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Do You Believe In IMF Miracles? Greek Unemployment Edition
Because nothing signals confidence like an IMF economic projection (as we have shown here, here, and here most recently), we thought it worth pointing out the dramatically optimistic collapse of Greek unemployment that Lagarde's top men (and women) are projecting for Greece...
IMF forcecasts greek joblessness to half in 5 years...
h/t @EconomistNiraj
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Is this forecast based on ECB QE or no ECB QE?
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Of course this is possible - especially if their plans for 'slavery' come to fruition...
As KeepTalkingGreece reports, the Greek Education Ministry seek fill 1,100 job vacancies with teachers who will gladly and proudly work on "voluntary basis." As far as we remember, working for nothing is, err, slavery; but that's not it at all... as Education Minister Andreas Loverdos, the slave teachers will be rewarded with "bonus points" that will help them improve their hiring options in the future.
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And it appears the slave-labor ideas is spreading...
200 employees at PM Samaras’ party Nea Dimokatia staged a warning protest and symbolically “occupied” the entrance of ND headquarters in Athens demanding to receive their wages. The ND staff has not been paid for 3.5 months.
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Why do we 'scoff' at this hockey-stick forecast of dramatic improvements in joblessness in the still-devastated economic shell that is Greece? Well here is the IMF in 2011...
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So, do you believe in v-shaped miracles?
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well perhaps they should look to the USA | for advice.
http://www.hedge.bz
I <3 the fucking stairstep...
Those sorts of 'patterns' happen all the time in the natural world.
wow Do they really think they can fool the entire world with this sort of crap ?????
Sadly, yes.
Just manage a few statistics while goal-seeking results. Bingo, full Greek employment in a few years.
Yep, just pick your numbers, throw'em in a blender to get the consistency you want and if they are wrong just blame unknown variables.
...and then, a miracle happens,
or maybe intervention by space aliens, I forget...
That;s hilarious. Christine really is off her rocker. Volunteer teachers who get bonus point s. You couldn't make this shit up. Once again, it seems the news is written by the National Onion.
i really n-joi that last graph... V-shaped
"v" is for vagina
These guys need a BLS....then just sit back and watch the unemployment rate melt away in no time!
Christine?
Or Yanis ?
Christine?
Or Yanis ?
Christine?
Or Yanis ?
Judge for yerselves http://yanisvaroufakis.eu/
The Greeks are all on welfare and every time they tried to cut it they rioted. Why are so many paid to stay home but the working class need to work for free. Looks like the working class need to riot to get checks taken away from the freeloaders.
There is little welfare in Greece. Contrary to assumptions, the safety net for the poor in Greece is practically non-existant. If you did not work more than 18 months consecutively, and then are out of work over a year, the state does nothing for you. Sick? Need medication or surgery? Fuck you, find a rich uncle or go curl up in a hovel and wait to die.
The freeloaders who fucking riot at the drop of a hat are the state employees and their evil fucking politcally connected/corrupted state unions. Basically the ones that got jobs for votes and are still there to this day! The ones that get some leftover blood to suck from the carcass after the elite/oligarchy gorge themselves. What's the term for it: clientelism, patronage? Whatever you call it, this corrupted system survived the crisis, unfortunately for Greece and their citizens, and in some ways has strengthened!
It cannot be rooted out, it cannot be reformed. That has now been proven.
On a side note, part of the reason why this persists is historically ingrained. Greeks like to tout their ancient history but the more relevant history is the more recent one: as Ottoman subjects. The Greeks simply had their Ottoman pashas traded in for 19th century Bavarian ones, who eventually passed the torch to Greek oligarchs. Bureacracy, patronage, kickbacks...the rulers and the ruled still have the Ottoman DNA.
Yeah, if IMF Worked they could show both a record of success and... Cost Benefit Analysis.
If the have some success record we could quickly compare to the effective US Federal Budget. /Sarc
Just guessing here... those strikers are like US and UK Workers in that most workers support like 4 people in a household. If both parents work, then they probably would have to be strong union supporters to care to get involved.
I would love it if Greece was a cheap place to visit, but I will never go. I'm sure Restaurants & Hotels would cost like $200 per day or at least $100 per day.
You have to understand that the unions are political party creations and/or completely controlled by the parties! They are just another part of the corrupted state. To give an example, there is one major union representing state employees that is controlled by the communist party KKE. Controlled as in: they tell them when to strike, when to march, where to march, and how long. You can imagine the clusterfuck repurcussions of this. Anytime KKE wanted to win political points, they used the union to close down cental Athens under the guise of fighting for worker rights.
And the end result for all this "fighting" for worker rights through the years? Slavery, literally. Work for the state for free, get bonus points though!! http://www.zerohedge.com/news/2014-11-10/greece-has-solved-its-unemploym...
Greece was cheap to visit when they had the drachma. And probably a better experience, too.
Thanks. I hadn't thought about the political parties this morning.
US Politics and Unions probably are very close to Europe except we have our twist from Hollywood, from TV Ads, from Movies, now from Video games... Unions were very strong up to the 1990s here.
But the people that got involved in Unions seemed to take the time to learn about health care costs, insurance, benefits... so they could be very educated people who spread around info.
Today we know the Executives in our Big Auto Companies made very bad deals with unions giving away too much benefits. Like Chicago City did with City Employees.
Now we see the same stupidity clearly in Washington Politicians. They will give away big benefits and they don't have an incentive to make decisions that make sense and that look good in the Accounting and Bookkeeping.
Re: Greece
I'm still long donkey carts in the Greek transport index.
The lady with the leather face came up with this single-handedly..
Coincidently (yeah right!!!) ZH left out the last 3 years in their GDP chart: http://www.tradingeconomics.com/greece/gdp-growth-annual
This site is becoming laughable.
And Greek debt/gdp ratio is?
http://www.tradingeconomics.com/greece/government-debt-to-gdp
How much of that Greek debt is being used to try to fund Greek economic growth?
The way Turkey is behaving lately in Greek waters and around the 'exclusive economic zone' around Cyprus perhaps youth unemployment will decrease by sending the Greek youth to fight the Turks. Does Christine know something that we don't?
Why don't they just scrap the minimum wage. You may have to work for peanuts, but it's better than nothing.
working for peanuts IS the definition of slaverey
When you're wrong that many times in a row, it's no longer being wrong but LYING!!!!!
Just like Bernanke of the US Central Bank. Anyone seeing a pattern here? Central bank......LIARS!!!!
in principle small countries like greece could export their unemployment to the rest of europe (baltic states did it succesfully)
This Lagarde money whore wants money, that's what she wants. Your love does not pay her bills, she wants money, that's what she wants.
http://www.youtube.com/watch?v=W25_jgiY51I
I like the way the IMF projects Greek unemployment will go down in equal steps like a staircase.
I wonder if they got the chart mixed up with another chart showing what's happening to personal wealth due to IMF-supported financial repression?
By induction from your second chart, I hereby forecast that the Greek Unemployment Rate will hit 40% in the next 5 years.
Troika's joined forces in Greece represent a more "successful story": In just three years, between 2010 and 2013, the GDP of the country shrank by 25%, not to mention the unprecedented poverty and unemployment. So, the joined forces of the European Commission, European Central Bank and International Monetary Fund present better "achievements" than IMF by itself.
http://failedevolution.blogspot.gr/2014/10/higher-achievements-by-troika...