"A Triumphant Recovery"? A First-Person Perspective Of What Is Really Happening In Greece

Tyler Durden's picture

In light of the recent "triumphant" return of Greece to the capital markets with its brand new 5 Year bond issuance (which much to the chagrin of the flippers is already trading below its breaking price), one of our Greek readers decided to provide his "on the ground" perspective on what is really happening in Greece.

To zerohedge team
Regarding the past two days in Athens, Greece

I follow your blog consistently. I am Greek and I trade on overseas (from my perspective) markets. I share a number of your views and would like to forward you my sincere thanks for revealing the ins and outs of algos all that time ago and managed to work my way around them. It was algos that caused to suffer a giant instant loss on “flashing Thursday”, which really awakened me as to the nature of the business and the markets. I doubt I would have ever progressed to get my head around certain concepts if it wasn’t for certain insights you provided.

I am writing you in an effort to get you to provide a more public and harsh(I mean realistic) description of what has been going on, for the past few days with relation to what’s left of my country. I doubt it will not take you long to discover its mostly spent on “political commissions” and interest payments (I’d bet only 6-7% actually flows through). I am sure you are aware that according to Greek law all political parties receive some kind of (substantial) financial support from the government budget. The government has not delivered. There are still over 900,000 people working for public and government related services, for a population of roughly 11 million. The banks still maintain negative real equity and have consistently defrauded investors over the past few years. In the second half of 2013, the recap programs they supposedly undertook, ended up causing even more losses or at least leaving the balances of investors enormously negative. No one stood up and said a thing, not even the Union of Greek Banks, whose job is essentially to help investors, not help banks defraud investors. The head of this organization actually happens to have an interesting history involving various scandals and frauds (I know what you are going to say, who isn’t at this point).

In all the panic and the lying, the current administration, a bunch of second generation hustlers who are professional politicians, (if there is such a thing…I think it was Plato that understood politics best. “leave politics to the philosophers” he said.) are parading our re-entry to the Fed sponsored EZ sovereign debt markets like it’s a triumph, when in fact what little is left of my age old country is being raped and levered. The guided media are applauding or better while the greater population which has no sense of what the difference between a stock and bond is, doesn’t know whether to cry or hang themselves.

But when Frau visits, the whole city has to stop what it’s doing. I think I saw several accidents on the way home. The entire traffic in the centre of the city has to come to a complete halt for over three and a half hours (I know because I was in the fucking car for two and a half and then another hour at least spent waiting at a single point in Zografou, some 3-4 kilometers away from the closed out area of the center.

Summoning as much naivety and faith as possible, I would love to see your stream of though and criticism concerning the true raping and pillaging being done in my country. And while we are “too small to matter”, sometimes all it takes is for someone to shed a speck of light in an otherwise blackened cave, in order to slowly find our way out, or in this case to show the true nature of things, which is lost in the eyes of the outside world, in what is effectively a third world society.

Sincerely and with Respect
G.K. Kolmer

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Kirk2NCC1701's picture

Malaka!  Bring out Die Frau!

Arius's picture

"There are still over 900,000 people working for public and government related services, for a population of roughly 11 million."

thats around 8-9% ... you think thats high?  what do you think is in other places?

what do you think is the percentage of people working for local, state and federal government related services in the United States of America?  Try 40-50% .... what else is working in the USA besides going to school and working for the goverment (well, yes, hospitals, insurance companies, fast food etc.)


My dear friend ... quit playing these markets, after you figured algos ... there is a golden rule: you cant win against the casino ...


one more question for you ... what do you think the markets exist in the first place?  you think they need your cash for "investments"?  they can print as much as they want to ... it exist for one reason only .... to put in the words of Rothchild (old Nat) "it is difficult to make money, but more difficult to keep it" ... the markets exist to separate fools from their hard earned cash ...

this advice comes from a never recovering addict ... however, we will survive ....

nightshiftsucks's picture

And you're not happy when bankers die ?

SoberOne's picture

Sovereignty?  We don't need no stinkin' sovereignty! 

HardAssets's picture

Forward Article to People of Ukraine

(or anyplace where bankster 'rescuers' are invading)

drstrangelove73's picture

Interesting question you pose.
Current US employment=137 million;(down from 144 million 2007)
Current state,federal and local government employed=22 million.

Percentage S,F,L govt. employed= 16%

malek's picture

US population is roughly 313 million.

22 / 313 = 7.02%

ZeroPower's picture

 someone to shed a speck of light in an otherwise blackened cave,


I see what he did there...

Tinky's picture

So in summary, and with a nod to ancient history, the Greeks are taking it up the ass?

Arius's picture

with all due respect, who isn't?

HardAssets's picture

Tinky:  "So in summary, and with a nod to ancient history, the Greeks are taking it up the ass?"


'Greek' ?  "up the ass" ?     I don't know what the terminology is in non US places, but that's pretty damned ironic.

Kirk2NCC1701's picture

Where are "The 300"?

Don't feel bad, Greece.  The US has 300 million sheeple and 200 million gun toters, and it doesn't have The 300 either.  Sad to say.  See Exhibit A:  Bundy Ranch 'insurgents'


Carl Popper's picture

Oh we have the 300 alright
More like 3000.

They dont hang out on the internet and make themselves targets

You almost got a chance to see them in action

Do you think guys take their black powder artillery to civil war re enactments for fun and games?

They go there to train. Black powder artillery with thermite shells, grape shot, and low explosive shells with procimity fuses will ruin your fucking day

drstrangelove73's picture

You need an avatar to go with your handle there,Karl.How about a bent poker?:-)

DirkDiggler11's picture

Damn Kirk, you actually read shit from this site ? Surprising ...

rsnoble's picture

Recoveries ONLY!!! NO DEFAULTS!!!!!!!

Fucking clowns.

HardlyZero's picture

yes.  It will probably be cycles of "recoveries" and defaults, depending on political cycles.

Swirl-o-gram Circus.

hooligan2009's picture

sad thing is that what is happening in public in greece, is happening in private in germany, china, us, uk, japan etc..remember, the time when there is a light in a blackened (debt) cave is when there is a fiscal surplus in a country and debt starts to be repaid without the printing of (debt with no interest and no maturity) money by central banks.

you also get the solution you vote for...people are voting for a meltdown in markets via a tried and true "bread and circus" welfare mobocracy.

HardAssets's picture

hooligan2009:  "you also get the solution you vote for"

Sorry my friend, you do know about the rigged electronic 'voting' machines that can't be audited ?

We don't vote for squat.

hooligan2009's picture

all part of the same problem..but, yes, point taken

HardAssets's picture

hooligan2009:  "all part of the same problem.."

Ain't that the truth.  Regards, - - -

agent default's picture

From what I gather, Greece issued bonds under English law, which gives the creditor all sorts of rights in case of a default.  So they didn't really sell any bonds there, just tickets to a fire sale.  

A_Nejad's picture

It is a hard fact, but it is what it is: Didn't the Greek themselves had the golden opportunity to get out the EU (which they obviously hate that much...) during the last election they had like just some months ago...and elected to stay in EU/Euro currency union?  If Greece is the "mother place" of democracy (there are debates on that though...), wouldn't they by now understand that in a democracy you can not have it both ways...You had your chance, you didn't want to do an Iceland (or even Hungary for that matter...), because your politicians are corrupt like hell...and you still vote for the same politician (specially the fat bastard finance minister of yours...).  Honestly, that is why these Greek demonstrations do not take any of other European citizens attention at all....you make the bed you lie in my Greek friends, and this time, not even the all mighty (ehmmm...) King Leonidas will be able to help you.

MillionDollarBoner_'s picture

Greece may be the ""mother place" of democracy" but Socrates was forced to commit suicide when he suggested that democracy was flawed - essentially the first reference to the FSA - and that "philosopher kings" would be a preferable alternative.

Trouble is - "philosopher kings" tend towards tyranny, dictatorship and nepotism.

Tonight's ZH homework: Discuss the above in the light of Plato's "Republic"...;O)

Wolferl's picture

Yep, the guy has no clue about Plato. But the Greeks today are notorious underachievers anyway and have nothing in common with the ancient Greeks beside a name.

Fred Hayek's picture

Read I.F. Stone's The Trial of Socrates. It's a very interesting book. He apparently began writing with the presumption that he would show what rubes and lowlifes the Athenians were who wanted to exile Socrates. Instead, what he found was that Socrates was no great friend of democracy. The citizens of Athens didn't like him because he was a terrible snob and extremely cozy with anti-democratic elements in Athens.

Kirk2NCC1701's picture

Ah, "The Philosophers".  They had it figured out:


Immanuel Kant was a real pissant
Who was very rarely stable.
Heidegger, Heidegger was a boozy beggar
Who could think you under the table.
David Hume could out-consume
Wilhelm Freidrich Hegel,
And Wittgenstein was a beery swine
Who was just as schloshed as Schlegel.

There's nothing Nietzsche couldn't teach ya'
'Bout the raising of the wrist.
Socrates, himself, was permanently pissed.

John Stuart Mill, of his own free will,
On half a pint of shandy was particularly ill.
Plato, they say, could stick it all the way;
Half a crate of whiskey every day.
Aristotle, Aristotle was a bugger for the bottle,
Hobbes was fond of his dram,
And Rene Descartes was a drunken fart: "I drink, therefore I am"
Yes, Socrates, himself, is particularly missed;
A lovely little thinker but a bugger when he's pissed!

hooligan2009's picture

don't forget to credit the monty python team for that song... my favorite will always be the "european or african" answer to the swallow question

HardAssets's picture

@kirk - hilarious !    :)


Crtrvlt's picture

about 30% voted for the ruling proeuro party. Unfortunately the system works as follows

Of the 300 seats, 250 are elected proportionally, with voters selecting the candidate (or candidates depending on the size of the constituency) of their choice by marking their name on the party ballot, while the other 50 are given as a bonus to the party receiving the largest share of the vote, and are filled by candidates of that party not declared elected on the lower rungs (the constituencies).

nicxios's picture

No. There was no party running on the platform of leaving the EZ and returning to the drachma. Not even the far right Golden Dawn. Fact, not fiction. CHECK THAT: There was one, Marxist KKE! LOL!

If you recall, prior to that election, PM G-Pap wanted to hold a referendum on it and practically the next day Brussels installed Papademos as Prime Minister.


TeraByte's picture

Yes the Greeks themselves ought to do some soul searching, although many of them are not the main culprits. The sovereign default the sooner the better is the best option, where they could denounce all the debt and start from a scratch again. The fundamentals  before the first bailout were so grim that a realistic escape from the debt spiral never existed, when the "growth out from debt" option equalled 30 yrs China growth at 10%.
Unfortunate to Greece their historical track record is red too. Past two hundred years of defaults quite regularly and hardly any year in between black figures. You make a default, but continue with the same captain on the rudder and the deckhands and this will become a pattern like in Argentina and it always the grass roots, who will be punished disproportionately harshly every time things turn sour.

slightlyskeptical's picture

Nothing changes until the people being ruled over stand up and fight.

MS7's picture

Yes, but they have to fight in a smart way, or else the US/EU will lend a helping hand to the cause with nazis (like in Ukraine) or al qaeda (like in Syria) and ruin everything.

Jack Burton's picture

Much of America is being raped to a similar degree. I see poverty growing all around me, real grinding poverty. Negative returns for workers who try and save. All money flowing to Washington DC, the Whore House on the Patomic. Greece I feel sorry for you, much was self inflicted when the EU came selling you the Euro dream. You can't borrow your way to prosperity, you must save your way to prosperity. But it's too late now, the bankers of the IMF and ECB have strip mined and enslaved a whole nation of Greece. Others will meet the same fate. As for the Frau, she should be run out of Greece on a rail. Now that whore has her sight set on getting Ukraine into the banker fold. EuroMaidan shit heads, do you know what is coming? Look at Greece for the model. When do people rise up? It seems never. And if you want to see the biggest hoax going right now, look into the much promoted UK Economic Growth Recovery! Greatest hoax on earth! Media and liars try and put forward UK austerity as the key to economic growth! It's all fake.

fonzannoon's picture

There is plenty of opportunity abound. I live near brooklyn and people are constantly complaining about the rents there skyrocketing, meanwhile you can actually live there with a great view for free.




HardlyZero's picture

Check out William Gibson's sci-fi Johnny Mnemonic (1995) a cyber-punk precursor to Matrix (with KR).  They take over the bridge.


Amazing times.

luckystrike6's picture

I think you're thinkin of "Virtual Light" (also by Gibson). Great book. It was the Golden Gate bridge, I think, but same difference.

Al Huxley's picture

OK, great feelgood story and its nice to hear the NY housing issue's been sorted out, but the real story there was that 'Kate Upton Hates Her Breasts' - why is this important national emergency not receiving more coverage?

29.5 hours's picture



"why is this important national emergency not receiving more coverage?"

Because the weather.

Brutal U.S. winter has chilling effect on prom spending plans




MS7's picture

Well said, although I'm not sure I agree with the self-inflicted part. Greeks didn't know about the state of their government's finances. Supposedly (although this is a stretch) neither did other EU countries nor the banks that lent them money.

intric8's picture

I hear the EU is\will sponsor 2 bill plus euro for infrastructure projects in greece and will write it off. Can anyone confirm this?

vyeung's picture

IMF/WORLDBANK/BIS/FED/ESF/PPT = fascist / nazi takeover.

BadKiTTy's picture

I dont know how representative this perspective is but by guess - pretty much.  EU 'citizens' have sat on the sidelines and watched it happen with the hope that it wont happen to them.  Same when Hitler made his move and Chamberlain came back waving his 'peace in our time' paper.  

I wonder if as a species we are programmed to sit 'caught in the headlights' or if we just cant take too much reality, preferring to lose ourselves in some alternative perspective which we believe in just enough to keep us from having to realise we have to save ourselves. 

Those in power figured this out a long time ago.  They know about our herding instincts, and our willingness to suspend disbelief in the face of propaganda.  The means of our pacification have been well practiced over the years and are practiced today.  

To think for yourself and to stand on your own two feet is the mark of being a person, which is why part of the strategy is to undermine this whilst telling us we are free. 

Good luck to the Greeks, no doubt the first of many. 


hooligan2009's picture

most people just want to be left alone ... most polticians and (central) bankers want to control their lives, take their money and pay it to their buddies.. it has always been thus.. luck has little to do with it... making money out of people's ignorance is the name of the game... hide things, dress them up, lie, cheat and steal to get what you want from someone weaker and less intelligent or more tolerant than yourself has always been the way to get ahead... win/lose is a survival technique when you are too dumb to be civilized and work in a way that benefits everyone

northerngirl's picture

Nothing is going to change in any country until people learn life is tough, and yes you do have to work hard to provide for yourself.  Bitter pill to swallow especially when people are looking for something for nothing.  

DR's picture

Hard work under a corrupt government only equals more income for the rentier class...