Adding Insult To Injury, Greek Gas Prices Are Now The Highest In Europe

Tyler Durden's picture

Just because being officially the first broke Eurozone country, having 50%+ youth unemployment, and a collapsing economy is not enough, adding absolutely insult to injury is the following chart from Reuters, which shows that compared to other European economies, Greece now has the highest gas price in the old continent. And indicatively while America complains over what is now the highest gas prices in 2012 per AAA, at $3.80 average for a gallon of regular, 30 cents higher than a month ago, and 35 cents higher compared to a year earlier, gas in Greece now sells for over $9.00/gallon. But at least the IMF's worst case projects that Greek economy will be flat in 2013. And that's the "worst case scenario." But at least Europe sure taught Iran a lesson by halting crude imports. Oh yes, that Iran just happened to be one of the biggest suppliers to Greece - oh well. At least Greece still gets to proudly say it is a European colony, everything else be damned. 

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EscapeKey's picture

Regardless, what trav says is right. Years of labour price growth has turned the greek economy incredibly uncompetitive.

And Greeks with no reasonable estimate of what they can pay themselves is nothing new. They were suffering continuous hyperinflation between 1942 and 1946, and have repeatedly been in a state of default during the 20th century.

GeneMarchbanks's picture

What Trav says is, as usual, at best a distortion. Like Argentina this has been a bankster heist and it has been going on for centuries. Your thought process has been taken hostage by the BBC or you're teetering on stupid.

You should once again be reminded that the 'bailouts' have been about the banking system.

Harbanger's picture

Argentina was another failed socialist experiment starting with Peron.

Harbanger's picture

Perón's work in the Labor Department led to an alliance with the socialist and syndicalist movements in the Argentine labor unions. This caused his power and influence to increase in the military government.

After the coup, socialists from the CGT-Nº1 labor union, through mercantile labor leader Ángel Borlenghi and railroad union lawyer Juan Atilio Bramuglia, made contact with Perón and fellow GOU Colonel Domingo Mercante. They established an alliance to promote labor laws that had long been demanded by the workers' movement, to strengthen the unions, and to transform the Department of Labor into a more significant government office. Perón had the Department of Labor elevated to a cabinet-level secretariat in November 1943.[4]

Vampyroteuthis infernalis's picture

They were suffering continuous hyperinflation between 1942 and 1946

EscapeKey, that was during Nazi occupation. The only ones to blame for that period would be Germans. Not much has changed it appears in someways.

EscapeKey's picture

Read this book. All this "ooh, it's the evil banksters and their NWO plans" frankly is getting a bit boring. Alex Jones is a snake oil salesman.

Places emphasis on policy decision-making in Greece in the 1940s which resulted in an extraordinary long fifty months hyperinflation. Throughout the entire period, the government of Greece was financed mainly from seigniorage, and barely at all from fiscal taxation. The author asks how this was contrived over so long a period without destroying the tax-base afforded by the transactions demanded for flat money. The book is, however, far more than an extended analysis of monetary economics. Rather it explores the history and structural basis for the policies pursued by the occupation and liberation governments of Greece, and their interactions with the policies of the Axis and later, British authorities.

Vampyroteuthis infernalis's picture

Escape key, I am not a conspiracy theorist at all. It is just hard to compare modern economies during peace times with an economy caught up in occupation and war. Greeks have mismanaged their economy since WWII. No argument there. It is just not fair to compare apples to oranges.

GeneMarchbanks's picture

Mismanaged?! As in stopped paying attention to the political process and letting Goldman fleece them?


Vampyroteuthis infernalis's picture

It takes two to tango. The Goldmanites and corrupt Greek politicians.

GeneMarchbanks's picture

I'm certain the newly awakened Greek people will vote out the cheese-eaters thereby being half-way to righting the ship. Can the same be said about the Squid? Not likely.

JR's picture

A crime was committed in Greece; it wasn’t the butler, it wasn’t the housemaid and it wasn’t the Greek people. It was Goldman Sachs; it was Goldman who helped install, manipulate and take advantage of Greece's public officials. To assign the blame to the victims is to be a useful tool for the perpetrator.

The perpetrator had motive and opportunity and has yet to be charged.

LawsofPhysics's picture

Another "useful idiot".  fine, I'll take the other side of the trade and preserve my purchasing power.

JR's picture

Trav, we all need to be careful not to fall into a depiction of an entire people in the Henry Kissinger vein; demonization is always the preliminary strategy for exploitation and theft. While addressing a group of Washington, D.C. businessmen in Sept.1974, Kissinger said:

“The Greek people are anarchic and difficult to tame. For this reason we must strike deep into their cultural roots: Perhaps then we can force them to conform. I mean, of course, to strike at their language, their religion, their cultural and historical reserves, so that we can neutralize their ability to develop, to distinguish themselves, or to prevail; thereby removing them as an obstacle to our strategically vital plans in the Balkans, the Mediterranean, and the Middle East."

From: Umbrella union: 10 myths about Greece and the crisis |Dec. 8, 2011 | Nick Malkoutzis

There is no reason to form such stereotypes as there is ample statistical evidence to provide a clear picture of how hard Greeks work. Eurostat figures consistently show that Greeks work the longest hours in the eurozone. The latest figures show that Greeks worked an average of 40.9 hours per week in 2010. The eurozone average was 36.6. Even the usually privileged civil servants are now working 40-hour weeks after their working days were extended by 30 minutes this summer. Figures compiled by the Organization for Economic Cooperation and Development (OECD) also show that Greek productivity kept pace and in some cases exceeded other eurozone countries, including Germany, during the last decade.

However, what statistics cannot show is how much of an obstacle Greeks who do not work effectively can be to the rest. Numbers, for instance, are not able to illustrate how much time a Greek business owner or employee has to invest in processing paperwork because of his country’s arcane public administration in comparison to a eurozone peer that does not suffer such a drain on his or her resources. Greece’s problem is not one of its people being lazy but one of finding a way for those who do put in the hours to be efficient.

Until last year (2010), Greeks could earn a full pension if they completed 35 full years of work. However, for them to retire in their 50s, they would have had to complete 37 years.... Nevertheless, the average retirement age in Greece is not in the 50s. According to figures compiled by Eurostat, last year it was 61.4. In Germany it was 62. However, Greece’s pension laws were overhauled early last year so that by next year (2012) Greeks will retire at 65 …

trav7777's picture

it's fuckin just AMAZING then that the greases manage to work SO MUCH and SO HARD and yet produce frickin NOTHING.

Maybe they are just pretending to work, eh?

JR's picture

Trav, give it a rest. I think you wandered into the game late today and accidentally found yourself in Goldman Sachs’ cheering section.

There are a lot of viewpoints concerning what has happened in Greece;  but the bottom line is that the outcome has been horrendous making it very difficult to side with the culprit – Goldman and its associates in the other banking capitals of the world, from Paris to Frankfort

Vampyroteuthis infernalis's picture

Benefits slashed after minimum wage cut....

The hole gets deeper. Greece, when dealing with the devil his terms are always favorable for him.

Harbanger's picture

Greece needs a Ron Paul, would they ever vote for him.  Not, because he would cut their entitlements to save them from being slaves to the banksters. 

JPM Hater001's picture

At least somethings booming over there.

SheepDog-One's picture

No problem....Greece FIXED! 

CrashisOptimistic's picture

Wanna know how?

Here's an excerpt from John Mauldin's weekend letter:



But that 90%+ participation rate of bond holders willing to take their lumps may be suspect, according to Art Cashin, writing this morning:

"Some savvy (but very cynical) traders think the heavy participation may have been structured. They posit that in order to keep the deal from falling apart, some banks, on government instructions, may have paid a premium to the 'reluctant' participants. That would get them out of the way and allow for more tenders by the buyers. No proof – just conjecture."

In other words, Greece gov't ordered its banks to pay the bribe so the govt would not be seen doing so.  The participation was bought, maybe dollar for dollar.


SheepDog-One's picture

LOL, yea NOW what?

CrashisOptimistic's picture

Mauldin says now Portugal.  Present 5 year bond yield 19%.

CrashisOptimistic's picture

haha What is junkable about that statement?

trav7777's picture

that YOU wrote it, dumbass. 

WTF would you care about a junk anyhow?

JFC, man, I can go from 150-12 GR to 12-150 GR in two different threads on the same day just by pushing the right buttons.

Wolferl's picture

Spot on! And mules don´t need gas anyway.

Eclipse89's picture

In Italy in one liter of gas we still pay 7 eurocents for Suez crisis dated..... 1956.

Plus on this 7 eurocents we pay 21% of VAT.


Fuck you all.

CrashisOptimistic's picture

Hey, Luigi, be happy to pay that extra money.  It funds political demonstrations that clog up traffic in Rome.



Eclipse89's picture

Hey, Kartofen, do the world a favor, don't say bullshits.

Your mummy will be proud of you.

ilovefreedom's picture

I'm sorry you're having trouble, but doesn't the Italian government tax you? Shouldn't you be upset at them and Mr. B for letting that continue?

Ar-Pharazôn's picture

italy is one of the crappiest nation in this world and soon will become a 3rd world country

Momauguin Joe's picture

War or peace, feast or famine, the Four Hoursemen of oil ALWAYS profit.

SheepDog-One's picture

Well theyre sure not profitting from me anymore.

Momauguin Joe's picture

Their sun is setting on the horizon. Not a damn thing they can do about it either. Good for you SheepDog. Localize now.  

SheepDog-One's picture

'Greece economy will be flat in 2013'....or flattened like a pancake?

Hobbleknee's picture

Well, you won't get any syrup, that's for sure.

Rogier's picture

We Dutchies currently pay 1,83 per litre, so Reuters go and do a new and even more scary version of that chart if you please.

GeneMarchbanks's picture

That's no reason to complain since a couple of hours on a bicycle will basically get you around the entire country.

GeneMarchbanks's picture

It's Europe. Food is (mostly) local. Groceries are bought daily here, at most weekly unless you're a bunkergoon or haven't access to local farms/markets.

LongSoupLine's picture



Wow, those tear gas delivery trucks are going to feel some real pain...

BliptoP3's picture

High demand for Molotov Cocktails?

SheepDog-One's picture

Getting expensive to revolt....those molotov cocktails now cost about $7 to make.

Red Heeler's picture

$9 gas: coming soon to a station near you.

semperfi's picture

Obama will have gas (natl avg) down to $3.25 or below by election day - and he will also make sure it doesn't rise above $4.00 this summer.   I'll bet anyone the usual amount on that.

SheepDog-One's picture

He cant do it...the idea that ObaMao actually does anything at all is a farce in itself anyway.

No, what youre seeing now is hyper money printing coming around to bite them all in the ass....what are they going to do, print MORE to 'lower oil price"? It can only go up now.

Hippocratic Oaf's picture

Yep. I can't see how Obama-whama-ding-dong can stop, or at least reduce, oil and energy inflation. There is less driving, more working from home (if you have a job or home) and more smaller/efficient cars on the highway. It's the money printing!