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Greek FinMin Dispenses Words Of Advice On Fixing Greece

Submitted by Tyler Durden on 02/21/2012 11:50 -0400

Update: it just gets better:

VENIZELOS SAYS NOW IS THE TIME FOR DEPOSITS TO RETURN TO BANKS

To FUND, FUND, FUND the escrow account no doubt.

Original post:

The only soundbite of note from the prandially inaustere finance minister's speech in Athens this afternoon.

VENIZELOS SAYS MUST REBUILD GREECE WITH WORK, WORK, WORK -BBG

Oddly, there was no mention whether or not said said work leads to freedom.

As a reminder, courtesy of the about to be instituted Escrow account, the distribution of Greek bailouts will shift as follows: Greek taxpayers will go from receiving 19% of the total...

to receiving 0.00% of the total.

But... WORK, WORK, WORK

- advertisements -

Tue, 02/21/2012 - 11:51 | 2180953 A Man without Q...

and donuts...

Tue, 02/21/2012 - 11:55 | 2180981 redpill

A lot of work can get done at concentration camps.

Tue, 02/21/2012 - 11:57 | 2180991 Comay Mierda

SLAVERY BITCHEZ

Tue, 02/21/2012 - 12:00 | 2181010 john39

how close that is to reality. hopefully most will never know as it will not come to fruition. Orwell's 1984 was the warning, the events unfolding before our very eyes is the fulfillment of that warning. fight now.

Tue, 02/21/2012 - 12:04 | 2181033 Don Birnam

"Can-kicking is working phenomenally -- just look at Spain and Italy !"

-- James J. Cramer, CNBC. 21 February, 2012.

Tue, 02/21/2012 - 12:09 | 2181054 strannick

Cramer is an evil genius.

Tue, 02/21/2012 - 12:17 | 2181084 metastar

I agree with everything except for the last word.

Tue, 02/21/2012 - 12:35 | 2181150 The Big Ching-aso

Ok. It's time now for another S.A.T. question, ZH style..................

Greek is to work as....................

a). Greek government employee is to legitimate overtime

b). Vacation is to Chinese sweat shop employee

c). PG-13 adult movie is to SEC employee

d). Corzine is to fiduciary ethics

Tue, 02/21/2012 - 13:33 | 2181412 Nobody For President

e). All of the above

Tue, 02/21/2012 - 12:45 | 2181199 strannick

I think of Cramer as a more cynical John Stewart figure, who gives bad investment advice for free.

Tue, 02/21/2012 - 12:17 | 2181087 lizzy36

Someone should kick Cramer in the CAN, repeatedly. Please.

Tue, 02/21/2012 - 13:28 | 2181391 Ghordius

thanks to the deity I don't watch Cramer, must be hell.

I don't agree with the morale of the story here.

If you owe your sister hundred bucks and you ask me to bail you out, I might go to your sister directly and give her her money back.

How much would you get from the deal? "Nothing", as in the story above. Zero. Still, I have bailed you out, haven't I?

I wonder why nobody points this kind of things out - too much propaganda destroys the will to criticize?

Tue, 02/21/2012 - 15:54 | 2181888 CompassionateFascist

Why do "you" owe Someone's Sister $100? Actual sign at Auschwitz: "Arbeit Macht Frei".

Tue, 02/21/2012 - 12:05 | 2181038 A Man without Q...

the funny thing is that according to official European Union statistics, Greeks put in longer hours than the Germans. The problem, which I have experienced, is often they aren't actually there, especially in the public sector. 9am start means they get in at 10 and lunch is nearer 2 hours than 1, and they tend to drift out about 30 minutes before the official end. So, rather than 35 hours it's more like 23 hours. The reality of the situation is that in many job sectors, it's no good saying they need to work harder unless you explain what working actually is.

Tue, 02/21/2012 - 12:09 | 2181055 FlyoverCountryS...

Kind of like my experiences with Greek Ferry "Schedules" back in the 90's.

Departure times are more of a suggestion, than a rule in Greece.

Tue, 02/21/2012 - 12:21 | 2181106 chubbar

Of course the other problem with Public sector work is that a lot of it is pretend work to begin with and regardless, doesn't actually help the gov't pay off it's debt even if they worked their ass off. Taxes are only collected from the private sector workers. The public sector worker merely gives back to their employer some of the money they get in the form of a paycheck and calls it paying taxes.

Tue, 02/21/2012 - 12:19 | 2181095 bank guy in Brussels

Re concentration camps -

There is actually a lot of slave labour in US prisons ... among America's over 2.3 million prisoners ... 25 % of all the prisoners in the entire WORLD.

1 out every 140 Americans in JAIL RIGHT NOW ... among adult working-age males, it is around 1 out of every 40 American working age men IN JAIL RIGHT NOW ... many of them working in prison factories.

A true gulag there in the US, with slave labour, America's secret production 'answer' to China.

It seems US gov't FEMA camps have room for many more in the gulag. Even another million plus.

But thanks to corporate media, few are aware of this. - You see how it happened in Nazi Germany, majority of Germans didn't know, like most Americans don't know now.

Europeans are getting nervous about even travelling or stopping over in the USA ...

As messed up as some things are in Europe, there is hardly anyone in jail here, and not that much crime, either.

Tue, 02/21/2012 - 12:30 | 2181145 Kayman

and not that much crime,

If you don't report it, then it didn't happen. N'est pas ?

Very little crime in China or Nazi Germany too. You argument is weak.

Tue, 02/21/2012 - 13:35 | 2181415 Ghordius

I understood him on the level of "Why does the USA incarcerate more people in percentage to the population?" Ok, not an argument, but a good question. Last time I looked most eu countries had some 1 out of 1'000... perhaps we are too lazy in persecuting drug offences, I remember this one drug law in Italy that would have doubled the prison's population - only law the republic had to retract inside of two months...

Tue, 02/21/2012 - 12:29 | 2181142 NoClueSneaker

That's plan B. Obsolete. Plan A still brings 348 Reichsmark ( from 1942 ). Lot of collateral there ....

Tue, 02/21/2012 - 11:59 | 2181000 Socrate

Arbeit macht frei!

Tue, 02/21/2012 - 12:31 | 2181151 NoClueSneaker

Eine warme Dusche noch freier ....

Tue, 02/21/2012 - 11:52 | 2180957 achmachat

Oddly, there no mention whether or not said said work leads to freedom.

*shock*

Tue, 02/21/2012 - 11:54 | 2180961 Jayda1850

What were those signs on the concentration camps? Work sets you free.

Tue, 02/21/2012 - 11:59 | 2181001 HoofHearted

How do you say "arbeit macht frei" in Greek?

Tue, 02/21/2012 - 12:14 | 2181074 dracos_ghost

It's the same. The Greeks speak German now.

Tue, 02/21/2012 - 11:52 | 2180962 Clueless Economist

So the Greek unions are going to protest again tomorrow.

Bully for them...thay are overworked and underpaid with no benefits at all.

They should be upset!!

Tue, 02/21/2012 - 12:19 | 2181089 Bunga Bunga

Greeks need to get their government intervention shots, which are necessary to generate growth according to the great Keynesians. With only 5EUR/hour and no benefits they would not be able to buy iPads and other achievements of modern technology. Greek unions go! Keynesians are with you!

Tue, 02/21/2012 - 12:20 | 2181100 smb12321

Hopefully you are not talking about the massive State unions which still receive the absurd 13th and 14th payment, retirement at 50 and great benefits.

Tue, 02/21/2012 - 12:28 | 2181137 Nothing To See Here

Mr. Krugman, you make a sensitive point. And if the Greek government would only borrow more in order to raise the wages of those greek public workers, it would create more tax revenues, thus creating growth and prosperity am I right?

Tue, 02/21/2012 - 12:39 | 2181203 NoClueSneaker

Time for puppet gubermint to bring out all the german junk they bought from the massa in the last 5 yrs. 200 Leo 2s and 300 Panthers ready to save the ECB democracy ....

Tue, 02/21/2012 - 11:52 | 2180963 Bob

Slavery is freedom.

Tue, 02/21/2012 - 11:53 | 2180966 BillyBoy22

Arbeit macht frei bitches

Tue, 02/21/2012 - 11:53 | 2180967 Racer

work work work as debt slaves to give 82% to the greedy fat banksters

Tue, 02/21/2012 - 11:58 | 2180993 bigdumbnugly

all work and no play just ain't greek.

Tue, 02/21/2012 - 12:11 | 2181066 pods

Yep, slowly and surely every single asset in Greece will be taken by the bankers.

Then the locusts will move on to the other PIIGS.

Same as it ever was.

All about the debt. Keep expanding the debt and let the plebes die from a bloodletting.

pods

Tue, 02/21/2012 - 11:53 | 2180968 Cognitive Dissonance

"VENIZELOS SAYS MUST REBUILD GREECE WITH WORK, WORK, WORK -BBG"

Sounds like marching orders for the wage slaves.

Tue, 02/21/2012 - 11:55 | 2180982 Mr Lennon Hendrix

Keep digging! The hole's not deep enough!!

Tue, 02/21/2012 - 12:04 | 2181020 bigdumbnugly

did he say work three times just for the louder laugh track?

Tue, 02/21/2012 - 12:04 | 2181032 Mr Lennon Hendrix

It worked! I'm still laughing.

Tue, 02/21/2012 - 12:35 | 2181167 Kayman

A friend just sold his farm and cattle operation to a hedge fund. A bunch of cash up front and shares for an IPO. Yep, ZIRP is working wonders.

Tue, 02/21/2012 - 12:22 | 2181110 Dr. Kenneth Noi...

The Greeks just need to PUSH PUSH PUSH all the way all the time, right on down the line!!

http://www.youtube.com/watch?v=Mg2kzgW4BWw

Tue, 02/21/2012 - 11:54 | 2180969 Withdrawn Sanction

too slow on the neo Nazi reference...

Tue, 02/21/2012 - 12:34 | 2181168 Death and Gravity

Thats old-school nazi reference.

Tue, 02/21/2012 - 12:02 | 2180980 TradingJoe

Die Griechen haben ihre eigenen Leute verraten!!!

(Wer hat mich ge - junked? Wichser!)

Tue, 02/21/2012 - 11:55 | 2180984 Instant Wealth

The phat phuck mentioned "work", but he forgot the most important word - "greek".

Tue, 02/21/2012 - 11:56 | 2180986 DogSlime

Sounds feasible - work, work, work - just so long as the workers don't expect any wages, wages, wages

...and bondholders (except the ECB) don't expect any returns.

Bullshit, bullshit, bullshit - business as usual.

Tue, 02/21/2012 - 11:56 | 2180987 ElvisDog

One little problem - how hard are the Greek people going to work, work, work when 85% of the fruits of their labor is going to go to foreign banks? My guess, they're not going to work very hard.

Tue, 02/21/2012 - 12:09 | 2181053 A Man without Q...

and it's a bitch paying off the credit card bill, but most people do it...

Tue, 02/21/2012 - 12:00 | 2180998 Chuck Walla

Work? What the... After 50 years of retirement at age 55?

Tue, 02/21/2012 - 11:59 | 2181002 Alex Kintner

He couldn't keep his mouth shut. Had to tell the rape victim to get back to work.
Oh just Release The Kracken already.
http://www.youtube.com/watch?v=9HGMxZEl60k

Tue, 02/21/2012 - 11:59 | 2181003 slewie the pi-rat

they print, we work

get it?

same for the germans; everybody!

freedom is what you do when you're not working

channeling uptonS can be fun, BiCheZ!

Tue, 02/21/2012 - 12:00 | 2181011 roadhazard

"work, work, work"

As Greeks are laid off, laid off, laid off.

Tue, 02/21/2012 - 12:00 | 2181012 LawsofPhysics

Physics 101; You need energy to do work. How is Greece paying for this?

Tue, 02/21/2012 - 12:02 | 2181023 resurger

Red Bull Bitchez!

They give you Wingz

Tue, 02/21/2012 - 12:06 | 2181042 Instant Wealth

... with return, return, return of deposits.

Tue, 02/21/2012 - 12:02 | 2181021 resurger

Who the fuck said you can not squeeze blood from a Turnip?

"Yes you can"

Tue, 02/21/2012 - 12:02 | 2181022 Fips_OnTheSpot

yeah, deposits to the bank! ....aaaaand it's gone!

Tue, 02/21/2012 - 12:03 | 2181024 TradingJoe

They should have pulled an ICELAND but NO, Greek Politicians like their CUT too!

Tue, 02/21/2012 - 12:03 | 2181028 asteroids

Even after the deal Greece is still broke and will eventually default. You can't beat the math. VENIZELOS = Malaka.

Tue, 02/21/2012 - 12:04 | 2181031 Trader47

Digging Graves for the Wankers bankers should kick start the economy

Tue, 02/21/2012 - 12:12 | 2181070 Convolved Man

Ahhhhh yes,

Fond memories hearing of "shovel ready" jobs coming in `09.

Tue, 02/21/2012 - 12:16 | 2181080 SnobGobbler

You're supposed to parade their heads around on pikes for a few days; along with letting the crowd tear their corpses limb from limb. that's what you get when you treat us like beasts of burden!!

Tue, 02/21/2012 - 12:05 | 2181034 fightthepower

Pick up your guns and fight Greece its almost too late.

Tue, 02/21/2012 - 12:05 | 2181035 tony bonn

i gave this posting a 5 for use of the word prandial....

Tue, 02/21/2012 - 12:10 | 2181059 citta vritti

as in post prandial dirt nap?

Tue, 02/21/2012 - 12:06 | 2181041 cabtrom

Hmmm...perhaps you could try printing new buildings.

Tue, 02/21/2012 - 12:07 | 2181048 Everybodys All ...

Debt slave. And what work might that be?

Tue, 02/21/2012 - 12:11 | 2181049 Flounder

Fat Fuck (mouth full, waving greasy chicken leg in the air): "Now listen to me, all of you. You are all condemned men. We keep you alive to serve this ship. So row well, and live."

http://www.youtube.com/watch?v=4QScWm06H9c

Tue, 02/21/2012 - 12:08 | 2181050 earnulf

Arbeit Mach Frei, as long as the work is in the streets and you use your spades and axes for unintended purposes! The greek people get the shaft and the bankers think they are spared the suffering? Something tells me that when this thing really snaps, the whole contienent is going to shudder and the aftershocks will be felt around the world.

Tue, 02/21/2012 - 12:12 | 2181068 johnQpublic

will said work be paid?

benefits?

pension?

Tue, 02/21/2012 - 12:16 | 2181078 metastar

"VENIZELOS SAYS MUST REBUILD GREECE WITH WORK, WORK, WORK"

Since when did banks or bankers actually produce anything of value???

Tue, 02/21/2012 - 12:17 | 2181079 Convolved Man

It's just gotta go up... Like AAPL!!!

-anonymous

Tue, 02/21/2012 - 12:20 | 2181102 Bunga Bunga

Money is a new form of slavery, which differs form the old only in being impersonal, and in freeing people from all the human relations of the slave.

- Leo Tolstoy

Tue, 02/21/2012 - 15:41 | 2181832 Bob

Every now and then Massah might even recognize some humanity:

http://www.dailymail.co.uk/news/article-2104085/Rallys-Checkers-CEO-Rick...

Tue, 02/21/2012 - 12:22 | 2181108 lolmao500

VENIZELOS SAYS MUST REBUILD GREECE WITH WORK, WORK, WORK -BBG

And by that they mean??? Greece is already working way more on average than ANYONE in Europe. They are working 42 hres/week. The US is working 35 hres/week. The rest of Europe, less than that. France has BY LAW a maximum of 35 hres/week, same thing in Germany.

If they work 20% more than anyone else... shouldn't they be able to retire 20% earlier?

If anyone is to work harder, it's anyone but Greece.

Tue, 02/21/2012 - 12:24 | 2181117 Trader47

??????? ??? ???? ??? ??????? ?????? http://translate.google.com/#en|el|kiss%20my%20ass%20jerk%20off

Tue, 02/21/2012 - 12:30 | 2181143 Comay Mierda

holding euro cash is about to be illegal for greeks in 3...2...1...

Tue, 02/21/2012 - 12:32 | 2181154 Nothing To See Here

As Keynes would say, if you hide money underground and pay workers to dig it out, it creates employment and prosperity.... So work work work my greek friends, work for the greatest cult of our time, the great Lord Keynes and his minions.

Tue, 02/21/2012 - 12:36 | 2181178 Seasmoke

work is a 4 letter word

Tue, 02/21/2012 - 12:38 | 2181193 BandGap

Where was this genius dispensing his wisdom when this whole mess started?

Is there an over/under for the day civil war breaks out?

Tue, 02/21/2012 - 12:54 | 2181270 BobPaulson

Most sane people actually prefer to work. The corrollary of that is unemployment undermines your sanity. The disincentive for work is when you have a system where hard work is not rewarded, and that crooked or corrupt shortcuts are how the leaders are clearly and overtly rewarded.

If you want people to suddenly start working hard, they need honest leaders and role models and they need a fresh start in a system where they don't feel like they are suckers for working hard.

Tue, 02/21/2012 - 13:12 | 2181336 debtor of last ...