Greek Bank Deposits Decline For 7th Month In A Row: Tax Collectors Celebrate By Striking

Tyler Durden's picture

We now know that the US is an Onion Republic, which leaves open the question: what is Greece... because we are getting very vegetably challenged here. According to the Bank of Greece, household and corporate deposits declined for the 7th month in a row, dropping by €1 billion euros in the July. Since January 2010, total deposits have declined from €233 billion to just €187 billion, or €46 billion, or 20% of the entire deposit base. Once again, we make it very clear that no matter what the government does with sovereign tax collections, spending cuts and stop gap liquidity boosts, as long as the deposits outflow continues, nothing else matters. And speaking of tax collections, according to Dow Jones, completing the unbelievable Greek farce, is the news that tomorrow in addition to the now standard customs officials and taxi drivers, among those striking will be the country's tax collectors as well. So.... just how will Greece collect those so very precious taxes it needs to pretend it is in compliance with the Troika's demands for deficit cut compliance in order for the country to get the next IMF tranche which will stave off bankruptcy for one more month. As a reminder, Greek cash runs out on October 17.

Total Greek deposits:

Dow Jones on the (even greater) joke that Greece has become. We expect an all out revolution shortly.

Thousands of Greek tax collectors and customs officials walked off the job Monday in the first day of a two-day strike over plans to cut civil service salaries, the latest in a string of protests over Greek government reforms.


They were joined by taxi owners, who have called their own two-day walk over plans to liberalize taxi services, and garbage collectors in the capital, Athens, who are staging a separate 48-hour strike over local government cutbacks.


"The participation rate in the strike is over 90%," said Yiannis Grivas, head of the tax collectors' union, or POE-DOY. "The workers are striking to protest the looting of their income."


Greece's embattled government is scrambling to cut public spending and step up its reform drive amid stark ultimatums from other euro-zone governments that further rescue money will be withheld if Athens doesn't deliver on promises.


Among the reforms is a plan to revamp the wage structure for public-sector workers--a move widely seen as leading to further cuts in civil-service wages following steep cuts in their salaries last year.


"We are talking about cuts to our income of 60% over the past one and-a-half years--30% last year and 30% this year with the new wage structure," said Grivas. "Of course we are obliged to protest."


The strike comes just a day after Greece said it would impose a new property tax to cover a EUR2 billion euro shortfall in its deficit targets this year.


That tax will be collected through a special levy added to monthly electricity bills--a collection method that both the government and the tax officials' union agree is more efficient than Greece's dysfunctional tax service.


However, the tax, coming on top of a raft of recent revenue measures, may yet face its own problems. One potential spanner in the works is the militant power sector workers union, Genop-DEH.


In a statement, Genop, which opposes the new property tax, said it will not allow state-owned national electric utility, Public Power Corporation SA (PPC.AT), to act as a surrogate tax collector, and it will block collection of the new tax.


Of more concern is opposition from the wider public who have seen their taxes rise sharply on everything from gasoline to cigarettes to personal income. Senior Greek officials say they fear that many taxpayers may simply refuse to pay.

Total, unprecedented, unbelievable chaos.

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buzzsaw99's picture

chinese sticking it to greek shippers:


never sign a contract with a chink.

Id fight Gandhi's picture

True, but Let's keep it at chinaman.

buzzsaw99's picture

i started to write that but got lazy. i'm not prejudiced, i h8 everyone.

Id fight Gandhi's picture

I know how it goes. I say stuff just to piss people off.

j0nx's picture

This line was once used on me here: Also, Dude, chinaman is not the preferred nomenclature - The Big Lebowski.

TruthInSunshine's picture

I have no malice towards the Chinese People, but in all honesty, after dealing with Chinese business people, anyone who wants to be honest and forthright will admit that they are nearly impossible to deal with, as there really is no point, after handshakes, oral assurances or even the signing of documents, that they won't try to deny the most obvious facts and agreements, and in many cases, I do believe they'd be able to look anyone in the eyes and swear up and down that any agreement, no matter how detailed and clear, is completely opposite of reality.

Muddy1's picture

Obviously then Obummer is our first African American/Asian American President.

j0nx's picture

Nice! But  Chinese don't have that market cornered. Politicians in general behave that way. Lawyers too. Obama is the trifecta of liars in that case.

Jack Kreuz's picture

No surprise here. Next: Chinese sticking it to Microsoft, Apple, Nestle, et cetera.

yabyum's picture

Our Tax collectors never strike:(

StychoKiller's picture

Perhaps they will if it's THEIR salary getting cut...

RobotTrader's picture



Everything is getting liquidated today.

Except for bonds and all the triple-whammy inverse ETF's

buzzsaw99's picture

just because a 3X short fund is up doesn't mean it isn't being sold.

Belarus's picture

Everything is getting liquidated today.

You're right. And that is your answer to why Gold and Silver are selling off and were in Asia markets on Sunday. Europe looks more like the U.S. in fall of '08. Everything getting liquidated. 

So, either they print more money (ahem, IMF with NAB, G-7, ECB, and FED) and Gold and Silver will continue to outperform everything....or everything collapses, including stocks, gold, and silver and the only winner....

Physical Precious. So either way, PM's win.

Muddy1's picture

jacketed lead is now a PM?

stormsailor's picture

if that head and shoulders breaks correctly on the /es, tallyho down to 1121.

SheepDog-One's picture

What is Bernank trying to make the case for Sept 21? 'While the markets are for the most part very stable recovering most all losses within hours, and still within 15% of ALL TIME highs, we're going to embark on huge new stimulus for stawks'?

If anything, theyre desperate to funnel money as fast as possible to TBTF banks, and equities will be sacrificed to do it. No matter, it will be the endgame final monetization bailout anyway.

cossack55's picture

Goat Republic

Sheep Republic

Olive Republic

Ouzo Republic

Whats a Republic

HoardeBilly's picture

Republic: Verb: from the roots Re: again, Pub: drinking establisment, and lick: a lick or kiss, especially while brown nosing a banker...

Put it all together and its time to head to the bar again.

Id fight Gandhi's picture

Love how they're adding the new tax to their electric bills to be sure people pay. Otherwise lights out!

I say go long extension cords!

dearth vader's picture

On a long enough extension cord the electricity bill for everyone drops to zero.

Id fight Gandhi's picture

Jus plug into your nearest gov. Run building and back feed to your house. Everyone is on strike anyway, who's to notice.

StychoKiller's picture

Now see, why is it that YOU aren't in Govt, proposing solutions? :>D

MachoMan's picture

How pitiful is that?  The tax collecting authority says, "fuck it.  they'll just lie to us and get around paying taxes."  Really? lol....

So is a "walmart" implemented tax going to come to america when this finally hits our shores?

I guess greeks may be presented with a little different build or buy decision with solar, etc. if the electricity bills will increase very much...  goodbye electric bill, goodbye tax...  pays for iteself in no time.  (might even generate enough to sell to a neighbor or go in halfsies).

fucking hilarious...  and by hilarious I mean of the tragic comedy variety.

CrashisOptimistic's picture


participation rate in the strike is over 90%," said Yiannis Grivas, head of the tax collectors' union, or POE-DOY. "The workers are striking to protest the looting of their income."


You simply cannot make this up.

11b40's picture

JUST SAY NO!  To Austerity, Bitchez!

RobotTrader's picture



All I'm saying is that PM's, oil, grains, etc. are not immune to a credit event selloff.

As Bob Brinker likes to say, "Everyone goes, including the piano player"....

thunderchief's picture


Well I don't Robo

So go ahead and sell all your PM's to these crooks who are scooping up the shares during these panic sell offs. 

And when your done go hang from that cheap shower curtain in that shithole rental that none of us really where its at. 

Just make sure you throw that cell phone in the toilet before you go about your business. So you don't disturb the rats. 


SheepDog-One's picture

Robo sold his gold before it went over $1,000, calling the blowoff top there. Then spent the last year making fun of 'Gentleman Jim's' calls for higher gold upon every slight dip all the way up another $800.

Greater Fool's picture

"The participation rate in the strike is over 90%," said Yiannis Grivas, head of the tax collectors' union, or POE-DOY. "The workers are striking to protest the looting of their income."

The unintentional comedy quotient of this statement cannot be measured by human science.


We now know that the US is an Onion Republic, which leaves open the question: what is Greece...


Since no single vegetable will do, let's use several and call it:



TruthInSunshine's picture




If Greece is an Onion Republic, Amerikranski is the Land of the 5 B's:

  • Bananas
  • Bubbles
  • Bullshit
  • Bluffery
  • Bankruptcy


Amerikranski, fronted by Obama, The Bernank & Timmmmay, is full of noise & fury, yet signifies nothing (thanks for breaking all global markets, Bernank, you righteous imbecile of the highest order).


And by the way, we're about to re-live that special time when people would just as soon wipe their ass with their "highly volatile" certificates of stocks than they would own them.


edotabin's picture

I was thinking maybe the US can sign van Rompuy in a multi-million dollar deal so as to solidify the dream team!

Cdad's picture

Buy...the Floating on Air trade, the Costa speaking in tongues trade. 

Super bullish that the Greeks have yet to fire ANY public sector workers, I'm sure.

Also bullish is the Buy the Ramp Trade about to fall on its face.

Also super bullish that Blight on America bank can no longer maintain their part of the Ponzi trade.

Also super bullish is that President Zero is trying to ride to the rescue with US spening increases right when the Super Congress is cut spending.

Superdee duper bullish such BlowHorn phrases as "the bloom is off the vine" and "the race to the bottom" and "long, painful process."

Wow...I can hardly contain my bullishness.


SheepDog-One's picture

Cdad is it anything like Erin Burnett's popular 2009 'Walkin on sunshine' trade?

'We're floating on air down here on the exchange floor'....uh Bob, that sure doesnt SMELL like air.

Cdad's picture

Not sure, Dog...if the FOA trade is anything like the WOS trade.  Can hardly remember E. Burnett, either.

If the BTFR trade is to succeed, it is going to need some serious criminal manipulation trade gasoline.  Don't see it...not on things I am watching.

SheepDog-One's picture

'Cut spending while increasing frivolous handouts to career unemployed the Legend of Baggerbama! That is one magical negro right there!

TruthHunter's picture

"President Zero is trying to ride to the rescue with US spening increases"


Uh, Its spelled spinning...

AngryVoter's picture

A peach... as they move to an enlightened debt jubillee!

JPM Hater001's picture

In a country of people that prides itself on cheating tax collection this is a completely predictable event.  Just wait until mom goes on strike.  What then?


And I favor the "Garlic Republic" - if you eat it anyone you speak with will think you stink.  And you do.

Ghordius's picture

"Total, unprecedented, unbelievable chaos"

Unprecedented? Not in Greece! Same goes with Greece Sovereign defaults.

PulauHantu29's picture

Swiss bank deposits increased by correspondingly large amount did you say?