First Morgan Stanley issued the first market forecast of 2012 before the market has even opened, and now it is Greece's turn to threaten fire and brimstone (aka to leave the Eurozone, but according to UBS and everyone else in the status quo the two are synonymous) within hours of the New Year, if the second bailout, which as far as we recall was arranged back in July 2011, is not secured. Quote the BBC: ""The bailout agreement needs to be signed otherwise we will be out of the markets, out of the euro," spokesman Pantelis Kapsis told Skai TV." And cue several million furious Germans and tomorrow's German newspaper headlines telling Greece bon voyage on its own as it commences braving the treacherous waters of hyperinflation. In other news, the sequel to Catch 22 is in the works, and explains how Greek tax collectors (i.e., people who collect those all important taxes so very needed for government revenues) continues to strike. In it we also learn that the first strike of the year in Athens is already in place, with Greek doctors saying they will treat only emergency cases until Thursday, in protest at changes to healthcare provision. All in all, the complete collapse of the Greek debt slave society is proceeding just as planned.
The government faces public opposition to the measures demanded by lenders. It has warned the alternative would be euro exit and financial chaos. The latest bailout was agreed in principle by EU leaders in October, conditional on Greece adopting further measures to cut its deficit and restructure its economy.
EU, International Monetary Fund and European Central Bank inspectors are due in Athens later in January to agree details of the bailout plan.
Greece's parliament approved the measures for this year in early December.
The budget, which includes further tax rises and spending cuts, was proposed by the interim coalition government of former bank governor Lucas Papademos.
But protests against the measures have continued in Athens. On Monday, Greek doctors and pharmacists went on strike in the country's first walkout of the new year.
State hospital doctors have said they will treat only emergency cases until Thursday, in protest at changes to healthcare provision.
So how long before doctors in all the PIIGS follow suit? At least such forced "eugenics" should solve the pension underfunding problem of broke Europe. Because last we checked morgue workers are still in operation.