Deputy PM Says Tax Limits of Greek Society Exhausted

Tyler Durden's picture

As G-Pap goes from meeting to meeting with his hand held out making promises to asset strip and tax his country into oblivion, AP is reporting that Deputy PM Theodore Pangalos that the country's tax-ability is exhausted (and has exhausted for some time). It is truly astounding that this farce has gone on for so long even as it appears (from the riots/strikes/press) that everyone (serfs and lords alike now) sees through the plans.

Via The Associated Press: Greek Official: Ability to pay new taxes exhausted



Greece has "exhausted" its ability to pay more taxes to cover budget gaps, the deputy prime minister declared Wednesday, saying he himself can't pay a new emergency tax without selling property.


Theodoros Pangalos spoke as the debt-shackled nation faced fresh strikes and braced for another inspection by international creditors, starting Thursday, to decide whether to continue the vital bailout loan payouts.


Parliament approved a new emergency property tax Tuesday to be added to electricity bills later this year, as Greece remains under strong international pressure to abide by its painful deficit-cutting targets. Greece will go bankrupt by mid-October if it does not get an expected euro8 billion ($11 billion) loan.


"I believe that the tax limits of Greek society have been exhausted. I would say they have been exhausted for some time," Pangalos told private Mega television.


Pangalos, a 73-year-old Sorbonne-trained economist, is listed as owner or part-owner of eight properties and farmland in greater Athens and several other parts of Greece.


"The property I own was purely obtained through inheritance. Personally, I have never bought anything ... I will be obliged to sell some of these properties. There is nothing else I can do," Pangalos said.


Greeks have been outraged by the announcement of new austerity measures, including pension cuts and the new property tax, coming after more than a year of spending cuts and tax hikes.


In Athens, another 24-hour public transport strike Wednesday left commuters struggling to reach work, as unions lashed out against the austerity measures that the Socialist government hopes will get it access to crucial loans.


The strike left Athens without buses, subway services, taxis and trams. Customs and tax office workers were also on strike, while about 350 retirees demonstrated outside the Finance Ministry against the latest pension cuts and tax increases.


The heads of Greece's international debt inspectors are due back in Athens on Thursday to complete a review of the government's cost-cutting program.


International creditors have urged Greece's Socialist government to make deeper cuts in public payroll costs instead of repeatedly raising taxes.


Late Wednesday, more than 1,000 protesters from a Communist-backed labor union demonstrated outside the Finance Ministry, urging Greeks not to pay emergency property tax bills being sent to households this fall. Protesters burned copies of the tax notices during the peaceful rally.


"We're against workers paying even one euro for this situation," Iota Tavoulari from the union of pharmaceutical workers told The Associated Press.


"We know very well that none of the money from all the (loan) installments, received after really slaughtering the rights of workers, is going to support the workers. Not one euro to salaries, not one euro to pensions, and not one euro to social welfare," she said. "It is being paid to those who caused this crisis."



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johnQpublic's picture

 Tax Limits of Greek Society Exhausted




same here in the US

taxed to death....a thousand cuts....every way you turn there is another tax

WestVillageIdiot's picture

The only difference is that here in the U.S. we actually pay those taxes.  Just ask a house owner in New Jersey. 

johnQpublic's picture

i feel your pain, having lived in new york

now in DE where at least there is no sales tax and lower property tax

small victories

Long-John-Silver's picture

Ask people in (or have ran away from) Detroit if they are still paying property taxes on property they have abandoned because of those taxes.

NumNutt's picture

When I watch and read the news concerning the Greek/Euro financial meltdown, it feels like I am looking at a crystal ball and I am watching the future of California/USA financial meltdown. I don't think we have long to wait before we have our own shit sandwich, and everyone will have to take a bite to make it go away...

Bicycle Repairman's picture

Well that was fast, wasn't it?  BTW the taxes raised so far?  The Greeks aren't paying them either.

Michael's picture

Ben Bernanke better get that fucking QE3 going soon.

I need to see the destruction of the world economy maximized for my amusement.

bid the soldiers shoot's picture

Did you want that in 2D, 3D or IMax?

toto's picture

For the first time ever it is going to be in 4D.

Better than expected...........

............or worse?

bid the soldiers shoot's picture

Gimme a hint.

Is the 4th D a time thingy or a space thingy?

johnQpublic's picture

in this case, the fourth "D" is for distraction(like europe while we self destruct)

there will be another movie playing in the theater at the same time

cell phones are allowed, and there will be folks discussing the other movie sitting next to you

bid the soldiers shoot's picture

I bet that other movie is "Gone With The Wind."

Jack Burton's picture

Amen! The local governments won't stop till we are all taxed out onto the streets. Then who will pay their bloody property taxes? A family can only earn so much money working for wages, yet they tax anyone who even trys to keep a decent home as if they were friggen rich.

Manthong's picture

Nothing but the best for city and town government.. and their employees (who used to be civil servants but are now the priviliged government class).

Louie the Dog's picture

Government workers are the Ruling Class.  It is our duty, the peasants, to insure their high salaries, their short careers, and their lengthy pensions.  Now go back to work, a clerk at the DMV needs a raise.

FreedomGuy's picture

Hey, a bus driver in NYC deserves $140k/year with premium benefits you scab lovin' capitalist bourgois non working class pig!

If you piss off that DMV worker you won't get your tags. No tags, no driving. No driving no work. Cops spot you and jail! All for pissing off a DMV worker. Yup. We should have more government national healthcare! Piss them off and you won't get a doc appointment or admitted to the hospital. Instead of checking your insurance they will check your tax records for the last five years before admitting.

FreedomGuy's picture

Yes, they are going into past years looking for money, too. I've just gotten a small bill for a 2007 error and a big IRS nastygram for 2009. I don't have the money and they've taken a shitload of money from me the last three years as I lost my job twice and had to cash out 401k's and got a severance.

They will never stop until government changes. Fighting them is futile. It's like punching the fog.


Cheesy Bastard's picture

If the tax limits of Greek society are really exhausted, then they should be given shorter days and more vacation time.

Gene Parmesan's picture

This would seem to be the official announcement from the Greek government. Should be interesting to see how it's received by the rest of the world.

piceridu's picture


Signor Fibonacci, 

Il suo gusto per armi da fuoco è impareggiabile. 


Gully Foyle's picture

Mrs.Carberry: Fecking Greeks!
Colm: It isn't the Greeks, it's the Chinese he's after.
Father Ted: I'm not after the Chinese!
Mrs.Carberry:I don't care who he gets as long as I can have a go at the Greeks. They invented gayness!

FunkyMonkeyBoy's picture

We are all slaves of the New World Order.

nah's picture

i know rite arent we supposed to get numbers and barcodes so they can shut off the polution at the level of individual citizen

AbelCatalyst's picture

My guess is Greece gets the $$ THEN gives up. Think about it - if you knew you were done financially wouldn't you try to find $ before declaring, knowing you'll have nothing left.... It's fraud, but isn't that what Greecs has been doing all along? They know they're done. They know they're going to be booted. They know they have no $ left. They know it's the end game... Why not make one last money grab?!

Equities shoot to the moon on initial announcement, then the final nail - a perfect final chapter... Just sayin - it could happen....

CPL's picture

Would you loan a friend money if his checks bounced every month in the last year?

Putty's picture

No. I would lend him your money. That's what is happening here.

Die Weiße Rose's picture

the US Fed, Goldman Sachs or some other pay-day Loan Shark are selling ninja loans to fools right now.

Remember AIG ? How else would Greece have faked their way into the EU ?

Remember ENRON ? Nothing has Changed !

this whole financial system is corrupt and needs to fail!

Goldman Sachs Group Inc. managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit.

No mention was made of the swap in sales documents for the securities in at least six of the 10 sales the bank arranged for Greece since the transaction, according to a review of the prospectuses by Bloomberg. The New York-based firm helped Greece raise $1 billion of off-balance-sheet funding in 2002 through the swap, which European Union regulators said they knew nothing about.

Goldman Sachs earned about $24 million underwriting Greek government bonds since 2002, data compiled by Bloomberg show. Goldman Sachs underwrote 10 bond sales. Prospectuses for six of them, obtained by Bloomberg, contain no mention of the swaps. The other four couldn’t be obtained.

Goldman could face legal liability “if it could be established that they were knowingly hiding risk, and therefore knew or had reason to know that the bond disclosure documents were misleading,”

Cosmicserpent's picture

GS faces legal liability?! Those motherfuckers need to be stood up against a wall and shot. After a fair trial of course. MOTHERFUCKERS!

disabledvet's picture

male or female.

for extra credit: "define female friend."

extra, extra credit: "define female fiend."

extra, extra, extra credit: "insert your dollar amount to your female fiend here:__________________."

Gully Foyle's picture

77n: Jill Clayburgh / Leon Redbone

Olympia Cafe

Pete Dionasopolis.....John Belushi
George.....Dan Aykroyd
Nico.....Bill Murray
Sandy.....Laraine Newman
New Waitress.....Jill Clayburgh
Male Customer.....Garrett Morris
Female Customer.....Gilda Radner
Benefit Lady.....Jane Curtin


A busy diner owned by the blustering, mustachioed Pete Dionasopolis. He rings up a sale on his cash register. Greek music plays quietly in the background throughout the sketch. The phone rings and Pete answers:]

Pete: [into phone] Hello, Olympia Cafe! ... [yells to George, the cook] Cheeseburger! Cheeseburger! Cheeseburger! Cheeseburger!

George: Cheeseburger! Cheeseburger! Cheeseburger! Cheeseburger!

Pete: [into phone] No. No fries, chips. ... [yells to Nico, the counterman] Four chip!

Nico: Four chip!

Pete: [into phone] What to drink? No Coke. Pepsi. ... [yells to Nico] Four Pepsi!

Nico: Four Pepsi!

Pete: [into phone] All right.

[Sandy, the stern, dark-haired waitress is training an awkward new employee.]

Sandy: [to the new waitress] Just do what I do, huh? [demonstrates what to say to the others] Cheeseburger!

New Waitress: Cheeseburger!

Sandy: Cheeseburger!

New Waitress: Cheeseburger!

Sandy: Cheeseburger!

New Waitress: Cheeseburger!

George: Cheeseburger! Cheeseburger! Cheeseburger!

Sandy: Three chip!

New Waitress: Three chip!

Sandy: Three Pepsi!

New Waitress: Three Pepsi!

Nico: Three chip! Three Pepsi!

Male Customer: [paying his bill, to Pete at the cash register] I see that you are training another new waitress again.

Pete: [making change] Yeah. But she won't stay. They all want money! You know? Even him! [indicates Nico who stands by, grinning stupidly] I bring him over from Greece. I give him free food. A nice place to sleep in the back. But, even now, he's always asking for money! Ehh! [pushes Nico back to work] Come on, get out of here.

Sandy: Cheeseburger!

New Waitress: Cheeseburger!

Sandy: Cheeseburger!

New Waitress: Cheeseburger!

George: Cheeseburger! Cheeseburger!

Sandy: Two chip!

New Waitress: Two chip!

Sandy: Two Pepsi!

New Waitress: Two Pepsi!

Nico: Two chip! Two Pepsi!

Female Customer: [sitting at counter, to Pete] Hey, uh, I'm almost done. I, uh, better order that stuff to go.

Pete: Ah! I like you. You eat fast. All right, what to go?

Female Customer: Um, I want a cheeseburger, Pepsi and a bag of chips.

Pete: [yells] Cheeseburger! Pepsi! Chip!

George: Cheeseburger!

Nico: Pepsi! Chip!

Pete: Sandy! C'mere!

Sandy: [Pete exits as Sandy stands at the cash register with the new waitress who hangs up her coat before Sandy explains the system] Okay, when Pete goes, you have to stand by the cash register but don't touch it. Pete is the only one to touch the cash register, huh?

Benefit Lady: [enters with placard, goes to counter, talks to Nico] Hi! Uh, we're having a benefit for the Tagart twins -- you know, the little boys that ate the balloon -- and I was wondering if I could put this poster in your window. [Nico doesn't understand a word she's saying but nods anyway] I can? [Nico shrugs, the benefit lady is delighted] Oh!

Nico: [to the benefit lady] Cheeseburger?

Female Customer: [to the benefit lady] Look, um, he doesn't understand English. All he knows is "Cheeseburger" ...

Nico: [to female customer] Cheeseburger?

Female Customer: [George brings her order in a bag] Oh, hi, George, look, uh, I wanna tell you this joke, okay? [indicates Nico] Oh, tell him too -- it's real funny. Um, this guy says to the owner of a restaurant ... [George translates in Greek to Nico] Uh, I got some bad news for you and some worse news ... [George translates] Uh, the bad news is ... [George translates] ... that there's a fly in my soup ... [George translates] Uh, the worse news is ... [George translates] It's the best part of the meal! ... [An amused George translates the punch-line but Nico doesn't understand so George repeats it. Nico still doesn't get it, shrugs apologetically. George gives up, gestures to the customer that Nico is not too bright, hands her her order, and heads back to the grill.] Thank you. [rises, pays at register, and exits]

Sandy: [phone rings, Sandy picks up, speaks into phone] Olympia Cafe. ... To go? Okay. ... [yells] Cheeseburger! Cheeseburger!

George: Cheeseburger! Cheeseburger!

Sandy: Two chip! Two Pepsi!

Nico: Two chip! Two Pepsi!

Pete: [returns, shoos Sandy and the new waitress away] All right, come on, come on, come on, come on, let's go, come on, move, come on!

Benefit Lady: [to Pete] Hi! Um, we're having a benefit and I was wondering if I could put this poster in your window.

Pete: Sure. Five dollars.

Benefit Lady: No! No, no, no, you don't understand. It's a benefit.

Pete: [upset] Look, you come in here, you don't even buy something, you want me to put something in the window?!

Benefit Lady: Oh, okay, I'll buy something, I'll buy something.

Pete: Okay, what'll you have?

Benefit Lady: Uh, I'll have a club sandwich and a tea.

Pete: No club, no tea. Cheeseburger.

Benefit Lady: Okay, I'll have a cheeseburger, well done.

Pete: All right, cheeseburger. What to drink?

Benefit Lady: Ah, no tea?

Pete: No tea. Pepsi.

Benefit Lady: Ah, do you have root beer?

Pete: No. No root beer. Pepsi.

Benefit Lady: Grape. Do you have--?

Pete: Pepsi!!

Benefit Lady: I don't think I want anything to drink, thanks.

Pete: Okay, tea. [quickly pours her a tea]

Sandy: Cheeseburger!

New Waitress: Cheeseburger!

Sandy: Cheeseburger!

New Waitress: Cheeseburger!

George: Cheeseburger! Cheeseburger!

Pete: [upset, to the new waitress] Hey, hey, yo! Hey, you! You don't say it right! Okay? Listen. [with Greek accent, spoken quickly and without pronouncing the "s"] Cheeseburger!

New Waitress: Cheeseburger!

Pete: Cheeseburger!

New Waitress: Cheeseburger!

Pete: No, no. Cheeseburger!

George: [thinks an order is being made] Cheeseburger!

New Waitress: Cheeseburger! Cheeseburger!

[Pete, George, and the new waitress all yell "Cheeseburger" back and forth, faster and faster, until the waitress explodes in fury:]

New Waitress: [throws her ticket book] I can't stand this place! [runs behind register to grab her coat] It's, like, nuts! I'm just getting out of this place! This is crazy! [grabs coat] Cheeseburger! Cheeseburger!

George: Cheeseburger! Cheeseburger!

New Waitress: [keeps ranting] Pepsi! Chip!

Nico: Pepsi! Chip!

New Waitress: [putting on coat] Cheeseburger! Pepsi!

George: Cheeseburger!

Nico: Pepsi!

Benefit Lady: [trying to calm her] Hey, it's okay! It's okay! Everything's gonna be fine now. [to the employees, who watch dispassionately] Can somebody get her a glass of water?

Pete: No water. Pepsi.

Benefit Lady: All right, a Pepsi!

Pete: One Pepsi! [But Nico merely stands there, watching the distressed waitress until Pete hits him several times with a menu] Pepsi! Pepsi! Pepsi! Come on!

Nico: Pepsi!

Sandy: Cheeseburger! Cheeseburger! Cheeseburger! Cheeseburger!

George: Cheeseburger! Cheeseburger! Cheeseburger! Cheeseburger!

[We end on the image of numerous burger patties sizzling on George's grill.]

[ pull back to wide shot of studio, with SUPER: "coming up next... How To Beat The Solar System" ]

[ fade ]

old naughty's picture

Cheeseburger, chips and Pepsi, got it.

And Leon Redbone is?

Will you have one for Ireland?

...then Portugal...Spain...

Oh, perhaps even a re-write so Pete stays a few minutes longer  for his Greek role?

Bicycle Repairman's picture

"And Leon Redbone is?"  Musical guest.  Sang "shine on harvest moon"

Speaking of getting shined on, Gully Foyle left off the punch line:

Pete: Tell ECB 'no pay'.

Sandy: No pay! No pay! No pay! No pay! No pay! No pay! 

Edward Fiatski's picture

O-la-la. Default inevitable - you can't milk a hairy Greek tit.

X.inf.capt's picture

can we get this over with, please...

DormRoom's picture

after Greece, they will have to deal with Portugal. Then Ireland. Then Spain, Then ...  It's only inning 1.

WestVillageIdiot's picture

And California, New Jersey, New York, the UK, the U.S., Belarus, Ukraine, old ladies in Florida, college graduates in Nebraska..........what else did I miss?

X.inf.capt's picture

WEST, your great, man, isn't this getting tiresome.. I wish it would end.. so we could start rebuilding...

Long-John-Silver's picture

Detroit went over the cliff years ago.