Greek Budget Deficit To Pass 10% Of GDP, Country Stops Most Cash Outlays

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Tue, 12/20/2011 - 08:38 | 1997106 jcaz
jcaz's picture

Yeah, the Greek workers will just stand around until the EU comes up with a plan, sure they will.....

Tue, 12/20/2011 - 09:02 | 1997157 Snidley Whipsnae
Snidley Whipsnae's picture

Austerity will continue until morale improves...or, until garbage collection, water distribution and sewage plants stop operating due to strikes.

Even the 'top 1%' need the above services.

Tue, 12/20/2011 - 10:27 | 1997369 russki standart
russki standart's picture

My favorite greek trades: Long olives and garlic, short work ethic.

Tue, 12/20/2011 - 12:25 | 1997741 Bananamerican
Bananamerican's picture

even garlic won't be able to stop The Return of Drachula...

Tue, 12/20/2011 - 08:39 | 1997112 vegas
vegas's picture

Greece is bankrupt: Gee, what a shock. Who could have known?

Tue, 12/20/2011 - 09:11 | 1997158 The Limerick King
The Limerick King's picture



A verse for our good friends the Greeks

Your system most certainly reeks

Don't fret...give a cheer

For your freedom draws near

You should be defaulting in weeks

Tue, 12/20/2011 - 08:40 | 1997114 GeneMarchbanks
GeneMarchbanks's picture

'Greece is now officially bankrupt in all but name.'

Amazing to see people still curious about 'how Greece will play out' & 'what will happen if Greece leaves the EZ' as if somehow a cheap drachma will keep vacationers from going to Crete.

Tue, 12/20/2011 - 08:51 | 1997133 Ghordius
Ghordius's picture

Ah, I remember the days when the "suggestion" came that Greece had to be let in the EZ.

And the open and bungled attempt by Bush II to get Turkey into the EU.

Tue, 12/20/2011 - 08:59 | 1997148 GeneMarchbanks
GeneMarchbanks's picture

G-man. you've been to Greece, right? Pretty simple what happens once they are taken off life support: EU negotiates a complete hand-over to the IMF. Then probably some violence and finally a return to what Greece does best... shipping, olive oil, tourism.

Can you imagine Greece having factories like Germany? Who in their right mind would build a factory in Greece?

Tue, 12/20/2011 - 09:01 | 1997156 Peter K
Peter K's picture

The answer: The G-man, thats who :)

Tue, 12/20/2011 - 09:06 | 1997159 Snidley Whipsnae
Snidley Whipsnae's picture

"Zorba Engineering to open huge Feta Cheese factory on Crete after mining operations falter"

Why has 'The Onion' not picked up this story?

Tue, 12/20/2011 - 08:41 | 1997115 midgetrannyporn
midgetrannyporn's picture

Too bad Gutenberg (printing press inventor) doesn't love the Greeks the way he loves the usa gang-banksters.

Tue, 12/20/2011 - 08:41 | 1997116 goldfreak
goldfreak's picture

thankfully we don't live in a country with a 10% of GDP deficit.......right?

Tue, 12/20/2011 - 08:48 | 1997125 Global Hunter
Global Hunter's picture

not many of us ZHers are in Bhutan

Tue, 12/20/2011 - 09:20 | 1997187 economics1996
economics1996's picture

Yes you are correct dear goldfreak, it is in fact 10.9% according to the official White House figures.

Tue, 12/20/2011 - 10:05 | 1997310 topcallingtroll
topcallingtroll's picture

Not even a remote chance that we crash before Europe.

Tue, 12/20/2011 - 08:42 | 1997117 disabledvet
disabledvet's picture

If the American tanks are forced to roll in then the American tanks are forced to roll in. Obviously that would make the dollar their reserve currency...probably now and forever.

Tue, 12/20/2011 - 08:50 | 1997132 Global Hunter
Global Hunter's picture

American tanks "are forced" to roll into about 192 countries as it stands now to maintain reserve currency...and no reserve currency that isn't gold last forever.  

Wed, 12/21/2011 - 00:37 | 2000046 jez
jez's picture

Forget Greece. I suggest that Canada should be first on your list.


Consider the advantages. Proximity. All those lovely natural resources. Tiny military. You can invade on two, or three, or even four fronts.


Trust me, it'll be even more of a cakewalk than Iraq. They will be strewing rose petals in your path. (I'm assuming that the Canadian climate permits cultivation of roses. If not, you may have to postpone the invasion while they import some.)

Tue, 12/20/2011 - 08:58 | 1997140 lolmao500
lolmao500's picture

In other news, Japan's deficit is 15% of GDP, America's deficit is about 10-12% of GDP... and that isn't even based on REAL GDP because it would be much higher.

Japan 2012 budget : taxes income 42 trillion yen. Budget? 90 trillion yen. They are spending more than twice they bring in revenues.

Greece are AMATEURS.

Tue, 12/20/2011 - 09:25 | 1997178 GeneMarchbanks
GeneMarchbanks's picture

'Greece are AMATEURS.'

No, no we must continue to disparage and discredit those lazy bastards if for no other reason than to not disturb our bias.

Tue, 12/20/2011 - 13:23 | 1997958 WhiteNight123129
WhiteNight123129's picture

I tgought you guys were talking about Hong Kong....


Tue, 12/20/2011 - 08:57 | 1997146 hourglass86
hourglass86's picture

Here we go again...




Tue, 12/20/2011 - 09:19 | 1997186 Poetic injustice
Poetic injustice's picture

No, Greece should changes rules how their GDP accounting works because simple scam of donors is not enough anymore.

Tue, 12/20/2011 - 08:59 | 1997149 Peter K
Peter K's picture


Yesteday Greece had 2.5b Euro debt payable to the PSI's. Any news what happened to this tranche?

It's as if this issue just disappeared :)

Tue, 12/20/2011 - 09:34 | 1997205 stop.snitching
stop.snitching's picture

Exactly...what the hell happened? Everyone was talking about how December 19th was the big day...and then...nothing. WTF.

Tue, 12/20/2011 - 09:08 | 1997160 LeverShort
LeverShort's picture

Fire up the printing presses bitchez!

Tue, 12/20/2011 - 09:10 | 1997163 Scalaris
Scalaris's picture


I'd like to know how far they plan on dragging this circus?

How many more IMF injections are they going to "pledge" to this black hole and how many times this non-issue will be transformed in a catalyst for market direction?

Greece has already been bankrupted. It's their frenetic delusion that banks will be able to somehow not accept a much larger cut, that makes them pledge even more taxpayer money into their already flawed plans.

Did they really expect that their profligate credit pumping to, unable to be sustained & corruption-prone, economies of the past two decades, would be miraculously fixed with a two year massive  public cut and a "painless" social obliteration?

If so, they should have made enough provision for private armies and bunker spending, because I'm not seeing a positive ending in for this charade.

Tue, 12/20/2011 - 09:15 | 1997171 falak pema
falak pema's picture

Greece will soon catch up with USA. I'm talking the real numbers not the official. Look at under the carpet defense/MIC; and I don't mean for Feta country. 

Tue, 12/20/2011 - 09:18 | 1997182 Auburn
Auburn's picture

Why would anyone put three month money into this sink hole?  Craziness - full tilt retard!

Dec 20 (Reuters) - Greece sold 1.3 billion euros ($1.69 billion) of three-month T-bills on Tuesday, with the yield rising by 5 basis points compared to an auction in November, its debt agency PDMA said. 

The sale's bid-cover ratio was 2.91, down from 2.94 in the previous auction. Greece paid a yield of 4.68 percent, up from 4.63 percent in the Nov. 15 sale, PDMA said.


Tuesday's sale included 300 million euros in non-competitive bids.


Monthly T-bill sales have been Greece's sole source of market funding since it was shut out of bond markets early last year when its derailed finances triggered the country's worst crisis in decades.

Tue, 12/20/2011 - 09:35 | 1997212 GMadScientist
GMadScientist's picture

Because it's not their money.

Tue, 12/20/2011 - 09:27 | 1997194 Everybodys All ...
Everybodys All American's picture

Just default already. Btw where in the heck is Gpap. These bureaucrats need to be held responsible for their financial mismanagement. Any bets he's leaving Greece to live in some exiled land that does not have diplomacy with Greece.

Tue, 12/20/2011 - 09:40 | 1997226 yogibear
yogibear's picture

Use Bernanke and the US Federal Reserve's swap lines to stuff the Fed with garbage in exchange for dollars! Keep stuffing the US federal Reserve with garbage. All of Europe should take advantage of dumping it's garbage debt on the Bernanke and the Federal Reserve.

Tue, 12/20/2011 - 12:54 | 1997844 Spigot
Spigot's picture

Cutting off pensioners ... I can see trouble here. 1,000,000 little old greek grandmas marching on the capital, kicking police-military butt all along the way.

Don't mess with the greek grandmas!

Tue, 12/20/2011 - 13:59 | 1998095 robertocarlos
robertocarlos's picture

Ace of Spades.

Tue, 12/20/2011 - 18:18 | 1999130 Debugas
Debugas's picture

the ultimate solution for the people who are suffering now is - to DECOUPLE FROM THE SYSTEM by introducing your own money surrogates ION (I Owe my Neighbour) and NOM (my Neighbour Owes Me). It can be in myriad of forms starting by helping in the garden and feeling the need to return the favor and ending with contracts in the written form.

Do NOT follow this link or you will be banned from the site!