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Greek Economic Deterioration Accelerates As Q4 GDP Slides By 7%, Unemployment Over 20%

Tyler Durden's picture




 

There had been some hopes for Greece following the Q3 GDP number which slowed the decline in the country's economy when it dropped by just 5%, following drops of 8% and 7.3% in Q1 and Q2. These may have to be doused following a report that Q4 GDP came in at a disappointing -7%. As Athensnews reports: "The country's economic slump is headed towards a record annual plunge close to 7 percent in 2011, the fourth consecutive year of a deepening recession.  After an official confirmation by the Hellenic Statistical Authority (Elstat) on Tuesday that GDP dropped 7 percent year-on-year in the fourth quarter of 2011, the economy has shrunk by an average of 6.8 percent.  The latest quarterly contraction followed a slight slowdown of the depression in the preceding quarter, with GDP shrinking 5 percent due to the customary seasonal surge of tourist revenues in the summer." The full year drop was a record 6.8%, compared to the expected 6% projected in the 2012 budget. No comment there.

Keep in mind that the closer one gets to 0%, the slower the rate of decline gets usually - Newton's law of freefall does not quite apply to Keynesian economics. Regardless, this means that jobs are being lost left and right in this country of 11 million people: "The decline in the last quarter explains the surge in the jobless rate above 20 percent or 1.036 million unemployed in November." Well, at least the Greek labor participation rate is tracking that of the US, as this means that 4 million people oout of 11 work. On the other hand, at least Greece can boast that it has better employment stats than Spain with its 23% Q4 unemployment. In fact, Greece can boast a better industrial number than Germany when December output fell just 2.4% compared to Berlin's 2.7%. Finally don't forget that courtesy of recent riots, the favorable economic impact to local GDP will be massive - after all torching, pillaging and otherwise smashing windows is a Keynesian's wet dream.

 

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Tue, 02/14/2012 - 09:09 | 2156895 diogeneslaertius
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so lets be realistic: 30+% real unemployment in all of western civilization by design they wrote books 100 yrs ago

 

the baseline phenomenology is all there

 

it reeks out from massive sets of data and yet people are still content to go through the detritus of the latest engineered implosion as if, within that rubble, lay answers as to the incipient phenom

 

#GEC Engineered, all of this is resultant vector analysis at best and we are left to tread water in a post-industrial rubblefield

 

first rounds on me lads

Tue, 02/14/2012 - 09:16 | 2156919 trav7777
trav7777's picture

enough with all this NWO conspiracy shit

Tue, 02/14/2012 - 09:19 | 2156925 EscapeKey
EscapeKey's picture

+1. Not everything is "designed to fail". Some is just a tragedy of commons. Or created by politicians who pulled the easiest trick in the book - bought voters at the expense of tomorrow.

Tue, 02/14/2012 - 09:31 | 2156936 NewThor
NewThor's picture

Maybe Henry Kissinger is a public servant after all! <--- NWO BITCHEZ!

and a 4.6 Earthquake in Greece 15 minutes ago.

Mother Nature is the Gray Swan here, kids.

It's 2012. You should have settled all your fiat, gold and silver issues by now.

Oil $13 dollars in 1998.

9/11 - Iraq - Afghanistan - Iran

Oil is $101 in 2012.

What asshat poo pile is cry babying over too much 'NWO' talk?

Oh, did you hear the latest gossip from the Catholic Church?

 

Tue, 02/14/2012 - 09:39 | 2156976 diogeneslaertius
diogeneslaertius's picture

memeplex desiderata

mention the owners of the planet and its moon landing and elvis tyme *rolls eyes*

 

 

Tue, 02/14/2012 - 09:47 | 2157002 francis_sawyer
francis_sawyer's picture

Oh, did you hear the latest gossip from the Catholic Church?

Please don't say that the Catholics elected a black pope... It'll send trav over the edge!

Tue, 02/14/2012 - 10:17 | 2157116 Schmuck Raker
Schmuck Raker's picture

Simmer down Francis. He's talking about the latest Papal white paper:

"A Rosy View of the Holocaust: Six Million Rosicrucians Dead - Jews to Blame"

Tue, 02/14/2012 - 09:25 | 2156937 Ghordius
Ghordius's picture

+10 tomorrow has no franchise (yet), ergo they are not citizens and sure not patriots. bugger them idiots - and there is always a land of tomorrow to exploit

Tue, 02/14/2012 - 09:55 | 2157042 diogeneslaertius
diogeneslaertius's picture

did i say everything is designed to fail?

no. so this is basically a straw-man attack on my statements.

Tue, 02/14/2012 - 09:22 | 2156926 Ghordius
Ghordius's picture

"by design they wrote books 100 yrs ago" - sure...

explain the Spanish-American War, then - the "books" were written after that

Tue, 02/14/2012 - 09:21 | 2156934 GetZeeGold
GetZeeGold's picture

 

 

Yeah....there's not anything really new about it......it's just WO.

 

 

 

Tue, 02/14/2012 - 09:32 | 2156951 NewThor
NewThor's picture

+100 and an AWESOME

Tue, 02/14/2012 - 09:38 | 2156969 wandstrasse
wandstrasse's picture

ZPBWO=Zombie Ponzi Banker World Order

Tue, 02/14/2012 - 09:49 | 2157009 francis_sawyer
francis_sawyer's picture

The "O" part is debatable... Hammer on the ledt side of it a little & it turns into a "D"...

Tue, 02/14/2012 - 09:44 | 2156987 diogeneslaertius
diogeneslaertius's picture

referencing an inhernetly super-complex real world logistical framework

 

while suggesting that the extant data points are holographic and disconnected from underlying fundamentals is hardly deeserving of the epithet conspiracy theory

 

but when the national leaders use the term #NWO to refer to PRECISELY THE SAME SERIES OF EVENT STRUCTURE its legit

 

you wont find any shortage of other inamtes to agree with your very wrong Opinion.

 

 

throwing around phraseology like "NWO shit" is like throwing around terms like "DNA shit"

you are consging your own commentary and perspective to the ashbin of history and do not think for a moment that the accolades of other imbeciles is a Proof against something I have not even begun to elaborate upon in any substance...

 

and whats with this Absurd, out of hand rejection anyways? what exactly is the catalyst for that tendency? why exactly is everyone so quick to police thier fellow inmates?

Tue, 02/14/2012 - 10:04 | 2157074 diogeneslaertius
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Papademos McNAIRU, Trilateral Commission member since 98, former Senior Econ at FRS Bank of Boston and ECB towelboy is the Trigger Man but IM a Conspiracy Theorist?

 

I HAVE A BRIDGE TO THE MOON ID LIKE TO SELL YOU

Tue, 02/14/2012 - 09:34 | 2156959 diogeneslaertius
diogeneslaertius's picture

pinheads content with foreground analysis and being snarky

 

game, set and match

Tue, 02/14/2012 - 09:08 | 2156896 Mongo
Mongo's picture

Courtesy of the IMF, ECB and European commission

Tue, 02/14/2012 - 09:11 | 2156907 diogeneslaertius
diogeneslaertius's picture

Corporations change their name and reverse merge for what reasons?

 

are we content to throw vegetable soup acronyms at a problem which is systemic globally

 

IMF, ECB, LTRO, BIS - why throw acronyms at the problem, these are Front Companies for the #NWO Global Banking CARTEL. (cheers man - i get your sentiment 100%)

Tue, 02/14/2012 - 09:18 | 2156912 GetZeeGold
GetZeeGold's picture

 

 

It's another win for marxism.......BOOM......winning!

 

 

Tue, 02/14/2012 - 09:50 | 2157012 GetZeeGold
GetZeeGold's picture

 

 

Well.....clearly someone out there hates marxism.

 

Why all the hate?

 

 

Tue, 02/14/2012 - 10:07 | 2157091 Rusticus
Rusticus's picture

Most people know the difference between fascism and marxism ... a president spawned by the banking cartel represents the former.

Tue, 02/14/2012 - 10:18 | 2157121 kridkrid
kridkrid's picture

Most people here, perhaps, but not the general population.  There is reason why the one half of this country who are intellectually occupied by the republican talking points in the charade of a two party system shout "socialism" or label "marxist" at every turn.  It helps to protect the real criminals.

Tue, 02/14/2012 - 09:13 | 2156908 Ghordius
Ghordius's picture

I hope you know that the IMF always operates this way... and I hope you know what the ECB and the EU have tried before...    sigh....

Tue, 02/14/2012 - 09:20 | 2156932 GeneMarchbanks
GeneMarchbanks's picture

ECB isn't the Bb, EU is like tofu, you can add it to the meal for some contrast but it winds up tasting like the rest. So that leaves the IMF.  The IMF has been a constant presence in Europe since BW, I wonder why?

Wed, 02/15/2012 - 03:31 | 2156955 Ghordius
Ghordius's picture

-del-

Tue, 02/14/2012 - 09:40 | 2156975 GetZeeGold
GetZeeGold's picture

 

 I hope you know what the ECB and the EU have tried before...

 

Of course they've tried it before.....worked so well.....they're quintupling down on it.

 

 

Tue, 02/14/2012 - 09:08 | 2156897 GeneMarchbanks
GeneMarchbanks's picture

Not particularly creative destruction.

Tue, 02/14/2012 - 09:20 | 2156933 EscapeKey
EscapeKey's picture

Creative destruction was broken into pieces and outsourced to "communist" China long time ago. It no longer exists in the Western World.

Tue, 02/14/2012 - 09:11 | 2156905 youngman
youngman's picture

Someone will give them more money....I don´t know why....but someone will..

Tue, 02/14/2012 - 09:18 | 2156922 GetZeeGold
GetZeeGold's picture

 

 

It's the responsibility of Germans everywhere to pay for the Greeks.

 

Sorry.....I just bust out laughing trying to get through that spiel.

 

 

Tue, 02/14/2012 - 11:04 | 2157300 Peter Pan
Peter Pan's picture

Not the Germans. Just the German government. Or was it the Greeks who killed off 10% of their population during World War II, had their industry destroyed, their forests burned and so on and so forth? If the Jewish people got their pound of flesh and are still getting more, why should the Greeks forgive AND forget. Or should the Greek government sell its rights to the Jewish people and let them do the collecting? The Germans must admit that they allowed themselves to be badly fooled and controlled by madmen. The price will be paid either by the German government doing the right thing or by karma waiting for the right moment.

Tue, 02/14/2012 - 09:12 | 2156906 Dick Darlington
Dick Darlington's picture

Meanwhile in equity land...

 

http://www.youtube.com/watch?v=EmfE4KAZicY

Tue, 02/14/2012 - 09:14 | 2156913 diogeneslaertius
diogeneslaertius's picture

Monday Monkey lives for? the weekend sir.

http://www.youtube.com/watch?v=EmfE4KAZicY

lol thanks, that was the perfect cherry for this entire chaos sundae

Tue, 02/14/2012 - 09:16 | 2156916 lolmao500
lolmao500's picture

And what ya think will happen to US GDP when the deficit is forced to be cut to 0 because of bondzilla???? The GDP is gonna tank at least 10%+ easy.

Tue, 02/14/2012 - 09:17 | 2156923 navy62802
navy62802's picture

Just keep repeating after me, "This is not a depression. This is not a depression. This is not a depression."

Maybe if we all say that enough times, it'll become true.

Tue, 02/14/2012 - 09:19 | 2156928 Maxwell Smart
Maxwell Smart's picture

Come on, Greek generals. Perfect time for coup. A colonel or a major is fine, too.

Everybody's face would be saved by a coup.

Tue, 02/14/2012 - 09:28 | 2156939 GetZeeGold
GetZeeGold's picture

 

 

A little cup of coup might just hit the spot.....but I really don't think anyone in Greece is willing to really put forth the effort. 

 

 

Tue, 02/14/2012 - 09:20 | 2156931 Tsar Pointless
Tsar Pointless's picture

Keep the bad news coming!

That way, we'll be sure to see S&P 1500 again. And quite possibly higher.

Tue, 02/14/2012 - 09:53 | 2157027 francis_sawyer
francis_sawyer's picture

I'm wondering if the alien space invasion will be coming before or after the Olympics...

Tue, 02/14/2012 - 09:22 | 2156935 Everybodys All ...
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Plus don't forget all the midnight oil the politicians burned and oh all that molitov gasoline they burned. The economy is on fire!

Tue, 02/14/2012 - 09:27 | 2156940 MFL8240
MFL8240's picture

Have to wonder what the US numbers would be if reported honestly?

Tue, 02/14/2012 - 09:38 | 2156971 diogeneslaertius
diogeneslaertius's picture

33+% easy real unemployment

Tue, 02/14/2012 - 09:57 | 2157048 Wolf-Avatar
Wolf-Avatar's picture

Wander over to SGS (Shadow Government Statistics) and you will get a much better idea of what some of the numbers look like ... unmassaged.

Tue, 02/14/2012 - 09:35 | 2156963 diogeneslaertius
diogeneslaertius's picture

endlessly going through data sets generated and massaged by the very people that are killing them

 

lol, Stockholm Syndrome much?

Tue, 02/14/2012 - 09:36 | 2156965 diogeneslaertius
diogeneslaertius's picture

*stamps feet* we have a monopoly on data sets that are in the public record

 

*pushes glasses up*

 

*crowd appluads*

 

just enjoy your enslavement folks dont listen to me, i wont put two terabyteso f data in this thread and spend 20 years being your professor so im a kook. MWAH! love ya bb!

Tue, 02/14/2012 - 09:37 | 2156968 diogeneslaertius
diogeneslaertius's picture

and they will be sifting through the rubble 20 years later asking the same feckless questions and mocking any honest attempt to provide a codifying synthesis

 

but hey, enjoy ignoring the preconditions and being snarky, its fun being conned.

Tue, 02/14/2012 - 09:40 | 2156974 q99x2
q99x2's picture

I just read on MarketWatch that think tanks with unlimited funding are working on plans to curb world population They are waiting for the results of Greece's austerity measures to see how that turns out before moving ahead. If austerity proves ineffective, negotiations over a controlled nuclear war and pandemic may be in the works as BO is scheduled to meet with China's Kingping the XI. Discussions are to focus on weather patterns and the price of Peruvian residential property.

Tue, 02/14/2012 - 09:46 | 2156994 diogeneslaertius
diogeneslaertius's picture

those articles do not exist, the books do not exist, its all a "Conspiracy Theory" because random people on the internet said so

 

relax bro

slavery is fun its all good right

 

Tue, 02/14/2012 - 09:54 | 2157036 francis_sawyer
francis_sawyer's picture

Let's cull the worlds population...

You go first!

Tue, 02/14/2012 - 09:40 | 2156981 rsnoble
rsnoble's picture

So in other words this is the eventual outcome of any country who has a lot of debt and those that took risks get bailouts from the taxpayers. Eventually people will earn less than what is needed to survive on. If it's less than what's needed to survive on then that = death.  Please, save me with the fishing stories.

Gee, im sure glad I live in the US!!! LMFAO.  Yes, all hundreds of millions of us will become hunter gatherers. Surely the deer have repopulated since the Great Depression to a level that will sustain us all. For at least a week.

Tue, 02/14/2012 - 09:41 | 2156985 rsnoble
rsnoble's picture

In other words: No default here.  We can't let those cds triggers wipe out our gods. People can starve instead.

Tue, 02/14/2012 - 09:43 | 2156988 GetZeeGold
GetZeeGold's picture

 

 

No default......serious degrade yes......but no default.

 

 

Tue, 02/14/2012 - 09:46 | 2156993 SheepDog-One
SheepDog-One's picture

So then using real numbers, Greece is about the same as the US.

Tue, 02/14/2012 - 09:49 | 2157007 diogeneslaertius
diogeneslaertius's picture

yep and its essentially all of the western world and it is by design according to actuary studies mapped out in advance and accelerated by human stupidity

but you will find no shortage of people Not Convinced by Instruments and re-packaged paper economy objects

 

MEANWHILE, nothing actually wrong with the physical, real world logistics.

 

the pigs didnt all die, we didnt forget how to make steel, we didnt run out of hydrocarbons.

Tue, 02/14/2012 - 09:46 | 2156999 diogeneslaertius
diogeneslaertius's picture

you act like these are different entities EU, ECB, IMF, BIS, UN, etc. etc.

 

Childish

Tue, 02/14/2012 - 09:51 | 2157019 diogeneslaertius
diogeneslaertius's picture

very Anton Wilsonian

explaining away design by complexity (when it is Complexity which INSISTS UPON CONSPIRACY)

 

All of History is Conspiracy, it is All just humans Conspiring to achieve ends.

what about this is so taboo? do you imagine that the mechanisms of global power are like a volcano or the wind?

would you really have us believe theat eels spontaneously emerge from mud?

 

oh wait, you would.

QE to Infinity and beyond Plebs

Tue, 02/14/2012 - 09:52 | 2157023 diogeneslaertius
diogeneslaertius's picture

one group of special people is allowed to commit crimes and fraud

end of story

 

call it conspiracy theory all you like morons

Tue, 02/14/2012 - 09:53 | 2157024 AU5K
AU5K's picture

is santorini on sale yet? 

Tue, 02/14/2012 - 09:56 | 2157043 diogeneslaertius
diogeneslaertius's picture

hey meanwhile WW3, but thats not by design either ;)

Tue, 02/14/2012 - 09:58 | 2157055 diogeneslaertius
diogeneslaertius's picture

this grand illusion that the various entities are autonomous. are people really this stupid? (dont answer that.)

 

yeah and they firewalling off customer funds too...

sucker born every minute i believe was the saying

Tue, 02/14/2012 - 10:37 | 2157205 forrestdweller
forrestdweller's picture

it would be good for the greeks to step out of the eurozone.

they get to keep all the euros that were given of borrowed to them, and then they can devaluate their debts away.

the greek economy is being destroyed by the austerity measures as we speak, and they will not recover.

this so called rescue plan was only meant for the fat cats who own the big corporations and the governments.

a shame it is.

Tue, 02/14/2012 - 10:46 | 2157235 Peter Pan
Peter Pan's picture

Greek unemployment is actually worse than reported. I have been informed by numerous people that their friends and relatives continue to go to work despite not being paid for months, in the hope that their employer's business will recover in order to pay outstanding wages.

Unfortunately the wide divergence of definitions relating to unemployment as well as the interference of statistical spin makes the comparison of unemployment rates almost impossible.

Tue, 02/14/2012 - 11:18 | 2157339 Let The Wurlitz...
Let The Wurlitzer Play's picture

All this hyperinflation is to much to bear.  I wish the ECB would stop printing money.....

And The Wurlitzer Plays on ....

 

Tue, 02/14/2012 - 11:31 | 2157379 ElvisDog
ElvisDog's picture

Greek industrial production? Isn't that an oxymoron? I guess they do still produce some ships and olive oil.

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