72% Of Greeks Need More Work To Make Ends Meet

Tyler Durden's picture


Almost 10 million out of 43.7 million part-time workers in the European Union were under-employed in 2013. As Bloomberg Brief's Niraj Shah notes, based on Eurostat's Labour Forces Study, a record 72 percent of Greek part-time workers wished to work more hours compared with 4.2 percent in the Netherlands.



Maybe the Dutch should lay some more people off to lower their bond yields? As we explained in great detail here, the Greek "recovery" is a mirage and these numbers do not lie.

Source: Bloomberg Briefs ( @economistniraj )

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Sat, 04/12/2014 - 16:51 | 4651898 FieldingMellish
FieldingMellish's picture

You will be allowed to work just enough to pay your debts... and no more!

Sat, 04/12/2014 - 16:54 | 4651907 Skateboarder
Skateboarder's picture

Pay interest on your debts.*

"What principal?"

Sat, 04/12/2014 - 17:19 | 4652005 disabledvet
disabledvet's picture

apparently that would be the Dutch principal and the Dutch debt.

Sun, 04/13/2014 - 03:15 | 4653352 TruthInSunshine
TruthInSunshine's picture

I was awestruck when there was talk of Greek LAND (aka Soil, aka
Terra Firma) and islands and utilities and toll roads, etc., being seized by private entities who are creditors of the Greek Government (which is the Greek People, right?) in order to collect on debts owed by Greece.

Unless & until such talk, let alone progression to actually seize such Greek terra firma, results in nothing less than righteous, open, unabated & all-out revolution by the Greek People, burning banks to the ground and slaying bankers and politicians in the streets for their crimes, I have no faith or hope that the grave sin of fractional reserve fiat banking, which results in the absolute looting of nations, will be crushed, once and for all.

It's absolutely incredible that people are so passive in the face of having strangers who worship money as a god take food from the mouths of their children, and steal the sovereign soil from underneath their feet.

Sun, 04/13/2014 - 10:18 | 4653777 Accounting101
Accounting101's picture

I agree truth, but I truly believe that passitivity comes from ignorance. Most people in Greece, Spain, Ireland and even in the US (including many here at ZH) have no idea what the hell has economically happened to them over the last 40 years. Sure everybody knows things are not well, but the why is missing. Until the why is truly understood, there will be no change.

It is precisely because of this ignorance that there is a double down on the exact same policies and economic thought that got us into the mess in the first place. Calls for "less government" as is somehow that would make it all better, are so childish and absurd, is it any wonder why the middle class is disappearing. It's universal that nature abhors a vacuum, but somehow we refuse to apply that to economics and politics. There is no such thing as "less government". Government is simply a tool that is used by entities to achieve a desired outcome. If the middle class doesn't want that tool, the vacuum will be filled by the .001%, and they will beat (and have) the living shit out of us economically.

The middle class started surrending the tool of government in the 1970's. They were seduced by the allure of Wall Street and corporate hacks, much like the witches whispering into the ear of Macbeth. The middle class was convinced that their assets didn't belong to them. That pensions, Social Security, decent wages and health care were no longer affordable and not to be expected. The middle class was duped into believing that there was a pot of gold just around the corner, that if we would just submit to "less government", the power would be ours. All we had to do was just give up our tool, our economic and political power, our future.

Macbeth was a fool, and so are we. Want to know why five years after the greatest financial crash in history nothing has changed? Walk to the mirror and take a look. You may want to tell that bastard staring back at you to stop carrying water for the Oligarchs.

Mon, 04/14/2014 - 00:22 | 4655848 MeelionDollerBogus
MeelionDollerBogus's picture

That doesn't make any sense. Everyone knows they submitted to more government, the largest possible, demanded it, handed over all money and trust to it, and that government got bigger still by merging with the biggest banks of the world.

What you wrote is utterly opposite of reality.

Sun, 04/13/2014 - 10:18 | 4653826 Kirk2NCC1701
Kirk2NCC1701's picture

"The Wealth of Nations" is so passe, so 'yesterday'.  "The Looting of Nations" is in, baby.

And why wouldn't it?  All I see is rich bankers & poor wankers.  You don't even see "organized bleating of sheep".  Bah!  -Kirk

Sat, 04/12/2014 - 19:16 | 4652340 naughtius maximus
naughtius maximus's picture

ah the miracle of amortization

Sat, 04/12/2014 - 16:58 | 4651917 q99x2
q99x2's picture

They need to tell Draghi to go up their FAFSA.

Sat, 04/12/2014 - 16:57 | 4651921 Peter Pan
Peter Pan's picture

72% of the Greek population (not just 72% of workers) need to be working just to start paying the interest on the debt let alone trying to make ends meet.

In other words both their individual and their national situation is hopeless.

Sat, 04/12/2014 - 17:09 | 4651965 giggler321
giggler321's picture

Day job: working for gov collecting taxes, phones are quiet mostly.  Evening: Protesting taxes, apprentice of molotov cocktail alliance

Two jobs is certainly required.

Sun, 04/13/2014 - 10:49 | 4653899 TBT or not TBT
TBT or not TBT's picture

If Greece is going to continue being Greek, 100% of child bearing age women are going to have to stay pregnant for a couple of decades. But not even a fraction of that result will occur. Greek Greece is a goner. That's baked into to the last fifty years of birth stats. The resulting collapse is not going to afford a lot of family formation. Young Greek women would do well to leave, as happens in all such places in collapse.

Mon, 04/14/2014 - 00:16 | 4655835 MeelionDollerBogus
MeelionDollerBogus's picture

Y u no good at math?

No food = starving

more babies = less food than before = more starving

Y u so dumb?

Sat, 04/12/2014 - 16:59 | 4651930 Yen Cross
Yen Cross's picture

  You can't make this stuff up. I realize it's old news, but some people work for a living.

  JPMorgan, Deutsche Bank Said to Manage Potential Greek Bond Sale - Bloomberg

Sat, 04/12/2014 - 17:02 | 4651938 Skateboarder
Skateboarder's picture

Kind of like Obie giving the website repair contract to the same fools who made the darn thing.

Sat, 04/12/2014 - 17:05 | 4651951 Yen Cross
Yen Cross's picture

 Exactly! I keep saying you're decades above your age group Skateboarder. (old soul)

Sat, 04/12/2014 - 17:17 | 4651995 Skateboarder
Skateboarder's picture

Old, yes. I feel it in my bones, though my bones are young. A contradiction, however, only for so long. ;-)

"This place - I have been here before. I am here now. Something tells me I will be back again."

I can't express what I express with only what I have learned from this current existence. It doesn't add up.

Sat, 04/12/2014 - 17:28 | 4652026 Yen Cross
Yen Cross's picture

 Someone or thing has entrusted you with a wealth of knowledge. Use it wisely. ;-)

Sat, 04/12/2014 - 17:49 | 4652081 Skateboarder
Skateboarder's picture

It is of my opinion that some lessons learned [the hard way] are "of such beauty they cry to be heard," manifesting themselves time after time, life after life, to be told once more.

A choice tune for ya:

Sabbat - The Clerical Conspiracy

"I have wealth beyond measure-
My treasures are words
Forged by time in a tale of
Such beauty they cry to be heard.
Still a young fool was I as
My story begins,
Yet like all fools considered
Myself to be wise -
A match for all things.
But the lessons I've learned
I will never forget,
When your teacher is life then
Success is survival and
Failure is death."


Sun, 04/13/2014 - 02:36 | 4653325 FullFaithAndCretin
FullFaithAndCretin's picture

Ah but I was so much older then
I'm younger than that now

Sat, 04/12/2014 - 17:00 | 4651931 agent default
agent default's picture

Greece will eventually explode so violently, it will make Syria look like civilized debate. 

Sun, 04/13/2014 - 10:52 | 4653904 TBT or not TBT
TBT or not TBT's picture

It's a veritable powder thimble.

Sat, 04/12/2014 - 17:04 | 4651949 Q-Q-Q
Q-Q-Q's picture

They could of course call it a default and then lend directly to the €U banks to cover the debt.......... but that would send out the wrong signal, we don't like that word, especially when the €U is chanting the recovery mantra :-0


Sat, 04/12/2014 - 17:19 | 4652003 Rising Sun
Rising Sun's picture


Sat, 04/12/2014 - 17:21 | 4652012 debtor of last ...
debtor of last resort's picture

Things are quite well in the Netherlands. Retail is going down hard, but kickboxing goes up. So, another vacation then. Crete maybe?

Sat, 04/12/2014 - 17:22 | 4652016 Yen Cross
Yen Cross's picture

  Have a look at this!  Watch Air Crash Investigations, Flying On Empty Online | Season 1 | Episode #6 | smh.tv

  It's blocked, so here's the Russian version.

  fling on empty? ????? ? ?????? ????? - ????????????? ????????????? - YouTube


  Makes me want to hit the blue skies for summer. NOT

Sat, 04/12/2014 - 17:46 | 4652072 SmittyinLA
SmittyinLA's picture

72% need more work, but the Greek govt is still taking in and, feeding housing, caring for thousands of more immigrants every year with a sociopathic disregard for its own citizens.

Sat, 04/12/2014 - 20:31 | 4652610 Telemakhos
Telemakhos's picture

They have a drone for that now.

Sun, 04/13/2014 - 10:25 | 4653840 yellowsub
yellowsub's picture

For a minute I thought you were referring to the US.

Sun, 04/13/2014 - 10:54 | 4653917 TBT or not TBT
TBT or not TBT's picture

Well producing more Greeks is a job Greeks dont want to do. And governments think like governments do, and so there they are, letting in rafts of muzzles, who know how to keep women barefoot and pregnant.

Sat, 04/12/2014 - 18:21 | 4652161 Debugas
Debugas's picture

people do not need work - it can be done by robots

people need reliable sources of income

Sat, 04/12/2014 - 18:39 | 4652213 yogibear
yogibear's picture

Japan is the canary in the debtor's coal mine.

The Federal Reserve will see how Japan's debt journey ends and will plan accordingly.

Sat, 04/12/2014 - 19:15 | 4652336 naughtius maximus
naughtius maximus's picture

Thats nothing 


The economy is so bad that: I received a pre-declined credit card in the mail. CEO's are now playing MINIATURE golf. Exxon-Mobile laid off 25 Congressmen. Angelina Jolie adopted a child from America. Motel 6 won't leave the light on anymore! A picture is now only worth 200 words. They renamed Wall Street " Wal-Mart Street". Finally, I called the Suicide Hotline. I got a call center in Pakistan and when I told them I was suicidal, they got all excited, and asked if I could drive a truck!!!

Sat, 04/12/2014 - 22:55 | 4653029 f16hoser
f16hoser's picture

Perhaps, just a thought, you should get the FUCK OUT OF THE EURO ZONE!!! Simple really.

Sun, 04/13/2014 - 02:57 | 4653340 intric8
intric8's picture

Holy shit, Greece is really fucked up. Maybe getting even deeper into imf debt will solve the problem. Every greek stays home and eats instant noodles while bankers continue to make a killing!

Sun, 04/13/2014 - 04:42 | 4653401 BlueDonkey
BlueDonkey's picture

I cant even afford instant noodles.  I work 16 hours per day 7 days per week and im in the hole 500.00 euros every month.   I don't even have time left for a part time job.   It will be banker head soup for dinner pretty soon


Sun, 04/13/2014 - 07:31 | 4653509 intric8
intric8's picture

and your situaltion, of course, is not sustainable at all in the long run; perhaps not even in the short run. I am not faring much better. Regarding greece, their debt/ gdp is running at 175% with almost 60% of people under 25 unemployed, this after 4 years of austerity already so it looks like more financing going forward, with no miraculous economic driver in sight. Its not fair that lower and middle class peeps suffer so profoundly due to the mistakes of a reckless financial industry who led us all to fiscal ruin, and right under the watch of regulatory agencies who looked the other way due to political pressure. Europe ended up paying dearly for egregious u.s. monatary policies. My apologies.

Sun, 04/13/2014 - 11:06 | 4653941 TBT or not TBT
TBT or not TBT's picture

Those jobless hopeless youth are a pathetically small cohort too, measured in relation to the total population, and they in turn will not have half th number of kids required to replace themselves one day. You are watching Greek Greece disappear in remorseless slow motion. The collapse of the economy resulted from this demographic death spiral. But the demographic death spiral was caused by social re engineering attempting to replace the roles of family friends colleagues in the life of the individual with functions of the state. They got here democratically. They voted for this end. Let's watch and weep for them but learn well, and turn our back on their folly.

Mon, 04/14/2014 - 00:09 | 4655814 MeelionDollerBogus
MeelionDollerBogus's picture

It's time to run. Steal the food if you are that desperate: just run. There are other places.

Just 3 weeks ago pasta was on sale for $1 for 945 grams. Maybe I eat small but for me that's enough for 15 to 20 servings. Fuck instant noodles: they are a ripoff.  7 minutes of boiled water isn't instant but it will work fine. Extras can be microwaved faster than instant-noodles cook.

Sun, 04/13/2014 - 23:50 | 4655778 MeelionDollerBogus
MeelionDollerBogus's picture

Greeks don't need more work, they need more resources aka less thieves. Guillotines

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