Greece Warns It Will Soon Be In "Condition Of Absolute Poverty"

Tyler Durden's picture

And while the bankers (on both sides of the table) haggle about how to best leech Greece even dryer (with a solution due any hour, day, week now), the actual people are starting to wave the white flag of surrender. Because the opportunity cost of every additional coupon payment is having a direct, immediate and increasingly more dire impact on virtually every aspect of the economy. Kathimerini reports that "about 160,000 jobs will be lost this year in the commerce sector, according to the National Confederation of Greek Commerce (ESEE) as the constant decline in disposable income has led to a sharp drop in turnover and a steep rise in the number of enterprises shutting down." Indicatively, the latest Greek employment figures per the IMF, show  that 4.156MM people are employed. So commerce alone is about to lead to a 4% drop in total jobs. As the chart below shows, net of just this sector, Greek jobs are about to go back to 2010 levels. What this means for the Greek unemployment rate, and for GDP we leave to our readers, although the ESEE does a good job of summarizing what to expect: the "ESEE warns that soon Greece will be in a condition of absolute poverty." And that, ladies and gents, is how Europe slowly but surely reentered the Feudal age, and what every other country in the European periphery that has a massive debt load, and no surplus (actually make that every country in the world), has to look forward to: absolute poverty, aka debt slavery.

From Kathimerini:

The jobs to be lost concern 60,000 employers and 100,000 employees in the sector, ESEE expects. Given the data for a 6.2 percent fall in household consumption in 2011 and the Eurostat forecast for a further decline by 4.3 percent this year, ESEE warns that soon Greece will be in a condition of absolute poverty.

 

With 60,000 enterprises having shut down since the start of the crisis to date, their number is set to double by the end of this year, ESEE estimates.

Once again, it appears that Chuck Palahniuk will be proven right when stating that it's only after we've lost everything, that we are free to do anything; and it will be up to the Greeks to prove him right.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
nope-1004's picture

If the entire Western world stood up and acknowledged their real financial postions, minus "potential" growth, and minus a credit binge, the truth is we'd all be broke and headed for poverty.

But the key here to remember is that the yardstick used to measure Poverty is against that of a market stoked with fake dollars and irresponsible credit.  It's been that way since the '70's at least.  So how can we say Greece will be in poverty?  In actual fact, reality is coming.  Not poverty.  The spoiled just have to learn a new way, and that's what is going to be painful for some.

 

redpill's picture

This is the best Greek headline in weeks!  I figured they'd be in absolute poverty a long time ago.

Fedaykinx's picture

long ouzo and coconut oil~

King_of_simpletons's picture

Guess the Greek's didn't understand what "Paying the Piper" really meant until now, something unfortunately is happening here as the stupids are busy arguing whom to elect - Rombama or Obamney.

Nobody special's picture

Iceland baby. They've shown the way. Greece - save your people.

TruthInSunshine's picture

+ 100 Quadrillion

 

All alleged debtor nations under the fractional reserve bankster's (i.e. House of The Red Shield) thumb should simply follow Iceland's example and tell them to get bent.

It's worked out well for Iceland, and despite the dire warnings of esteemed persons such as Dr. Paul Krugman, it will work out very well for any other nation that decides to get all INDEPENDENT.

wisefool's picture

Please dont feed the Krugmans.

trav7777's picture

Maybe those slimy effeminate greeks should think about producing something and working?

disabledvet's picture

well they had a Lotus but somebody blew it up.
http://www.youtube.com/watch?feature=player_detailpage&v=CvJp1X3qiog
And now they're on the run!

Michael's picture

I just blew chunks laughing out loud at the best ZH headline of the week.

Sitting high above the sheeple on my perch like an overlord, I can't help but enjoy the massive suffering.

People who won't stand up for themselves deserve to be slaughtered.

JPM Hater001's picture

Cant they just discuss this over some ouzzo?

buyingsterling's picture

The Greeks have found a way to force payment of taxes: The attach them to peoples' power bills.

 s whole equation is screwed: Banks produce 'money' from nothing and loan it out at interest to people who can't repay it, so future generations get to live in poverty because of bad actors on both sides.

IMNSHO, an accounting should be done to determine where actual earned money was lent to Greece and others (grandma buying t-bills) and where it was the product of fiat chicanery. For the latter, the people are already paying it off through inflation, and whatever interest the banks have already been paid is more than enough for the nothing they did to earn it. Pay granny for her T bills, fuck the banksters - let the banks fail and send the message for good: governments cannot be trusted to borrow, and banks can't be trusted to make their pixie dust money. Iceland worldwide, or we never escape these slavemasters, or irresponsible socialist governments (partners in crime).

Harlequin001's picture

'Greece Warns It Will Soon Be In "Condition Of Absolute Poverty"'

Once again the error is in the title.

Greece Warns It Will Soon Be Clear That They Are, And Have Been Living In Absolute Poverty For Many Years..."
buyingsterling's picture

 

(I've been married for 13 years, never happier. Is everyone else seeing an ad here about meeting 'fit singles'? I thought they had this ad shit down cold. They know now many Courics my last dump was, but they think I want to step out on the Mrs.?)

ElvisDog's picture

Don't fight destiny. Click on the link....

Dave Thomas's picture

My Ad keeps telling me I want a Chase Sapphire card.

StychoKiller's picture

Mine keep trying to sell me gold boat anchors and silver chains...

LaLiLuLeLo's picture

Can't say they didn't try :(

hbjork1's picture

Weather in Greece is pretty mild. The winter temps in the coldest parts are reported to be in the 40 to 50 F.  Not bad.  Certainly the low temps will be no worse than central Arkansas.  If the government mobilizes, to provide supplies, the people will survive. 

During the 30's the US had something called the  CCC.  It provided income distriution and contributed to the nations infrastructure. 

A local author (happened to be a friend) did a little book on the Michigan CCC.  A "book signing"at a former CCC site in north Oakland County was attended by a few former CCC vets,  To a man they had positive statements about the experience and a couple professed to think it was one of the best things that ever happened to them, preparing them very well for WWII.

 Of course, I guess we all know that the big problem with implementing this kind of thing would be the potential for corruption at the top in project and allocation. 

UP Forester's picture

To a man they had positive statements about the experience and a couple professed to think it was one of the best things that ever happened to them, preparing them very well for WWII.

Hmm.  Think that was the plan?

hbjork1's picture

Weather in Greece is pretty mild. The winter temps in the coldest parts are reported to be in the 40 to 50 F.  Not bad.  Certainly the low temps will be no worse than central Arkansas.  If the government mobilizes, to provide supplies, the people will survive. 

During the 30's the US had something called the  CCC.  It provided income distriution and contributed to the nations infrastructure. 

A local author (happened to be a friend) did a little book on the Michigan CCC.  A "book signing"at a former CCC site in north Oakland County was attended by a few former CCC vets,  To a man they had positive statements about the experience and a couple professed to think it was one of the best things that ever happened to them, preparing them very well for WWII.

 Of course, I guess we all know that the big problem with implementing this kind of thing would be the potential for corruption at the top in project and allocation. 

RexZeedog's picture

Check your references, AR gets much colder than you think in the winter...

AgShaman's picture

Why don't you and Million Dolla Bonehead help 'em out and buy an island or two?

macholatte's picture

 

Has anybody worked out a timeline that shows a theoretical point at which the sheeple really begin to get agitated and start to transform back into humanoids?

Could such a timeline be overlayed onto to the other PIIGS and then the USA?

My guess is that the transformation into sheeple is irreversible.

 

http://www.youtube.com/watch?v=UeHyOeYHkOs&feature=related

T1000's picture

There will always be the unwashed masses. It's science.

Fuck the banana republic; we're in a Wall Street Republic now, bitches! 

Poor Grogman's picture

Once you are completely sheeple-ised. I think your only chance of getting anywhere is reincarnation as a goat, then just work up from there.

Although I too would like to see some scientific studies on this very important issue.

morkov's picture

to get them on the streets you have to burn their houses

Fedophile's picture

Never. It wont happen. It's not only irreversible it's inherent.

At most some sheeple with complain and protest life isn't as easy as they think it should be, but how many of them try and understand how they got fucked? Bitching and moaning are much easier congnatively than challenging your worldview by learning, critical thinking and debate.

Poor Grogman's picture

Fascism is the next step for a typical sheeple, that way they can still keep their brain in neutral but have all the anger channeled for them.

Instead of taking the red pill, the typical sheeple will just allow themselves to be used as a pawn in a more sinister game. (while feeling like an important part of some new paradigm)

That is until they become cannon fodder defending some "cause" that they were  told was important.

Widowmaker's picture

Tells you how absolutely meaningless money and "credit" really are.

What are the fuckchilds going to do, sink the island?

Buck Johnson's picture

Iceland's people did say get bent and said we won't pay and we will not say the debt is ours.

kito's picture

@nobody---youre way off base comparing iceland to greece. the iclandic people are a small tight knit productive country that doesnt have a structural societal problem like greece. icelandic banks tried to dump their debt burden onto the people, and the people said no. greeces problems run muuuuchh deeper. they spend way more than they bring in, something theyve been doing since the dawn of man. and this doesnt get fixed with the wave of the debt relief magic wand.............. 

smiler03's picture

+100

Thank you for correcting the Iceland myth that uneducated morons on ZH are ignorant of.

22 upvoted "Nobody special" and 13 upvoted "TruthInSunshine" for suggesting that Greece do an Iceland

How bloody stupid are ZH readers???? Have you been watching Fox News and reading the Onion??

These are the facts about Iceland: Their debt is 90% of GDP. They are running a budget deficit. What Iceland did was NOT bail out their banks. They DID NOTHING about the countries debt except increase it.

Those majority upvoters need to educate themselves, you're just so so stupid and sheep like. Idiots. A disgrace to a financial blog.

waterhorse's picture

Being that I am not all that financially savvy, but have come to ZH to educate myself; I'm stupid, a sheep, an idiot and a disgrace to this blog?

Arius's picture

waterhorse - i guess you are not alone ... let people vote w/ their click - see how kitco and the other guy (dumb and dumber comes to mind - or the smartest guys in the room aka enron, goldman suks types) perform on this test ...

kito's picture

umm...does that mean you agree or disagree with me?

Arius's picture

ummm ... dumber than i thought ... hmmmm ... what do u think? just make a guess ... fifty fifty u might be right again ... i wonder who gave you a chance in life???

kito's picture

Speaking of intelligence arius, learn to read, as I'm not kitco, but kito. Pms on your mind?

akak's picture

Perhaps Arius is just another poor victim of post-Nadler traumatic disorder?

Arius's picture

umm...does that mean you agree or disagree with me?

i see Nadlers on the trees ... :-)

AnAnonymous's picture

Very humourous sequence. Best.

___________________________________________________________

does that mean you agree or disagree with me?

___________________________________________________________

Ah, US citizenism big congregation around lies.

What matters is not facts, what matters is that we get a good solid lie we can defend together against the 'enemy'

Will forge us into battle brothers...

akak's picture

Chinese citizenism is a boil that must be lanced.

TruthInSunshine's picture

smiler, take a look in the mirror, you troglodyte.

Iceland adopted, on about as pure a basis as any nation has in the last 50 years, a non-bailout of the banking sector, which for those of us who are infinitely more sophisticated on financial matters as you obviously are, is as close as a modern day 'sovereign' can get (absent canning their central bank) to wresting oneself free of the international fractional reserve banking scheme.

Iceland Loses Its Banks, Finds Its Wealth - Reason Magazine

 

Iceland Declares Independence from International Banks

 

Iceland Voters Reject Bank Bailout Again
pakled's picture

@ETF, I always read your comments. Thanx for these links. Very Instructive.

 

Suggestion: When you go to the trouble of using the chain/link icon to add your link, as you did here, set the link to open a new page rather than navigate away from the current ZH page. Helps you keep you place. Plus, if you're on a slow-ass satellite link, due to living off the grid, like me, where I often have time to shave after hitting the back button to return to ZH, it makes me think very kindly of the stranger who performed said courtesy.

:>

 

prole's picture

MegaDittos on TIS with insightful posts.

As Far As whether or not the links provided "navigate away from the current ZH page" or not, why should that matter either way?

Right Click the link, go to "open in a new tab" or just press and click the scroll wheel in your mouse (over the link) if you have FireFox browser that should work. You never have to know or worry how the original link was made, you just click it your way. (open a new tab or window)

I figured everyone on this site knows way more about computers than me what's up?

As far as Greece I don't have much of an opinion, tried surviving in Europe myself couldn't do it. (would rather be there though)

steve from virginia's picture

 

What we see are the effects of $110 crude over an extended period. It reduces consumers (wasters) to absolute poverty. Coming to a town near you ...

AnAnonymous's picture

Not really.*

In the US world order, the most efficient wasters shall come to top.

Greeks have to rediscover they are not part of the most efficient wasters in the world and as such shall relinquish their seats in thegreat US citizen game of distribution of resources to much abler wasters than themselves, Greeks.

The big waste game keeps going though.

Will only end with the depletion of resources under US citizen driven world.

Larry Dallas's picture

Fuck 'em. Let them learn to swim like Iceland did.