Athens Municipality Runs Out Of Cash; Suspends All Operations

Tyler Durden's picture

Remember when we said cash flow is always more important than diluting the M2 (the Fed is great at the latter, powerless at the former)? Here's why: The municipality of Acharnes in northern Athens has decided to suspend all of its operations after running out of money. The municipal council met on Thursday night and voted to stop providing anything other than basic services because of its inability to pay employees’ wages and regular expenses. In Nintendo Donkey Kong Game and Watch parlance: Game over.

“Acharnes Municipality will remain closed indefinitely, until the financial problem can be resolved,” the local authority said in a statement.


The municipality will operate with just skeleton staff, which trash will only be collected from outside schools.


Mayor Sotiris Douros is due to meet Interior Ministry officials on Friday to discuss the municipality's problems.


He wants the government to reduce from 11.5 percent to 5.5 percent the interest rate on a loan to the municipality. Douros argues that the monthly loan repayments of 500,000 euro is to high.

Coming to an insolvent, cash free, Keynesian experimental abortion near you.   

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
GetZeeGold's picture



Wow....can they do that?


ar01's picture

If you can forgive the odd phrasing, I think the most accurate statement is that they can't not do that. 

Careless Whisper's picture

The Careless Whisper Morning News Update & Threadjacking


NY City Cops In Lines Outside Apple Stores To "Help You" Register Your iPhone5 - With Them

Woz Waits In Line To Buy iPhone5 In Australia,0,3985092.story

QUOTE OF THE DAY: "She checked the box that said she's a person of color. Look at her." Senator Scott Brown In Response To The First Question In A Debate With Harvard Professor Elizabeth Warren (VIDEO)

Full Debate; Scott Brown - Elizabeth Warren (VIDEO)

Quién Es Responsable De La Operación Rápido Y Furioso? (VIDEO)





BaBaBouy's picture

Careless... Great stuff, keep up the updates...

hedgeless_horseman's picture



Know gyros, know Greece.
No Euros, no Greece.

Precious's picture

Can anyone say "Volunteer Fire Department" in America?

Do they not exist anymore, maybe because of fucking LAWYERS and UNIONS ?



Ljoot's picture

Unions. I was a volunteer EMT and FF in a county that had professional FFs. I could supplement their crew but not replace one of the paid guys due to Union rules.



Cognitive Dissonance's picture

Re: NYC police and iPhones

"Operation ID is provided to the public at no cost. Officers register the serial number of valuable portable electronics along with the owner’s name and contact information. Items can also be engraved with a uniquely identifiable serial number prefaced with the letters “N.Y.C.” "

I prefer a numbered tattoo on my forearm. But that's just me.

<It makes it a whole lot easier when Mrs. Cog loses me in the toy aisle.>

Vincent Vega's picture

Word is they will also be doing this with guns and drink cups that hold more than 16 ounces.

tip e. canoe's picture

with a cigarette dangling from their lips

XitSam's picture

There are no guns allowed in NYC.

Precious's picture

Places like NY, DC and Chicago, where politics is corrupt, tend not to like the citizendum to have guns.

Nobody's picture

My wife and I are sending out our XMAS cards in November to miss, as we will state "the December 21st Mayan rush".
Our picture on it will have the two of us on the couch with our tin foil hats on, ala "Signs".
If life serves you lemons, make lemonade.

Colonel Klink's picture

Hey CD, I'm assuming that's the ADULT TOY Aisle?

Vincent Vega's picture

Of course they can do that...says so right there in the article. Skeleton crews, bithcez!

midtowng's picture

Greece and Spain WILL default and leave the Euro. The only questions are: 1) what will this do to the Euro, and 2) how badly will society in Greece and Spain be broken before this happens?

Element's picture

A quote from his new book; Perfect Theories Can Not be Falsified

 "... They should not have waited this long to break all the windows! ..." - Krug

disabledvet's picture

No they cannot! But as economists are fond of saying "on the other hand...

LongSoupLine's picture

...voted to stop providing anything other than basic services...


Subject to change...(for the worse)

kridkrid's picture

Best if everyone recognizes that this will be happening everywhere soon enough.  Gov't revenues are plummeting and the cost to maintain ever increasing debt is, well, increasing.  Do the math friends.  So... taxes and fees will increase while services decrease... this will continue as long as people are willing to continue to pay increasing taxes for decreasing services.  At some point they either won't be willing to, or won't be able to.

The wildcard in all of this... before this reality hits everywhere, we will have WWIII... in part as a choreographed distraction and in part as a race to see who gets to decide what comes next.  Tick tock, tick tock.

Seasmoke's picture

dont forget the winner in WW3, gets to write history !

kridkrid's picture

For sure.  Just as the narratives of WWI/WWII have very little to do with reality, what is left of humanity after WWIII will come to believe that it was some great global struggle of good vs. evil and good won.  Same as it ever was.

Theosebes Goodfellow's picture

I find it humorous that people fret about the government taking control when the dollar fails. How long do you think cops will show up, (anywhere), when they figure out they aren't getting paid or that their employers are paying them with worthless scrip?

Son of Loki's picture

Cut services to bare minimum --  catching rats, picking up the dead, etc ---- stuff like that. And as for those $600,000 mayor salaries and school administrators with $15,000,000 pensions....don't get me started.

tocointhephrase's picture

And the music stops ooooooooooooooppa

Sudden Debt's picture

The trash will pile up AND THE RATS WILL MOVE IN!!!


dark pools of soros's picture

Japan gave us Nintendo..  what has Israel provided?

Cognitive Dissonance's picture

A royal pain in our ass?

<What did I win dark pool?>

dark pools of soros's picture

You shall be knighted by Princess Zelda and henceforth be known as Sir Cog'D in all the realm



tocointhephrase's picture

smoked salmon bagel with cream cheese? 

Dr. No's picture

I beleive the Desert Eagle was orignially designed in Isreal.


EDIT: Nope.  Sorry.

tocointhephrase's picture

Ding ding ding WE HAVE A WINNER!

Precious's picture

Israel gave us the bible?  LOL.  Sorry.  I'm pretty sure that was St. Jerome.

tmosley's picture

A model for sensible and non-intrusive airport security.

Oh wait, we don't use that.

Scalaris's picture

90% of the world's financiers?

Colonel Klink's picture

Captive control of Wall street, the MIC, entertainment, government, and media???

Did I get that right?  Where do I collect my prize?

Did you say at camp....wha...FEMA camp?

Ben Burnyankme's picture

Pay them with the trash that they will still collect at the schools.  No difference then the Euros they are using.

Cast Iron Skillet's picture

i dunno ... Euros can, for the present at least, still be converted to gold & silver. Trash, not so much ...

Its the Vatican Stupid's picture

On a more positive note, free parking!

Vincent Vega's picture

And you don't have to ask a supervisor if you can have the day off. Lots of positives here.

Jlmadyson's picture

This is what we call depression economics folks.

And no there will be no managing this type of thing when it spreads.

AUD's picture

I think this also happened in the 1930's.

otto skorzeny's picture

i think it was a different era-more "civilized" and polite, there are a lot more "people of color" around now-with the "you owe me" attitude

kridkrid's picture

No need to make it race based... everyone has a "you owe me" mentality.  Other differences: Just in time delivery and mass transportation of goods and services make us remarkably dependent on shit shipped to us from all corners of the earth.  A relative lack of local self sufficiency makes a relative level of chaos a certainty if the wheels of globalization grind to a halt.  The great depression had something like 2 billion mouths to feed, we currently have about 8 billion.  And before someone says, "Yes, but we have become so very good at producing food"... you must recognize the role that cheap energy has played in our ability to drive down the cost of food production.  People during the great depression were about one generation removed from a primarily agrarian society.  Even so, people were limited in their ability to be at all self sufficient.  Fast forward to today, that ability is basically gone.

samsara's picture

A relative lack of local self sufficiency makes a relative level of chaos a certainty if the wheels of globalization grind to a halt.

And before someone says, "Yes, but we have become so very good at producing food"... you must recognize the role that cheap energy has played in our ability to drive down the cost of food production

Yes, but we have technology!!!    That's what I was told yesterday(along with a dozen dings)  on ZH when I made the energy observation....