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Greece Passes Law To Plunder Pension Funds

Tyler Durden's picture




 

Having previously hinted that they might 'dip' into public pensions funds for some short-term cash to payback The IMF, and then confirming that the plan is to repo that cash from pension cash reserves (raising concerns about how they will unwind the repo - i.e. pay it back); the Greek government finally signed the bill today that enables them to plunder the Greek people's pension funds (for their own good).The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds... which Tsipras and Varoufakis both admitted today is "unsustainable" and "will never be repaid."

  • *GREEK GOVT SUBMITS BILL, ALLOWING USE OF PENSION FUND RESERVES

As Bloomberg reports,

Cash reserves of pension funds and other public entities kept in Bank of Greece deposit accounts can be fully invested in Greek sovereign notes, according to amendment to be submitted in parliament, country’s finance ministry says in e-mailed statement.

 

Cash reserves can be used for repos, reverse repos, buy and sell-back, sell and buy-back transactions

 

Pension funds, public entities will be able to claim damages from Greek state in case of overdue repayment, partial repayment

 

Pension funds are not obliged to transfer their reserves to the Bank of Greece, according to finance ministry statement

*  *  *

We wonder how the increasingly disenfranchised Greeks will react when they find their savings (whatever there is left) are now being directly plundered to fund the nation's transfer payments (via The IMF) to Ukraine.

*  *  *

*  *  *

Greece remains second only to Ukraine for default risk....

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Thu, 03/12/2015 - 13:48 | 5882187 NoDebt
NoDebt's picture

George Carlin.  Visionary.

Thu, 03/12/2015 - 13:52 | 5882215 EscapeKey
EscapeKey's picture

Eventually you run out of other people's money^H^H^H^H^H pension assets.

Thu, 03/12/2015 - 13:56 | 5882232 InjectTheVenom
InjectTheVenom's picture

>>>>  coming soon to USSA !!

>>>>  phew...good thing this could never happen here in USA !

Thu, 03/12/2015 - 13:59 | 5882253 El Vaquero
El Vaquero's picture

Coming to a country near you soon!

 

And it'll probably be a bit more insidious here.  "To protect pensioners from those wicked Wall Street Bankers, we are mandating that a minimum of 70% of retirement accounts be in safe US Treasury Securities.  It's for your own good, and we'll match the CPI!"

Thu, 03/12/2015 - 14:06 | 5882294 Headbanger
Headbanger's picture

"Hello Vlad??"

"C'mon down!"

Thu, 03/12/2015 - 14:42 | 5882450 metastar
metastar's picture

Why do you think they want the population here disarmed?

Could you imaging retired armed vets or police having their pensions taken?

Thu, 03/12/2015 - 14:48 | 5882468 KnuckleDragger-X
KnuckleDragger-X's picture

We had to destroy the village in order to save it.......

Thu, 03/12/2015 - 18:47 | 5883405 mkkby
mkkby's picture

Ok, I downvoted coming to USSA soon.  You have to be seriously dumb to believe that.  Obviously the plan is to print and "pay" off the debt with inflation.  That's right, bail ins are only for non owners of the reserve currency.

Wait for japan, spain, italy and the uk to "go Greece".  Then you can start worrying about a reserve currency reboot.

Fri, 03/13/2015 - 07:20 | 5884485 N2OJoe
N2OJoe's picture

You have to be seriously dumb to believe that it's NOT coming to USSA. Do you really think they would just leave such a juicy, defenseless source of funds sitting there in the hands of the great unwashed? It may not be today, it may not be in 5yrs, but it IS COMING sometime before I die (of natural causes) anyway.

Sure they'll print. When that stops working they'll seize anything they can get their tentacles on. When that stops working they'll default. Same as it ever was.

I'm still glad I paid the penalty and cashed out my IRA. I now hold, and therefore own it.

Thu, 03/12/2015 - 14:06 | 5882296 PartysOver
PartysOver's picture

Well there goes the damn neighborhood. 

Maybe we just just go ahead on convert 100% of assets to touchy feely PM's and high tail it to a 2nd tier country, maybe Central America (cause their freeloaders are heading north which means that most of those still behind want to do it the right way) or the South Pacific Islands (but they are not to friendly on property rights. 

Oh, what to do?

Thu, 03/12/2015 - 14:30 | 5882410 Soul Glow
Soul Glow's picture

Voting doesn't work so there's that.

Thu, 03/12/2015 - 15:47 | 5882715 astoriajoe
astoriajoe's picture

Most of those countries enforce their immigration laws.

Thu, 03/12/2015 - 14:07 | 5882299 cornfritter
cornfritter's picture

Safety First! :-)

Thu, 03/12/2015 - 14:09 | 5882309 max2205
max2205's picture

Don't laugh the Tres has already 'borrowed' against the Soc Sec trust funds. This has been going on here for at least 40 years and I am sure the total exceeds whatever the funding requirements by X 2.

I am sure they will return the money in 2075 dollars.

We are fucked!

Thu, 03/12/2015 - 14:17 | 5882342 nuubee
nuubee's picture

I was explicitly told back when I was just a twinkle in my dad's eye, that it was wholly my responsibility to vote against raiding social security funds for other political things. In the meantime, he was going to support more social spending because he felt it was necessary for his survival. Unfortunately I really had a damn hard time getting to the poll those years. I guess you live and learn, right?

I, and many others of my generation, of course can't afford to procreate, so things just work themselves out, obviously.

Thu, 03/12/2015 - 15:41 | 5882691 SmittyinLA
SmittyinLA's picture

in the USA you have to fund pension funds in order to loot them, most US funds are already appropriated by the state and buying up FNM bonds, the US equivalent of Greek Bonds

 

 

Thu, 03/12/2015 - 16:25 | 5882864 orez65
orez65's picture

" coming soon to USSA"

Coming soon??

Are you having a Rip Van Winkle experience?

Our so called "Social Security Trust Fund" with some $2.6 TRILLION has been totally robbed by the Federal Government.

Time to wake the f.ck up!!

Thu, 03/12/2015 - 13:53 | 5882225 Burt Gummer
Burt Gummer's picture

Except his vision was of what would happen to Americans. It's coming, don't worry, they'll get it, they'll get all of it!

https://www.youtube.com/watch?v=gzwyZI_DKjM

Thu, 03/12/2015 - 13:55 | 5882236 midtowng
midtowng's picture

They are using the Argentina method.

Thu, 03/12/2015 - 14:32 | 5882417 HardAssets
HardAssets's picture

So, - guess the untucked shirt, no tie, and motorcycle was just another act ?

Who woulda thunk it - he got so much media coverage. (sarc)

Thu, 03/12/2015 - 13:50 | 5882188 Blythes Master
Blythes Master's picture

BFD.

Just you wait until they start doing this to union goons here in the USA

Oy vay!

Thu, 03/12/2015 - 13:58 | 5882256 oddjob
oddjob's picture

who would you rob first, teachers or teamsters?

Thu, 03/12/2015 - 14:00 | 5882264 El Vaquero
El Vaquero's picture

Teachers have already been robbed in my state.  Bill Richardson let some Wall Street cronies manage the teachers retirement fund, and it was plundered around the time of thee last financial crisis.

Thu, 03/12/2015 - 14:04 | 5882292 oddjob
oddjob's picture

Dammit, it was a trick question...you are correct, the teachers pension money has already been spent on coke, hookers and the Hamptons. Have fun with the teamsters!

Thu, 03/12/2015 - 14:08 | 5882306 El Vaquero
El Vaquero's picture

Unions don't like it when their threats are not only thrown back at them, but backed up.  The Teamsters will fold if the police state is unleashed upon them.

Thu, 03/12/2015 - 14:10 | 5882311 cornfritter
cornfritter's picture

In many locations (possibly all?) they have no choice - the contribution is mandatory.  And it's gone ...

Thu, 03/12/2015 - 17:00 | 5882986 Puncher75
Puncher75's picture
  1. Who do the Philly Union thugs march on when they realize their pensions are gone?  The same Democrat career politicians they voted, stumped, and cheated for over the last 60 years??  Cry me a river.
Thu, 03/12/2015 - 16:13 | 5882816 HardAssets
HardAssets's picture

'Teachers' have done a helluva lot more harm to the country (especially over the last 60 years) than Teamsters.

At least when a package is delivered off a truck, it doesn't arrive dumber than it was when it left.

Thu, 03/12/2015 - 13:50 | 5882194 rejected
rejected's picture

Just pass a law to make thievery legal.

Now, roll over and let me pat your belly....

Thu, 03/12/2015 - 13:54 | 5882211 ted41776
ted41776's picture

and they said elections don't matter!!! oh, wait...

Thu, 03/12/2015 - 13:56 | 5882242 NoDebt
NoDebt's picture

The Greeks really did a great job electing politicians who will look out for them this time around, didn't they?  Oh well, there's always Golden Dawn to try next.

Thu, 03/12/2015 - 14:02 | 5882276 ted41776
ted41776's picture

this time, it's different!

Thu, 03/12/2015 - 14:13 | 5882316 Harbanger
Harbanger's picture

It's a leftist Gov now, No Moar Protests.  Although it would be fun to watch the new populist gov use the state police force to beat them down.

Thu, 03/12/2015 - 14:18 | 5882348 thamnosma
thamnosma's picture

Similar to installing Obama and his merry band of "progressives".  Wars haven't stopped but Code Pink is still yelling at Dick Cheney.  How many protests against actions in Libya, Syria, etc.  Where are all those Berliner activists?

Thu, 03/12/2015 - 13:51 | 5882212 EmmittFitzhume
EmmittFitzhume's picture

Si vis pacem, para bellum

Thu, 03/12/2015 - 13:52 | 5882216 czarangelus
czarangelus's picture

Waiting for an Athens Spring.

Thu, 03/12/2015 - 14:02 | 5882277 Harbanger
Harbanger's picture

But they were just elected into power by popular vote?  I'm still waiting for the war protests to come back to the US, Obama put an end to all that.

Thu, 03/12/2015 - 14:19 | 5882352 thamnosma
thamnosma's picture

No better sheep than leftists.

Thu, 03/12/2015 - 13:53 | 5882223 i_call_you_my_base
i_call_you_my_base's picture

Just the tip.

Thu, 03/12/2015 - 13:53 | 5882224 williambanzai7
williambanzai7's picture

Thu, 03/12/2015 - 14:03 | 5882280 Miss Expectations
Miss Expectations's picture

Troika Horse Jockies. Yanis is looking more and more sinister.

Thu, 03/12/2015 - 14:26 | 5882392 Bullionaire
Thu, 03/12/2015 - 14:03 | 5882282 Flagit
Flagit's picture

Just this once, lets put the finance people in charge of clothing design, and the clothing designers in charge of finance. Just to see what happens.

 

Thu, 03/12/2015 - 14:12 | 5882321 cornfritter
cornfritter's picture

Handsome devils!  Looks like Christine finally gave 'em the key to the executive wardrobe :-)

Thu, 03/12/2015 - 14:15 | 5882327 Miss Expectations
Miss Expectations's picture

Oh and this...Ben Stiller and Owen Wilson at the Valentino 2015 Paris fashion show (really):

https://www.youtube.com/watch?v=aRNwGimhok4

Thu, 03/12/2015 - 13:53 | 5882227 wmbz
wmbz's picture

I believe everyone knew it would happen!

Scrapping the bottom of the barrel now. What's next? Sweep everyone that still has a bank account clean?

Oh I know...Raise taxes! 

Thu, 03/12/2015 - 13:56 | 5882245 bpj
bpj's picture

Next is sending soldiers to houses to search the sofa for change

Thu, 03/12/2015 - 14:16 | 5882335 unplugged
unplugged's picture

and pizza

Thu, 03/12/2015 - 14:21 | 5882361 Harbanger
Harbanger's picture

Good thing Greeks own lots of boats so they can lose the Barbaric relics.  Confiscation of all wealth is definitely in the cards.

Thu, 03/12/2015 - 14:21 | 5882356 thamnosma
thamnosma's picture

Don't forget they are soon going to start "cross checking triangular transactions" and hiring tourists to find coffee shop tax cheats.

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