Greece Responds To Troika Deal With Immediate Two Day Strike, Threatens With "Social Uprising"

Tyler Durden's picture


Even as the ECB's very own Mario Draghi is now peddling Greek deal rumors, which are essentially a reaffirmation that the country will "pledge" to return to GDP growth in 2013, we are already seeing real, not pledged, or promised, consequences of this deal, whether real or not (ignoring that Venizelos just said that it would actually take up to 15 days to finalize it, something which means the Greek exchange offer is DOA) namely that the crippling economic collapse discussed extensively on these pages is about to get far worse. AP reports: "Angry union leaders announced a 48-hour general strike for Friday and Saturday." “We are moving to a social uprising," said ADEDY Secretary Genera Iliopoulos." Surely this is the fastest shortcut for Greece to meet or beat expectations of halting the 10% drop in its GDP and convert that number to positive. One can only hope that makers of bulletproof vests can compensate the economic collapse as every other part of the economy shuts down.

From PressTV:

The unions, General confederation of Workers of Greece (GSEE) and Civil Servants Supreme Administrative Council (ADEDY), announced on Thursday that their members will go on a two-day strike from Friday in protest at the controversial decision.


"We will hold a general strike on Friday and Saturday along with the civil servants' union," said a spokeswoman with GSEE which represents the private sector.


ADEDY's Secretary General Ilias Iliopoulos described the measures as “painful” which will “create misery for youths, unemployed and pensioners do not leave us much room.”


“We are moving to a social uprising," said Iliopoulos.


Greece has been the scene of repeated strikes since the country first resorted to bailouts from international lenders in 2010.


Leaders of the three parties backing Greece's coalition government approved new austerity measures on Wednesday but failed to agree to creditors' demands to make 300 million euros ($398 million) in pension cuts.


The country’s Prime Minister Lucas Papademos still hopes that the coalition leaders will strike a comprehensive deal by Thursday evening, his office said on Wednesday.


To secure a bailout package of 130 billion euros, Athens must first persuade the troika -- the European Union (EU), International Monetary Fund (IMF), and the European Central Bank (ECB) -- that it will implement long-delayed reforms and make further spending cuts.


Greece's current debt stands at 340 billion euros ($440 billion) -- a sum that equals around 31,000 euros debt per person in the country of 11 million people.


The country has, accordingly, the biggest debt burden in proportion to the size of its economy in the entire 17-nation eurozone.

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Thu, 02/09/2012 - 09:59 | 2141280 VisualCSharp
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And so it continues...

Thu, 02/09/2012 - 10:01 | 2141288 GetZeeGold
GetZeeGold's picture



This time it's the newly repackaged "Social Uprising"




Thu, 02/09/2012 - 10:05 | 2141319 Mr Lennon Hendrix
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Social Uprising

Is that their version of facebook?

Thu, 02/09/2012 - 10:21 | 2141373 Badabing
Badabing's picture

Deadline is March 20th

Beware the ides of March

Thu, 02/09/2012 - 10:38 | 2141428 Spastica Rex
Spastica Rex's picture

What happens on the 15th?

Thu, 02/09/2012 - 10:44 | 2141452 Badabing
Badabing's picture

That gives them five business days for the bailout check to clear!

Thu, 02/09/2012 - 10:46 | 2141461 Dr. Engali
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The sun comes up.

Thu, 02/09/2012 - 10:58 | 2141511 battle axe
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The army is called out, then they realize that their pay checks bounced also and join the demonstrators in the streets of Athens. Viva la Revolution!

Thu, 02/09/2012 - 13:20 | 2142394 smiler03
smiler03's picture

Greek police stage protest march:

This could be a very important step towards revolution. Maybe the police won't stop rioters burning parliament down?

Thu, 02/09/2012 - 11:03 | 2141533 ElvisDog
ElvisDog's picture

Haven't we learned that deadlines don't mean squat when it comes to Euro-land. The 15th and 20th will come and go, and then they'll come up with some new plan to tell us everything has been fixed once and for all.

Thu, 02/09/2012 - 11:04 | 2141534 Sudden Debt
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Just check your facebook timeline!

Thu, 02/09/2012 - 11:17 | 2141630 Abitdodgie
Abitdodgie's picture

We invade Iran on the 8/9 of March so that should get things going.

Thu, 02/09/2012 - 11:00 | 2141522 dracos_ghost
dracos_ghost's picture

This just in:


"Greeks cancel 2 day strike because it felt too much like work and was exhausting. Ask the EU for credit for the 2 days and 3 more holidays to decompress."

Thu, 02/09/2012 - 11:22 | 2141666 Taterboy
Taterboy's picture

Will there be an IPO?

Thu, 02/09/2012 - 10:02 | 2141295 Temporalist
Thu, 02/09/2012 - 10:02 | 2141299 American34
American34's picture

I wonder what is really going to happen when this type of "Austerity/Only Spending what you make" is forced to occur here in the U.S.?

Thu, 02/09/2012 - 10:04 | 2141304 Ancona
Ancona's picture

Has anyone seen Riot Dog? We're going to need him......

Thu, 02/09/2012 - 10:05 | 2141321 John Law Lives
John Law Lives's picture

With Congress content to spend and the Great Chairsatan content to print, who knows how far away that day may be.

Thu, 02/09/2012 - 11:37 | 2141773 ElvisDog
ElvisDog's picture

To paraphrase Keynes: they can kick the can down the road longer than you can stay sane.

Thu, 02/09/2012 - 10:19 | 2141364 Citxmech
Citxmech's picture

what's our debt per citizen again?

[Answer per debt clock: $48,943.00]

Thu, 02/09/2012 - 10:39 | 2141431 Vincent Vega
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Look again...PERSONAL debt ie mortgage, revolving and non revolving is about 50k. TOTAL debt is 180k.

Thu, 02/09/2012 - 10:59 | 2141517 X. Kurt OSis
X. Kurt OSis's picture

That's just personal debt.  Bottom right.

Including unfunded liabilities, we are over $1 million per tax payer!  U S A, U S A, U S A!!!!!!!

Thu, 02/09/2012 - 10:30 | 2141400 Id fight Gandhi
Id fight Gandhi's picture

Add more bread and circuses

Thu, 02/09/2012 - 11:52 | 2141854 SaulGood
Thu, 02/09/2012 - 10:32 | 2141408 dbTX
dbTX's picture

It won't be funny !

Thu, 02/09/2012 - 10:35 | 2141421 MachoMan
MachoMan's picture

It hasn't been forced on the greeks yet...  this is only lip service.

So, to answer your question, when austerity is discussed (it's still a negotiation), I think the united states citizenry will respond similarly, albeit with fewer molotov cocktails (and thus less police shooting protesters).

In the end, greece understands it has the entire developed world by the balls.  In the end, looking the citizenry in the face and saying, "you have been living a lie for decades that was based upon material misrepresentations by us and our predecessors and, as a result, you must now cut your standard of living by three quarters and hope to develop a replacement to oil with frozen credit markets" is simply not going to happen...  the only thing to do is what has been done before...  keep it going as long as possible until the currency is destroyed and then pretend like it was caused by some external, natural force that no one could have foreseen...  and, to aid this process, ensure that the educational infrastructure never teaches the populace the real cause.

The greeks are about as sincere to the thoughts of austerity as a puppy dog is to giving up a bone (or, alternatively, stolen underwear).

Thu, 02/09/2012 - 11:08 | 2141513 Mr Kurtz
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Today at CNBC:

" Greek political leaders have clinched a deal on austerity measures needed to secure a bailout to keep the country afloat, two government sources said on Thursday."

Translation: Shitty time to be a serf.

Guillotines, anyone?

Thu, 02/09/2012 - 10:43 | 2141450 SheepDog-One
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'Only spending what you make'?

Egads! You mean actually LIVING within your MEANS? Utter insanity!!

Thu, 02/09/2012 - 11:29 | 2141715 RSloane
RSloane's picture

There has been very very limited, if any, implementation of any of the Greek austerity measures. The newest round will join the others in the 'we'll get around to it' pile.

The US has printing presses and a gold card from China.

Thu, 02/09/2012 - 10:10 | 2141340 Oztralian
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ZH boom, doom, and gloom continues

Thu, 02/09/2012 - 10:42 | 2141446 _ConanTheLibert...
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With good reason...

Thu, 02/09/2012 - 10:56 | 2141506 Vince Clortho
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Buy a Clue.

Thu, 02/09/2012 - 10:28 | 2141394 Zero Debt
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Legalize the constitution!

Thu, 02/09/2012 - 10:31 | 2141404 Dr. Engali
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You know you can be labeled as a terrorist for believing such radical thoughts.   See something say something bitches!

Thu, 02/09/2012 - 10:56 | 2141503 Mesquite
Mesquite's picture

Wow..What a GREAT Slogan...


Thu, 02/09/2012 - 10:13 | 2141352 fightthepower
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Worthless cowardly Greeks.  Unless they bring a gun to this "Social Uprising", it won't do any good. 

Thu, 02/09/2012 - 10:28 | 2141391 bigdumbnugly
bigdumbnugly's picture

but achilles and ajax won't be walking through the door anytime soon.

maybe some modern day poet can conjure up another greek with gonads.

Thu, 02/09/2012 - 10:15 | 2141357 ilion
ilion's picture

This raises a question, is there anything in the world these days actually under control? Or is it just all going to blow up any day now?

Thu, 02/09/2012 - 10:47 | 2141426 MachoMan
MachoMan's picture

defer to poster below me stating the illusory nature of control

Thu, 02/09/2012 - 10:45 | 2141457 Alpha Monkey
Alpha Monkey's picture

Control is an illusion.  Always has been, always will be. 

Thu, 02/09/2012 - 11:06 | 2141561 Temporalist
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That is my favorite thing to hear from the pilot when I'm at 30k ft...or on a cruise ship.

Thu, 02/09/2012 - 10:53 | 2141482 SMG
SMG's picture

i guess the best analogy is the Oligarchy (Illuminati) is controlling the plane and flying it into the side of the mountain.   They will jump out of the plane with parachutes just before it hits.  The passengers ("useless eaters")  get to experience controlled flight into terrain.

Thu, 02/09/2012 - 10:54 | 2141497 battle axe
battle axe's picture

Wasn't there a "social upraising" a few months ago? Same shit, different day.

Thu, 02/09/2012 - 10:00 | 2141283 agent default
agent default's picture

I want to see half of what has been enforced in Greece against the population enforced in the US.  Lets see how quiet things will be here after that.

Thu, 02/09/2012 - 10:04 | 2141308 GetZeeGold
GetZeeGold's picture



Just get rid of the will get quiet pretty quick.


It's either that or kill 30 million people........again.




Thu, 02/09/2012 - 10:24 | 2141377 GetZeeGold
GetZeeGold's picture



It appears we have some genocide fans out there.


I'm not saying it's not a way to go.....ok you got me.......I'm not really up with it.



Thu, 02/09/2012 - 10:45 | 2141459 Spastica Rex
Spastica Rex's picture

Good thing we've got you to set it straight.

Thu, 02/09/2012 - 10:15 | 2141359 Gordon Freeman
Gordon Freeman's picture

"Social Uprising"??? What does that mean?  A refusal to pay taxes?  Oh, wait--they already don't do that...

Lazy, worthless fucks

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