01/06/2014 - 19:54 | 4305991 Sudden Debt
Sudden Debt's picture

one question... does this graph comes from the tax collection department?....

because it's pretty well possible those poor people drive porches... just saying

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