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After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates
Following yesterday's news that the ECB is now running simulations on what a Grexit would mean for Greek bond prices (spoiler alert:
"fundamentals" suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the Greek sovereign corpse, when Bloomberg reported that the ECB once again raised the maximum amount of emergency liquidity available to Greek lenders by €400 million, but less than the Greek central bank requested, people familiar with the decision said.
The increase was approved by the ECB’s Governing Council on Wednesday, the people said, asking not to be identified as the council meeting was private. Greece requested about 900 million euros, one of the people said. The increase should take ELA to about 70 billion euros. Policy makers raised the limit by 600 million euros on March 12, after a boost by 500 million euros to 68.8 billion euros on March 5. Greek banks haven’t used all their ELA and have a total of about 3 billion euros in liquidity available, one of the people said.
However, not a single penny from this additional emergency "liquidity" would enter the economy, as all of it was merely provided to offset the ever faster Greek bank run because as Reuters reported, on Wednesday Greek banks saw deposit outflows of €300 million, the highest in a single day since a February deal with the euro zone that staved off a banking collapse, two senior Greek bankers familiar with the matter said on Thursday.
"The uncertainty over the lack of progress in negotiations and the negative newsflow has affected sentiment," one banker told Reuters. "It's not a huge amount but the worry is whether this is the start of a trend that could get worse."
"Under the current climate, with worries of a 'Grexident', savers are unlikely to return cash to the banking system soon," said another banker. "Outflows may continue ahead of this weekend."
Congratulations to those who were among the Greeks who successfully withdrew the €300 million: this is probably one of the last batches of capital permitted to be pulled from Greek banks. For now the ECB has granted Greece a few more days (hours) in which deposit withdrawals are permitted. However, all that will cease and Greece will be "blueprinted" the moment the ECB announces that there will be no more ELA boosts and it's all over.
Meanwhile, the Greek government, instead of seriously contemplating a Plan B outside of the Eurozone, was busy thinking of new ways to raid its own population just to repay the "loathed" Troika.
In the latest sad indication of just how truly insolvent Greece is, Reuters also reported that days after raiding its own Pension funds to repay the IMF (which in turn lent the cash to Ukraine so it could repay Ukraine's obligations to Gazprom and thus Putin), the Syriza government is now raiding the major state utility firms to lend the government cash through short-term repo transactions as it scrambles to avoid running out of cash.
Prime Minister Alexis Tsipras's government has already resorted to dipping into the cash reserves of pension funds through such transactions, officials told Reuters earlier this month.
Kathimerini, citing unnamed sources, said the government was calling on the main utilities, such as the Athens Water Co (EYDAP) and the Public Power Company, to undertake repo transactions in which state entities lend money to the Greek debt agency through a short-term repurchase agreement.
Kathimerini also named the telecoms company OTE as on of those that Athens could look to for cash, though the Greek state only holds a 10 percent stake in OTE. The company is 40 percent-owned and managed by the German telecoms giant Deutsche Telekom. PPC, EYDAP and OTE had no immediate comment.
This is how the market assessed the latest batch of Greek developments: Greek bond yields just soared to the highest in two years!
Needless to say, unless Greece is actively negotiating right now, not only how to implement the current bailout, but the terms of the third Greek bailout as well (which will likely demand a left kidney from every Greek citizen as collateral), it is all over.
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"At this point what does it matter?
HRC
HRC is our Mutti. Germany's Mutti thinks this matters very much, as do the Über-mutti's banks. Jaaaa!
Do I smell burnt toast with that scramble?
Germany will cough up the cash. Yawn. Move on.
6 months from now I would not be surprised if the government is coming for people's first born to sell to Brussels as house servants.
When this one blows, a LOT of people are going to die in very nasty ways.
pods
Welcome to leftist/socialist government. The U.S. is heading there full speed ahead and is already there in many instances.
spend, Spend, SPEND!!!
buy votes, Buy Votes, BUY VOTES!!!!
screw future generations, Screw Future Generations, SCREW FUTURE GENERATIONS!!!
This is FARTA!
Note to Greeks: It does no good to fart in someones general direction if said direction stands in 180 degrees in contrast to the direction of the prevailing wind.
Had to login to give you a +1 for the Monthy Python reference.
AND 300!
between these shenanigans in greece, and the negative interest rates elsewhere, under the mattress has to be looking more and more attractive. Why people would leave large ammounts of money in any of these banks is a mystery to me. Better get that money out while you can, otherwise you will be lining up to withdraw your 100 euros a day like cyprus a while back
Be careful with this in the United States. Look up the crime of "structuring."
"...Be careful with this in the United States..."
There's few in the U.S. - in relative terms - that can even do this, HT. The U.S. baby-boom generation is approaching peak retirement. It began in 2011 and will end by 2029 assuming age 65 retirement. The peak will be sometime around 2020, meaning we're not even there yet. You're talking about the savings of 20% of the population of the U.S. here. The bulk of those 'savings' are already in restricted accounts, like tax-sheltered retirement accounts (IRAs, 401Ks or the few pensions left). The other smaller, but significant chunk is in their house. There is an astounding number of blue-collar and white-collar millionaires out there, dutifully saving their money for decades to provide what they assume will be a comfortable retirement.
There is no simple way to 'be careful' with a 401K, and IRA or your house. You can't just withdraw three-quarters of a million in cash WHILE you're still working. You can't do it right after you retire without getting screwed with taxes. There's little protection from simply moving it because banks are going down the sewer, bonds are crashing or the stock market is imploding. Most retirement plans have some kind of money market option - you can temporarily isolate your money from stocks and bonds without draining your investments, but baby-boomers are all lined up for the most colossal screwing on earth. They have no concept of what happens when a money market fund breaks a buck. The vast majority just figure the money will be there and will be available when and as they need it. In other words, they might as well paint a huge target on their back and walk around with a sign that says "Screw me, PLEASE."
U.S. Baby-boomers will be competing with 64 million of their fellow baby-boomers to get at their cash in a financial collapse. If even a fraction of them panicked - say five million - and tired to pull their money out at the same time somehow, it would cause a financial collapse. Worst case they can sell their house, right? Except there will be twenty million other people with the same idea at the same time. I don't think they're going to find many eager Student Loan indentured servants or bartender/waitresses eligible for a mortgage or willing to buy. Second-ring suburbs will start to look like Detroit in a few years. So much for that 'investment'.
There are plenty of strategies for protecting those savings (creating your own IRA with phyz. gold, for example) but that's for ZH doom-and-gloomers or conspiracy theorists. Most of them won't bother, and will simply trust the system to protect their savings. Why? Because that's what people always do. They'll look at Greece and figure that could never happen here. CNN and the NYT will reinforce that notion. Nobody is ever going to steal your life savings - until they do.
Structuring won't be necessary - they'll be lucky to get much of anything out at some point. Most people are just going to be screwed out of the bulk of their retirement savings, deer-in-the-headlights style, in some future financial crisis. Then they can sit around co-miserating with other broke baby-boomer retirees how unfair everything was. Just like their crazy depression-era grandmas that saved old glass jars and used paper bags and never trusted banks again.
You nailed it. The quandry is how to protect the money in a 401K. Withdraw it all as cash? Loose a 1/3 to taxes, then where do you store it (beyond the unfortunate boating accident). Creating an IRA with phyz gold? The feds will know about that too and come knocking. A bank in another county? They will send you a thank you card after they seize it. Pay off the mortgage? I think even fully owned property just may be confiscated if times get really bad. And then of course the currency is probably doomed too.
You said "There are plenty of straregies for protecting those savings...". Other suggestions please!!
I got nothing for ya, Solar - I plan on dying broke. The only two that ever sounded good to me were non-gold PMs (less confiscation risk than gold but potentially illiquid in an emergency) or land/property (which can also be confiscated by the state if things get really bad). There's some way to move all or a portion of your 401K at retirement into a kind of a self-managed IRA trust you create that owns land or property instead of stocks or bonds.
Lawyerly types can chime in here - I have only the vaguest understanding of it. Farm land to lease out for income or timber land to harvest for cash - both minimal income and taxes but 'easy'. Rental property if you want to manage it and have a fair amount of income. Income to the trust, not to you. The trust also pays the property taxes. You still withdraw cash from the trust over time like you would from a 401K or IRA. Alternatively, just big chunks of decent, low-tax land for preserving your wealth for the kids (and potentially feeding you and yours when the SHTF). You have to get lawyers and accountants involved to make damn sure that it meets the IRA requirements for the gov., but I understand that it's really not that big of a deal. Probably not practical for someone with small 401Ks that will depend on the income to eat, but '401K millionaires' might find this far less risky than what passes for low-risk investments in mutual funds or - heaven forbid - banks.
Not for everybody of course, but you have the comfort of owning something physical for your life's work that's a little more difficult to take away from you than digital 1's and 0's at a financial institution. More difficult, of course, does not mean impossible.
Good one! What does a Greek shrubbery go for these days?
Greece reminds me of a certain American city that's older now, but keeps running against the wind.
Weird Al could do a Notoriuos B.I.G. parody: "f--- savers, print money! f--- savers, print money!"
Agreed as long as you include in socialist our crony capitalisim including military industrial complex/wall street etc.
@CreepyCracker says "Welcome to leftist/socialist government. The U.S. is heading there full speed ahead and is already there in many instances."
No, when it is the biggest corporations buying the votes, it is closer to Fascism.
It is amazing how deeply The Left has infiltrated the US government.
"You know, Paul, Reagan proved that deficits don't matter. We won the mid-term elections, this is our due." Dick Cheney (2004)
Both Cheney and Reagan are actually of The Left. Amazing.
Screw the donkey riders!
Derivatives exposure aside it is also about German pride. Someone will use that against the Germans to take down the whole EU sooner or later.
Print motherfuckers
What's a mutti?
I think the full quote was, At this point what difference does it make? I did not have sexual relations with that women Sarah.
"I did not have an inappropriate relationship with that woman."
there, fixed it
I didn't not have a relationship with a woman is more like it for this day and age. It was a guy in drag Michelle.
Might have fixed it for you, he used every phrase in the book, except " she had sexual relations with me"
"At this point what does it matter?"
It matters if you have any deposits in Greek banks.
And if you have deposits in Greek banks after years of this nonsense. aren't you asking for it?
There is absolutely no benefit in imposing capital controls, none whatsoever.
Those who have any significant amount of money and want to remove it will find a way around the controls.
Meanwhile you only hurt those who would not have wanted to remove their money but for the imposition of capital controls.
Germany's motive in suggesting capital controls is to hurt Greece, no more and no less.
The problem is that like all failed states they will do a tremendous amount of damage in the final stages of their predicament.
How they can believe that Brussels will continue on this path of endless bailouts or why Greece would even want this is beyond me.
Forget it and move on...it's over.
LOL remember this the next time you think electing a certain "government" is a solution to "banking."
I Lenin veliky nam put' ozaril, (a line from the Soviet Union national anthem)
Translates as Lenin cast light on the way forward
FORWARD!!!!
(over the cliff)
Time to Vote the Bastards Out !
Heh . . . . wait a minute . . . .
WTF ?
Didn't they vote for a 'rebel' ?
After all, he didn't tuck in his shirt, didn't wear a tie, and rode a motorcycle
And he probably thought that he was going to Govern like one until it occurred to him that they would kill him and/or his family if he did.
" Political power grows out of the barrel of a gun. " - Mao, psychopath
That ole psychopath Mao was correct with that quote.
The Greeks may only have a chance if they ally themselves with someone who also has lotsa Big Guns (nukes) - Russia and China.
Pick an ally whose best interests are served by keeping you alive.
It seems that all the 'legality' and election talk is just a story for the masses. The world is ruled by raw violent power.
Sigh.
lol!!
In Europe, there's no representation. State has the legislative, executive and judicial power.
The law is made, applied and executed by the same entity. Vote for the face of that entity.
THERE IS NO DEMOCRACY IN EUROPE.
Cheers from southern Europe.
nor anywhere else!
Iceland may be a contender...
Only solution to banking cartel is through international financial markets as the BRICS are attempting. Only time will tell.
Government is NEVER the solution to anything, which has been my point for years now. Government is most often the problem.
However, we cannot elect bankers, we can elect people that want to reduced government.
So what is your solution?
Are you delusonal? Hitting the chiva early?
Who are these nefarious people that want to "reduce" government- will they be presented by the two headed hydra at the next election?
It is because sheep, precisely such as you, still believe that "voting" matters. It's a scam, an illusion. I don't care how many tricks David Copperfield does, I'll be damned f the majorty of dumb mf ers don't in fact believe just as you do. That the trick is real.
Show me your vast army of "reductionists" outside the two headed hydra and I'l be the first in line to kiss your ass.
Dumb ass. You can't elect anyone. Unless you really think the elections aren't rigged... in that case excuse me while I laugh in your face.
You're insane if you let your money out of your sight.
Money? .... ohhhh, you mean EBT card.
Insane or just plain stupid? Why would you "loan" money when there is virtually no chance of getting it back?
Stop the bullshit.
nevermind a rate of return on it..
They enjoy giving $$$ away of course
This is the real money - and it will always be : http://www.achat-or-et-argent.fr/ressources/images/pieces/Maple-Leaf-arg...
This is ... absolutely worthless and useless in case of any kind of crisis : http://peopleactmagazine.fr/site/wp-content/uploads/2014/07/2PBRiWOx906k...
And of course : http://i.telegraph.co.uk/multimedia/archive/02222/cards_2222752a.jpg
Gold - or Silver, Gun and Food
Let's shift attention overseas today.
Titanic....deck chairs....re-arranging....
And the band is playing the PT Barnum circus theme.
I was think more like the Benny Hill theme song
We're consumers. We are by-products of a lifestyle obsession. Murder, crime, poverty, these things don't concern me. What concerns me are celebrity magazines, television with 500 channels, some guy's name on my underwear. Rogaine, Viagra, Olestra.
Martha Stewart.
Fuck Martha Stewart. Martha's polishing the brass on the Titanic. It's all going down, man. So fuck off with your sofa units and Strinne green stripe patterns.
@SweetChicken - I don't even know what half the stuff you listed is -
which is probably a good sign.
Thomas Jefferson warned that 'consumerism' would lead to Americans allowing their Liberty to be stolen. (Though he didn't refer to it using the current term, of course. He talked about them focusing on only making money and improving their material lot in life.)
Anybody else noticing Oil tiptoeing to the woodshed? She wants a beating I know she does.
Yesterday's pop seems pretty silly. Avoiding a 0.25% rate increase makes oil worth 5% more for next month? While supply is still looking for storage?
It may take a week or two but it will get below $40 pretty easily.
It needs follow through to the downside on heavy volume soon or it will just bounce around like a cork until the fall. Just a gut feel. Charts are useless these days.
Just put a dipstick in the storage tanks to tell if there is more in there.
Gonna take some rather lengthy dipsticks, and a lot of them if we are to believe the numbers re: build up of supply.
Maybe all the Molotov cocktails that are sure to come will help increase consumption.
Where is all the Syriza supporters? Love to read their comments.
Well pravda reports, that ... (sorry it was reuters)
Last time I checked the Greeks did not control them, rather someone else. Anyone here started to believe mass media?
Oh yeah some here started believing in the hype. The kool-aid was apparently sweet.
double post. no idea how it happend.
They are being briefed by the Party on how to blame this on the evil capitalist pig conspiracy and will be right with you.
It is hard for me to have any sympathy for the Greeks. I wish them well but they fucked themselves. When America falls there is no reason anyone should have sympathy for us. We fucked ourselves. Nobody wants to grow up. Keep on partying like a 17 year old or with today's kids taking selfies on friday nights.
"Nobody wants to grow up. "
Man, people lately are seeking to regress back to infancy. Grow up is a huge demand from them.
Blame Goldman
Sue to claw back fees
"Blame Goldman" that would be like Arbenz and the United Fruit Company
Which goes to show, when you are out of gas it doesn't matter who you slip into the driver's seat.
Forgive them, they're a bit busy.
The top brass are busy moving any liquid assets offshore and making discreet inquiries to relatives abroad about job opportunities in family businesses, cash under the table, because they'll be fleeing whatever replaces Syriza with not much more than the clothes on their backs.
The rank and file are busy closing their bank accounts, stocking up on food, and wishing they'd voted Golden Dawn.
HAHA 'game theory' expert my ass. Just another bankster bitch.
Doesn't playing with yourself qualify as a game too? At least in theory?
How's that 2004 summer Olympic venue working out now?
No shit, There are several slideshows on the net. Fucking sad.
Thats how the .01% run this world. Use and abuse it until its gone. Then move on to the next piece of land and start the process again. The perfect parasite.
Indeed.
Nothing but a bunch of sad sack bagholders left in the wake.
Those Olympic venues would be great right about now for some PUBLIC EXECUTIONS of some EU banker scum and a few ECB Krauts, Dutch, and some Goldman Sachs vipers.
Greeks could use it for the Syriza party.
Or better yet, return to the gladiator games using banksters. That would be awesome! Think of the fees they could generate on pay-per-view or ringside tickets...
Syria goes on the gallows for robbing pensions to pay the Troika
Definition of treason
And is treason punished?
So the Greeks who want 20 hour work weeks and lots and lots of govt. services bear no responsability?
They elect politiicans who promise them goodies out of thin air, then whine when they have to repay the loans that funded all their free shit.
Blame the bankers (code word) all you want, but human nature is the culprit. not the evil "bankers".
Sorry to inform you but the Greeks work more hours than the Germans.
Yeah and I'm sure the employees in NYC put in a full day as well. Have you been to the DMV or interacted with any of them? Takes you a full day to accomplish something that should take an hour. It's no wonder people are leaving in droves. Ultra expensive, grey, taxes everywhere, employees with a huge chip on their shoulder, you know the thoroughly indoctrinated types...... 75% of .gov needs ot be disbanded. Keep shit simple and straightforward. It's in that purposeful confusion and obfuscation that all the scams and subversions thrive.
According to the BBC, the Greeks work the most hours, but are among the least productive:
http://www.bbc.co.uk/news/magazine-17155304
Which means what, they don't work hard? Or maybe is reflection of different economies?
Let your brain be washed up. Then don't complain for what's coming to you too, sooner or later.
Just when you thought the Germans were hardcore already
Comments like this indicate a poster foolish enough to believe in the validity of the wage-slave system... and therefore not worth listening to.
Are you sure you aren't using that as an excuse to sit on your ass all day? I will be the first to criticize the system as it stands and yes, it is very unfair for working people.
My beef is with people that have good-paying jobs with health benefits that are supposed to help and provide services to their fellow citizens yet they choose to slack off, be very unappreciative of what they have and look upon the rest of us in a condescending manner.
I pride myself on sitting on my ass a lot... and keeping my kids sheltered and well-fed at the same time. I don't need an excuse; I believe that touting hard work as a moral virtue is one of the most evil things about our culture. I value free time way more than money.
Truer words were never spoken.
For the people who built that white elephant and are now watching the chaos in Athens from their Alpine chalets? Swimmingly.
Next up... Spain?... Portugal?... Austria?!
More popcorn, please...!
US?
and mexico
But current payments are not even 1% of total debt. How will Greece ever pay off its debt in the current deflationary environment which makes debts more onerous every day even as GDP contracts and Greeks leave the country and demographics turn negative?
There is no chance that Greece ever pays off its debts - and Portugal, Spain, and Italy are next.
Next step: organ harvesting ans selling their children.
Ukraine playbook, compromised Golden Dawn starts Maidan style protests, you know the rest. Happens once Syriza steals everything not nailed down to pay off their crack dealer. They the Greeks are in denial they have a free shit addiction problem. Can't help the junkie till they can honestly admit to themselves they have a problem in the first place.
1. Army coup
2. Default
3. Appeal to Russia for bailout from BRIcS bank
4. New Drachma backed by gold
Time for the money people to get ever more creative. Hmm... must be something you can do with a hole that deep...
You state very nicely what they want to keep concealed. This game has been over for some time. This is all Kabuki.
Tsipras was always the bankers "Wolf" in "Rebel" clothing. The Greeks believed he was their rebel representative but failed to notice how the true rebels (Golden Dawn) was demonized and prosecuted.
Now Tsipras is rapidly raiding all the money pools and handing it over to the bankers (instead of default) to put Greece in as vulnerable a position as possible. It appears the plan is to cripple Greece to the point that the people of Greece will sit while Tsipras sells for pennies all the public assets of Greece. The water systems, electrical systems, natural resources and even the land of Greece. Once Tsipras has the greek people unsure if they can eat tomorrow he can execute the final plans.
When default is unavoidable (cannot print money due to EU membership) you do not exhaust and give away all the money you have for no reason. Tsipras is smart (not polished) and is effecting the plan much more quickly than people realize.
Next: Snitch programs to turn in your neighbor who might have some gold.
LOL, no the neighbor wont turn you in, he will do a home invasion and steal your gold.
Lol, I didn't say it would be effective, but that's what desperate governments do. Anybody who bought anything from a retail precious metal retailer in the last 10 years I am sure is on a list.
Syriza to the Greeks, "Fock U!"
More like "You fucked up. You trusted us."
More like "Apo Piso"
Everyone should be watching this unwind. It should be the number one topic in the MSM and in economics classes. An excellent example of who controls the/your "money".
The citzens of Greece are screwed. Banksters Inc. It just warming up!
If Greeks like their Socialists, they can keep their Socialists.
It seems that the money is about to run out.
The "other people's money" has run out.
Baby Boomers are almost out of our money. What happens in Greece, doesn’t stay in Greece.
That's why we been stackin' for years friend :-)
Silver For The People
Change you can believe in. Now where have I heard that before?
Why does this not effect the Euro? strange because you write off Greece and let Spain,Portugal,Ireland and Italy in.
So Draghi start the Money Press again and the MSM will report how great life is within the EU.....
"So Draghi start the Money Press again and the MSM will report how great life is within the EU....."
The banksters have to spin that making your currency worthless and them stealing from ya is a good thing.
It's how twisted and dishonest the central banks have become.
Unlike 1's and 0's it takes time to print up physical currency. Sourcing the paper required also takes time as Germany is the largest supplier. 100b euro or dollars is waiting outside the country for conversion into the new currency. With no outside debt Greece should be able to get a good start .
Also you must understand that default as in bankruptsy is accepted when no assets are left. Why default and loose assets.
There is a big difference between "screw you", walking away, and taking your lumps (what Greece should have done), and "screw you", but holding your hand out for more free stuff (what Greece is actually doing).
After Greece goes there is a long line of larger Ponzi players.
If a Greek still has money in a Greek bank, he deserves what's coming.
Bank holiday this weekend.
Greece - Friday last day to get your money out before long bank holiday and bail-in.
If there was a bank-holiday it would be really stupid to do it this weekend.
I can tell you that most large employers, including the firm I work for are withholding payroll OUTSIDE of Greece right now, and only transferring it in at the last possible moment. Payroll in Greece is no shit -- next Friday.
If there was to be a bank Holiday, I would be on next weekend, not this one. Why? There will be a ton more money in the banks post payday than the weekend before. Just say'in.
I see Greece as a perfect look in to the future of so many of us.
Prepare accordingly and try to protect as much
wealth as you can.
Gold is the perfect tool to achive this goal for me.
Gold has saved my ass many times in the past and
will do so in the future.
No government can resist printing wealth for themselves from virtually limitless paper. Paper currency could be bitcoin if they didn't run the printing presses except to replace what wears out. But you'll never see that happen. That's why gold and silver work. It's automatically self limiting.
Actually there's been a modicum of common sense when it comes to runaway printing. Not recently, but the example of 1930s Germany was a warning bell for those who read history books or don't deem themselves above the mistakes of others.
Given you can't get much better than 1% on retail cash in Europe and North America why does anyone on average income have anything in the bank? Even the Germans should be looking across the border at Austra and realising how fragile the house of cards is looking.
The Greeks should have pulled every last cent out years ago.
The one thing you can count on when you swim with loansharks:
There's always gonna be only one fish swimming away.
Most of the money in the pension funds is the loot that the Greek thieves and parasites acquired by defrauding lenders, so returning the loot to lenders is JUSTICE.
Proletariat needs to get hard fucked so they learn to NOT vote for politicians offering freebies from gummint.
Wow, where did you learn that?
As far as I know, People get pension funds when they work.
Lenders get profits by doing exactly what?
Maybe Lenders need to be hard fucked to learn not to be greedy and not to lend out money in the first place.
And most importantly not lend to people who cannot afford to payback.
If you assumed someone can payback, try to face it with dignity. stop running to Government for help.
Afterall you dont like people going to government for handouts right?
Technically, the recipients of pension funds are those who pooled their money and lent it out.
"Maybe Lenders need to be hard fucked to learn not to be greedy and not to lend out money in the first place."
It was a scam, just like in the US with Moody rating subprime mortgages AAA.
The EU rated Greece AAA.
The pension funds are government-funded with one of the largest government employee payrolls in the world relative to population, one of the most HORRIBLE environments for entrepreneurs due to the communist labor unions allied with the hyper-bloated socialist government crushing businesses, absurdly high government employee wages, absurdly early retirements with absurdly high pensions and benefits.
These freebies to the proletariat are what the successive Greek regimes used to buy votes to get elected and stay in power so they could defraud more and more lenders out of their money to pay for more and more vote-buying freebie programs.
I don't understand, Greece is asking for money to live a decent life promised as part of EU deal.
But EU is willing to give money only to pay the creditors of Greece.
The end point seems simple, the needs of the many must get priority over the needs of the smaller group of Creditors.
So, creditors get hair cut, or Greece gets debt forgiveness. :-)
So, why all the confusion? Why so much negotiations?
Socialist parasite corrupt lieing defrauding thieving entitlement-tit-sucking hyper-militant-labor-unionized proletariat, dominant in Greece, must be made to serve as example to same everywhere that socialism, gummint entitlements, confiscating & redistributing earnings, etc, etc are PURE IMMORAL EVIL, and everyone who promotes and supports it MUST suffer, ONLY then will the lesson be learned.
CRUSH GREECE !!!!!!!!
That did not happen lately. It's been going on since 1948 with governments of all colors, as it's happening with the US lately. Unions, fat pensions of .gov employees and fat salaries higher than productive employees.
Paging Golden Dawn....
Squeeze every last drop then burn the dress. or don't
Alms. Alms for the poor.
LOL
so much for voting - lotta good that did
GERMANY TO LEAVE THE EURO AND REINTRODUCE THE DEUTSCH MARK, REBRANDED AS DEUTSCH MERKEL
Problems with Greece being staged to allow Germany to kick itself out of the Euro.
Source: www.financialpaparazzi.com
Leave Euro, print dracula. Why is this so difficult?
Print Dracula? Is that an auto correct typo or a comment on how Syriza is bleeding the Greeks to make their nut to the Troika?
Another shallow, snide, anti-Greek, pro-EU op-ed from ZH. Journalistic mediocrity at its finest.
zzzzzzz.......
At 320b with 10m residents, that's 32,000 per kidney.
Assuming that all 10m have healthy kidney's.
Now if they could cut out the middlemen, I think that they could jussssst squeeze by.
A good kidney goes for about 60,000 on the black market.
That is a "healthy" profit.
The Albanians and Israelis will give you a better deal than that.