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Leaked Troika Letter Demands Greek Workweek Be Expanded To Six Days

Tyler Durden's picture


If true, and we don't see a reason to doubt it veracity, the just leaked Troika letter sent to the Greek Labor Ministry, courtesy of The Telegraph's Bruno Waterfield, which sees the Troika demanding a 6 day work week, to wit: "Measure: Increase flexibility of work schedules: Increase the number of maximum workdays to 6 days per week for all sectors." This means that Greece is effectively out of the Eurozone, as there is no way the Greeks, no matter how much they want to be a vassal state of Brussels, will agree to this kind of treatment. Although one may expect the Syntagma square riot cam will be up and running well before the Grexit is a done deal.

From Pastebin via Bruno Waterfield

Leaked letter from Troika to Greek Labour Ministry

Greece. Labor market reforms
1.      There should be no backtracking on recently passed labor market reforms. The mission welcomes the social dialogue as a means to consult with social partners, and to address the remaining challenges in the labour market. The labour reforms introduced in March, including the needed re-alignment of wage floors, need to be preserved well beyond the present round of social dialogue, and the government should act accordingly to ensure this.
2.      The government should take the next steps towards better functioning labour markets and employment creation (Table 1):
•     The framework for setting the minimum wage needs to be overhauled to help ensure that wage dynamics support full employment. After the measures taken in February to re-align wage floors, the objective—as agreed in the programme—should be to adopt a timetable for establishing a single-rate statutory minimum wage on a permanent basis legislated by the government after consultation with social partners. This system should provide a basic floor for labour income.
•     Non-wage labor costs and barriers to employment must be addressed to support competitiveness and alleviate the pressure on wages:
        ?     The labor tax wedge should be reduced. Concrete measures should be proposed to reduce social            contribution rates by 5 percentage points in a fiscally-neutral manner (as envisioned in the second programme).
        ?     Other non-wage labour costs which ultimately affect entry and exit costs should be reviewed and reduced, taking into account the effects of recent labor market reforms.
        ?     Excessive regulatory burdens should be reduced, while regulatory effectiveness should be increased. These include cumbersome data reporting to and approval requirements from the labour inspectorate. A comprehensive strategy is needed to reform the labour inspectorate. A roadmap should be adopted and an independent assessment of Labour Inspectorate by international experts contracted, covering mandate, activities, structure and the enforcement and penalty structure for infringements of labour law (including undeclared work) consistent with the principle of proportionality. The government should be ready to promptly take the needed corrective actions soon after that.
        ?     Work schedules can be made more flexible. Required actions include increasing the maximum number of weekly workdays, new modalities of working time and daily working hours arrangements and take up of annual leave. Revising labour legislation for specific sectors or professions within the context of product and service market reforms is necessary to help the latter reforms to succeed.
        ?     Unemployment is too high, and policies are needed to prevent it from becoming structural. The ESF can provide resources which can be used to help integrate the unemployed into those economic sectors with higher growth potential. The procedures related to ESF schemes (i.e. those combining work and training together with the social work programmes) should be completed as soon as possible, with a view to begin implementing the schemes by end-September.
Table 1. Greece: Labor Market Reforms
Area: Wage setting
Measure:  Overhaul framework for setting the minimum wage:
•     Adopt a timetable for establishing a single-rate statutory minimum wage legislated by the government after consultation with social partners.
•     New system should provide a basic floor for labour income which ensures that wage dynamics support full employment.
•     Consultation with social partners should be on designing the mechanism, and must not lead to an increase in the minimum wage adopted under the EFF until unemployment rates are low.
Area: Non-wage labour costs
Measure: Propose measures to lower social security contribution rate for employers by 5 percentage points in a deficit neutral manner:
•     Adjust pensions (with protection for low-income pensioners).
•     Broaden the base for contribution collection.
Reduce administrative burden to employers and employees related to cumbersome reporting and preapproval requirements:
•     Remove existing requirements for submission of working schedules, notification and/or pre-approval by labour inspectorates of overtime work, compensatory work time arrangements, and rotational work.
•     Adopt a roadmap for the gradual increase of electronic record keeping and for reporting by employers to the Labour Inspectorate, with full digitization of relevant data on labour arrangements by end-2014.
•     Accept electronic signatures in electronic submissions to the Labour Inspectorate.
Review and reduce high entry and exit costs to bring them in line with the practice in other EU countries, taking into account the effects of recent labour market reforms.
Area: Flexibility of labour arrangements
Measure: Increase flexibility of work schedules:
•     Increase the number of maximum workdays to 6 days per week for all sectors.
•     Set the minimum daily rest to 11 hours.
•     Delink the working hours of employees from the opening hours of the establishment.
•     Eliminate restrictions on minimum/maximum time between morning and afternoon shifts.
•     Allow the consecutive two week leave to be taken anytime during the year in seasonal sectors.
Area: Effectiveness of Labour Inspectorate
Measure: Adopts roadmap and contracts an independent assessment of Labour Inspectorate covering:
•     Mandate, activities and structure.
•     Enforcement and penalty structure for infringements of labour arrangements (including undeclared work)

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Tue, 09/04/2012 - 10:37 | 2760176 Dr. Engali
Dr. Engali's picture

Debt slaves bitchez!

Tue, 09/04/2012 - 10:38 | 2760185 the misanthrope
the misanthrope's picture

nice one, beat me to it.

Tue, 09/04/2012 - 10:47 | 2760225 Dalago
Dalago's picture

Its just like the dark ages however instead of Monarch rule is Monitary rule.  Just say fuck it, delfault and go bankrupt.

Tue, 09/04/2012 - 10:48 | 2760231 francis_sawyer
francis_sawyer's picture

Your eyes are full of hate, #41


Tue, 09/04/2012 - 10:51 | 2760240 redpill
redpill's picture

Mr Panos says fine, we just change Greek calendar to have 20 days in a week so we get 14 day weekend, FACK YOU MALAKA!

Tue, 09/04/2012 - 11:20 | 2760406 bigkahuna
Tue, 09/04/2012 - 11:39 | 2760453 The Big Ching-aso
The Big Ching-aso's picture



Why don't Greeks just emigrate 2 the U.S. already & work 0 days & get paid for doing nothing?

Tue, 09/04/2012 - 10:48 | 2760233 GetZeeGold
GetZeeGold's picture



I'm going to Iceland!!!


Tue, 09/04/2012 - 10:48 | 2760237 bank guy in Brussels
bank guy in Brussels's picture

Arbeit Macht Frei

Tue, 09/04/2012 - 10:51 | 2760247 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

And now we see the problem with rampent no holds barred capitalism - the destruction of the standard of living for everyone. The working week in Greece should be cut to 4 days, and 3.5 days for working parents. I'm sure everyone on zero hedge would like to see good greeks worked to death just to satisfy their deities, the great wealth creators; I'd like to see them rounded up, and their assets stripped. No one deserves to be sipping margaritas in barbados while honest workers in the public sector are having their pensions stollen.

Tue, 09/04/2012 - 10:56 | 2760278 bonderøven-farm ass
bonderøven-farm ass's picture

And now we see the problem with rampant crony capitalism - legislation burdeoning the laboring class in favor of banking/financial/corporate/elitist interests.

*fixed it for ya Buttercup 

Tue, 09/04/2012 - 15:48 | 2761559 I am on to you
I am on to you's picture

Den sidder lige i røven,men fæhovederne vil ikke fatte det,de tror stadig det regner!

De blev solgt til Kina,uden at kny+4.8 milliader til østarbejderne alene i 2008,i udelægger fradrag,det kan man kalde bonderøv,hvis noget er!

Tue, 09/04/2012 - 11:01 | 2760296 ElvisDog
ElvisDog's picture

One little problem with your 4/3.5 work week idea - a large percentage of Greeks work in the public sector, the only way their salaries are paid is by borrowing money from Germany/Finland/Netherlands, and there is no fucking way G/F/N is going to keep giving Greece money if they reduce their work week to 4 days. That's the problem with relying on the kindness of strangers to maintain your lifestyle.

Tue, 09/04/2012 - 11:13 | 2760384 Renewable Life
Renewable Life's picture

Well said........I agree with the idea of a 4 day work week(or less), as long as its selling services or goods to the tourist at outrageous prices or some other entrepreneural endeavor!!! But when your money comes from taxpayers or borrowed or both, it unproductive bullshit that will always lead to the same end.......where Greece is today!!!!

Tue, 09/04/2012 - 11:35 | 2760463 The Big Ching-aso
The Big Ching-aso's picture



The last time I saw a Greek work for 6 days was during the period of 2008 to 2011.

Tue, 09/04/2012 - 11:40 | 2760534 goldfish1
goldfish1's picture

This ain't hard people. Cut right to the quick...confiscate wealth from the 1% limiting to $500 Million.

Honor a reasonable pension. Reset all else to zero. Banks absorb all losses. Graduated income tax. All corps pay 75%. No deficit spending, period. Each county in the county gets 2 congressional reps.

All congress disbanded...all Supreme Court turnover in 5 years.

Phase out food stamps, unemployment, medical insurance. Reset maximum earnings for medical profession.


Tue, 09/04/2012 - 23:28 | 2763197 Lord Koos
Lord Koos's picture

yeah that'll be a real pretty picture

Tue, 09/04/2012 - 11:33 | 2760490 Freddie
Freddie's picture

50%++ of Greeks work for the govt (union "workers").   Bankrupted by unions and other corruption.  Ditto California and Illinois.

Tue, 09/04/2012 - 10:49 | 2760186 Cult_of_Reason
Cult_of_Reason's picture

*ECB's Draghi says ECB bond purchases would help it comply with mandate

Keep dreaming, Herr Mario.

ECB bond buying will be total failure and it is just a matter of time before the markets call Mario's "believe me, it will be enough" bluff.

Eurocrisis: On Towards Total Catastrophe

Also note a 35-page paper published last Friday by the economist Charles Dumas of Lombard Street Research:

"Without euro-exit, Germany will soon be in big trouble."

Tue, 09/04/2012 - 10:43 | 2760211 foodstampbarry
foodstampbarry's picture

Well done Dr. E... Well done.

...Bullish Bitchez!

Tue, 09/04/2012 - 10:44 | 2760221 nmewn
nmewn's picture

Fascist central planners at their finest.

Tue, 09/04/2012 - 11:18 | 2760411 Zero Govt
Zero Govt's picture

why doesn't the Troika do a 6 day work week, drop their wages, benefits, pension largesse and drop the 5 start hotel lifestyle for 2 stars or a hostel?

Let them eat cake

Tue, 09/04/2012 - 12:01 | 2760627 Zero Debt
Zero Debt's picture

The Troika suggestions are a joke. There are three budget elephants in the Greek room to deal with:

1) Military spending. Greece is the largest importer of conventional weapons in Europe. Over 500 bases which is way too many and too many soldiers, 124,000 out of 11 million people which is absurd.

2) Immigration costs. 10% of residents are illegal aliens, most are young men, and 54.9% of people under 25 are unemployed. 83% of Greeks say immigration is a major problem. In Q1 2012 64% of illeagels entered EU through Greece.

3) Rampant corruption. 42% have been asked for a bribe in public hospitals. Transparency International estimates corruption costs to 696 million USD per year.

Modest proposal: Kick out foreign military contractors (sorry Germany), slash domestic contractor spending, get serious about border protection and fire corrupt government workers.

Tue, 09/04/2012 - 12:46 | 2760840 Element
Element's picture

Maybe because if their pay fell their own tax contributions would fall, and they just couldn't live with that outcome ... oh, hang-on, they don't pay tax, do they? ... sorry, carry on.

Tue, 09/04/2012 - 11:07 | 2760353 Itch
Itch's picture

If the letter is genuine bitchez!

Tue, 09/04/2012 - 11:40 | 2760489 The Big Ching-aso
The Big Ching-aso's picture



If only there were any nobles in Greece then there could at least be a serfdom.

Tue, 09/04/2012 - 12:49 | 2760853 Element
Element's picture

The bottom line of this tactic, is these bastards are doing it deliberately, knowing that it's likely to lead to as far as a bloody civil war, or civil militia insurgency in southern Europe.

How they love doing this stuff to us ... several times per century.

And it gives NATO something nice to do to sharpen it's knives and sell some weapons.


Tue, 09/04/2012 - 10:38 | 2760179 the misanthrope
the misanthrope's picture

Slaves bitchez !

Tue, 09/04/2012 - 11:22 | 2760427 Zero Govt
Zero Govt's picture

if a patronising French bitch beat you around the head with a Loius Vitton handbag what would you do?


...grab your pitchforks Gentlemen, poodle hunting season has just kicked off in Greece

Tue, 09/04/2012 - 11:44 | 2760549 goldfish1
goldfish1's picture

only takes 2 poodles

Tue, 09/04/2012 - 10:39 | 2760180 camaro68ss
camaro68ss's picture

Work slaves!!

Tue, 09/04/2012 - 10:43 | 2760184 NewWorldOrange
NewWorldOrange's picture

I don't doubt the truth of this leak one bit.

Speaking of leaks today:

"Do you own an iPhone or iPad? If the answer is yes, there's a small chance that your personal information may have been made public by hacking group AntiSec. The hacking group claims to have obtained a list of more than 12 million Unique Device Identifiers (UDID), user names, cell phone numbers, addresses, and more, by hacking a computer used by an FBI employee. The FBI has yet to confirm that claim, but AntiSec has posted a partial list of more than 1 million device profiles to call attention to the alleged tracking"

I don't doubt the source of this "leak" either.

Tue, 09/04/2012 - 10:44 | 2760220 Conrad Murray
Conrad Murray's picture

Fuck em. Leak everything. PM2012, code it.

Tue, 09/04/2012 - 11:02 | 2760321 NewWorldOrange
NewWorldOrange's picture

Heh. You have to wonder, where did the FBI get the data?


Tue, 09/04/2012 - 11:07 | 2760347 machineh
machineh's picture

Exactly. Are 'more than 12 million' phone users criminal suspects?

If not, WTF is the FBI doing with their personal data?

Tue, 09/04/2012 - 11:11 | 2760368 pods
pods's picture

In a police state everyone is a suspect.


Tue, 09/04/2012 - 11:11 | 2760372 Conrad Murray
Conrad Murray's picture

What are they doing with the data? Not enough. But never fear, The State is here!

Tue, 09/04/2012 - 11:38 | 2760520 Freddie
Freddie's picture

Apple owners are sheep.

Tue, 09/04/2012 - 13:35 | 2761022 prains
prains's picture

and microsoft owners are not Frieddie?

Tue, 09/04/2012 - 22:03 | 2763000 StychoKiller
StychoKiller's picture

Microsoft OS Users are turkeys.  Only we Linux Users should be allowed complete freedom on the internet...


Tue, 09/04/2012 - 10:39 | 2760188 Cranios
Cranios's picture

I don't see how these proposals are any different than US work rules, today. So let the Greeks work a normal schedule for once!

Tue, 09/04/2012 - 10:43 | 2760209 DaveyJones
DaveyJones's picture

As long as Goldman keeps advising them, I'm sure it will make cents

Tue, 09/04/2012 - 11:06 | 2760344 ConstantineK
ConstantineK's picture

Goldman doesn't advice them. Goldman owns them.

Tue, 09/04/2012 - 11:13 | 2760370 DaveyJones
DaveyJones's picture Congress...... and the other two...what do they call them, branches? 

Tue, 09/04/2012 - 11:10 | 2760367 machineh
machineh's picture

Exactly. The letter is not saying to IMPOSE a 6-day work week.

It is saying to ALLOW it ... implying that Greek law doesn't PERMIT working six days in a week, even if employees want the overtime.

Typical socialist idiocy ... '30 hours work for 40 hours pay.' Outlaw mathematics!

Tue, 09/04/2012 - 13:46 | 2761063 Ghordius
Ghordius's picture

Cranios, machineh, +1 Note that there is no comparison to any other country. It would somehow spoil the (oh wonder: Telegraph) article to write: " in countries X & Y".

How likely is it that they missed the chance of writing "the harshest laws of the eurozone"?

Tue, 09/04/2012 - 10:42 | 2760193 Shizzmoney
Shizzmoney's picture

I predict a 48 hour work week by 2020 in most Developed Western Economies.

Remember, China/Indonesia/3rd World Working Structure is the model for Neo-Keynesians and Neo-Conservatives. 

More hours.  Stagnant pay.  No benefits.  All to "cut the fat" in the name of bigger DOW asset prices. 

Worship the DOW, the Dollar, the Stock Market - the true "God" that AMericans bow down to today.....with Wall Strett and Corporations playing the role of the "Pharoah".


Tue, 09/04/2012 - 10:49 | 2760244 poor fella
poor fella's picture

Labor Day is soooo fucking yesterday!!

Tue, 09/04/2012 - 11:28 | 2760466 GlomarHabu
GlomarHabu's picture

Everything is so yesterday ...just try to get one day back ... now our tomorrows include a global depression. billions dead, fly and maggot infested bloating bodies everywhere,canabalism,,no medicine to control diease, NO ELECTRICITY, no law ...and just think we did it to ourselves by too many buying into believing in a Marxists philosophy so mutated that Marx repudiated it himself.

Tue, 09/04/2012 - 14:26 | 2761257 Colonel Klink
Colonel Klink's picture

Needs to be renamed to "slave labor day".

Tue, 09/04/2012 - 10:55 | 2760279 CrashisOptimistic
CrashisOptimistic's picture

FYI unemployment is so high in the Philippines that there is a law limiting various employment groups to a maximum of 3 months work per year.

This frees up that job for other people.

Tue, 09/04/2012 - 11:12 | 2760377 machineh
machineh's picture

Three months work for twelve months pay!

Demand your rights from the neoliberal oppressors. /sarc

Tue, 09/04/2012 - 11:36 | 2760426 bigkahuna
bigkahuna's picture

enslavement, ....or death.


Tue, 09/04/2012 - 13:08 | 2760919 SheepRevolution
SheepRevolution's picture

48 hour week?! I can't remember the last time I worked less than 50 hours a week.

Screw China. People being paid 15 cents an hour for putting together sneakers working six hours a week, and yet, they DON'T QUIT?!?!?! WHAT THE FUCK?!?!

Tue, 09/04/2012 - 10:39 | 2760194 valkir
valkir's picture

They dont work monday to friday,troika ask them to work saturdays-lol

Tue, 09/04/2012 - 10:39 | 2760196 debtor of last ...
debtor of last resort's picture

Well, the Troika can translate fascistform-43 into Spanish and Italian.

Tue, 09/04/2012 - 10:41 | 2760201 MillionDollarBonus_
MillionDollarBonus_'s picture

This tragedy would have been prevented if speculators had been regulated. The hedge funds have literally brought Greece to it's knees with credit default swaps (weapons of mass financial destruction) and short sales of government debt. Greece didn't do anything wrong

Tue, 09/04/2012 - 10:44 | 2760219 walküre
walküre's picture

You're throwing us a curveball. That is actually a correct statement!

Tue, 09/04/2012 - 10:52 | 2760254 francis_sawyer
francis_sawyer's picture

Curveball?... More like a "Folly Floater"


Tue, 09/04/2012 - 11:09 | 2760357 Nothing To See Here
Nothing To See Here's picture

But... but... Dodd-Frank is going to fix all this right? Right??

Sarcasm aside, do you guys really buy the story where finance was a deregulated industry and where everything would be so fine if only it was regulated?

Tue, 09/04/2012 - 12:54 | 2760865 Element
Element's picture

Looks like even MDB's gone on the blink on this one.


Note: Gone-on-the-blink: coloq slang, definition; what happens to a CRT television when it ceases to function properly.

Tue, 09/04/2012 - 22:07 | 2763003 StychoKiller
StychoKiller's picture

You young'uns don't know what it's like to fiddle with the horizontal and vertical hold controls...

Tue, 09/04/2012 - 11:29 | 2760429 OneTinSoldier66
OneTinSoldier66's picture

What are Bankers responsible for? Handling money? How are they doing with that responsibility? How are they handling it?


Why is it that only a Banker can 'mark-to-myth'? What kind of regulation is that?


I propose new regulations: If I owe a mortgage I should be able to 'mark-to-myth' my mortgage agreement so that I can pay whatever amount I deem necessary to keep me solvent, in my home, and from being foreclosed upon. This is of course after I have demanded that the Government bail me out, errr, oops, I mean...   make an investment in my home with 'free money', first. Then I believe that I should be entitled to robo-sign myself up for many MillionDollarBonuses for displaying such a high amount of integrity and responsibility. Lastly, I should entitled to get up in front of Congress and plead da fith while wearing golden presidential cufflinks.

Tue, 09/04/2012 - 10:41 | 2760202 DaveyJones
DaveyJones's picture

We need one of those for Congress

Tue, 09/04/2012 - 10:42 | 2760204 Conrad Murray
Conrad Murray's picture

Tis the season to be rioting hahahahaha hahaha ha

Tue, 09/04/2012 - 11:05 | 2760328 DaveyJones
DaveyJones's picture

Deck Congress Hall with Parrots named Polly

fall la la la la la la la la

Iran's evil but once hugged Ollie

Fall la la la la la la la la

Don Perignon once flowed from barrels

Fall la la la la la la la la

My work prison mate's now a guy named Carol

Fall la la la la la la la la

Tue, 09/04/2012 - 10:42 | 2760205 mccoyspace
mccoyspace's picture

There is still 1 day/week head room in this proposal. bullish.

Tue, 09/04/2012 - 10:54 | 2760263 centerline
centerline's picture

Just wait till they ask for 8 days/week.

Tue, 09/04/2012 - 10:43 | 2760210 walküre
walküre's picture

Foxconn property searches commencing in 3,2,1...

Tue, 09/04/2012 - 10:43 | 2760214 dingoj
dingoj's picture

Welcome to Draghi-land, bitchez! This was the objective from the very start, endebt and enslave. Your days, till the very last, already belong to Goldman Sachs.

Tue, 09/04/2012 - 10:43 | 2760215 ebworthen
ebworthen's picture

What is "Pick that cotton!" in bankerspeak?

Tue, 09/04/2012 - 11:04 | 2760268 fonzannoon
fonzannoon's picture

dup sorry

Tue, 09/04/2012 - 10:54 | 2760270 fonzannoon
fonzannoon's picture

Who is that chick in the picture? Damn....

Tue, 09/04/2012 - 10:59 | 2760299 Dr. Engali
Dr. Engali's picture

Oh that is my ex-girl friend. I dumped her for my wife.

Tue, 09/04/2012 - 11:12 | 2760376 fonzannoon
fonzannoon's picture

Thank you much.

Tue, 09/04/2012 - 10:43 | 2760218 Dr. Engali
Dr. Engali's picture

Don't they need jobs available to work 6 days a week?

Tue, 09/04/2012 - 10:48 | 2760235 nmewn
nmewn's picture

This calls for a Krugman jobs intervention strategy!!!

Tue, 09/04/2012 - 10:55 | 2760274 centerline
centerline's picture

Is that where they burn everything down and then create a booming economy based on rebuilding?

Tue, 09/04/2012 - 10:56 | 2760276 Dr. Engali
Dr. Engali's picture

I'm sure there will be plenty of broken windows in the near future...broken windows, infrustructure, governments.......lives.

Tue, 09/04/2012 - 11:00 | 2760312 nmewn
nmewn's picture

Yes, to you both...and don't forget alien invasions require lots of trenches.

Lets get started!!!

Tue, 09/04/2012 - 11:08 | 2760354 DaveyJones
DaveyJones's picture

We're already experts at digging ourselves a hole

Tue, 09/04/2012 - 11:12 | 2760375 nmewn
nmewn's picture

Yeah...but ours is bigger!!!

So there ;-)

Tue, 09/04/2012 - 11:13 | 2760378 Nothing To See Here
Nothing To See Here's picture

Bury euros into the ground and then hire people to dig them out. There, jobs created and wealth found!

As Dr. Krugman would say, economics is very complex but I know how to make it work!

Tue, 09/04/2012 - 12:57 | 2760885 Element
Element's picture

Shovel-ready nmewn ... lead me to the slave camp ... I'm going to did holes!  weeeee!

Tue, 09/04/2012 - 10:51 | 2760248 walküre
walküre's picture

If you want your parasitic house "guest" to leave, you start talking about how much work there's to do.

For a while now it's been pretty obvious that Greece is being asked to fuck off and leave.

Tue, 09/04/2012 - 21:46 | 2762958 mjcOH1
mjcOH1's picture

Yep.   'We understand that the handout you're being given just doesn't work for you.   Don't let the door hit you in the tushie on the way out."

Tue, 09/04/2012 - 11:41 | 2760537 Acet
Acet's picture

Greeks are just as good and hardworking as everybody else and are perfectly able to be unemployed not six, but SEVEN days a week!

Tue, 09/04/2012 - 13:22 | 2760966 jwoop66
jwoop66's picture

Oh, that's easy!  Governments make jobs! 

Tue, 09/04/2012 - 10:46 | 2760228 rfaze
rfaze's picture

6 X 0 is still equal to 0

Tue, 09/04/2012 - 11:44 | 2760545 ParkAveFlasher
ParkAveFlasher's picture

I {heart} math. 


Tue, 09/04/2012 - 10:48 | 2760232 teahouse
Tue, 09/04/2012 - 10:54 | 2760264 tip e. canoe
tip e. canoe's picture

the thing that sticks out for me (other than the pbvious overall egregiousness of the kleptocracy) is MS got $2 Trill.   maybe the Golden Jackass is right and they're next on the chopping block.

Tue, 09/04/2012 - 10:49 | 2760236 xear
xear's picture

Having worked in both the USA and Europe, if you guys in USA had any idea how different employees are treated you would be rioting tomorrow. In USA you don't even get 4 weeks as standard summer vacation for god's sake.

Tue, 09/04/2012 - 10:57 | 2760260 Dr. No
Dr. No's picture

I believe a company and an employee should be able to negotiate an acceptable amount of vacation to each party without the need for the government to mandate.  There is a chance you are beign saracastic so I apologize in advance if I missed it.

Tue, 09/04/2012 - 11:50 | 2760580 Acet
Acet's picture

Yes and no.

A large company has a lot more bargaining power than a single individual. Unless we're talking about highly specialized positions, a random worker doesn't have much leverage, specially with the current management style where the choice is always save a buck today even if risking a hundred tomorrow.

This is why unions were started - multiple workers together are more likelly to match the company's bargaining power.

The problem being that, at least in the US, unions seem to have drifted from their original principles.

I just consider myself lucky that for most of my career I've been a senior type in a highly specialized position in a growing industry, so my bargaining power was very strong (more so since I became a freelancer).

Tue, 09/04/2012 - 13:18 | 2760906 Dr. No
Dr. No's picture

I am not against Unions.  I figure if the workers are able to get more bargining power, great.  But my statement is regards to government mandated.  I dont beleive there is a current law (USA) which mandates vacation.  The question is, do we need one?  Personally, I dont think so; we've done okay so far.

EDIT: I remember I got a job in College because I told the hiring manager I could work over break.  This gave me an edge to get the job.  If there was mandated vacation, I wouldnt have gotten that job, I would have had to take out a student loan, borrowed way over my head, resulted in potentially $100k in underwater student loan debt, became a member of occupy wall street, got arrested, and then a Barry delegate at the convention...... Is mandated vacation really worth it!!!??

Tue, 09/04/2012 - 13:06 | 2760917 Totentänzerlied
Totentänzerlied's picture

The labor market is exponentially too distorted for any rational analysis of compensation, benefits, vacation, etc. Creation of wage-slaves (read: 0 bargaining power, infinitely replaceable and interchangeable, single source of income) is a neo-Keynesian wet-dream. What we really need is more entrepreneurs and fewer serfs, but that's terrorism.

Tue, 09/04/2012 - 11:10 | 2760362 DaveyJones
DaveyJones's picture

Shit, if we had any idea about a hundred other things we'd be rioting yesterday

Tue, 09/04/2012 - 13:24 | 2760975 jwoop66
jwoop66's picture

No, I don't.   I work for myself.   How easy is that to do in Europe?  

Tue, 09/04/2012 - 10:52 | 2760252 slackrabbit
slackrabbit's picture

Just got back from a Papua New Guinea where everyone works 6 days a week. Not a big deal for them or me.

Choice was to work, make money to buy food and precious metals or not to work, and have to dip in to my house deposit / savings....not really a tough choice as liking it or not had nothing to do with it.


Keep on stacking...

Tue, 09/04/2012 - 10:52 | 2760255 graneros
graneros's picture

Absolute bullshit.  No way do I believe the "Troika" leaked this to anyone. I don't beleive they even discussed such a thing.  Are they perhaps leaking a story about a good deal on a bridge in Brooklyn as well?  No wonder the market responds to rumors the way they do.  Put it in print and people will fall for it.

Tue, 09/04/2012 - 11:03 | 2760329 TrustWho
TrustWho's picture


Tue, 09/04/2012 - 13:05 | 2760904 Element
Element's picture

RT thought it reliable enough to run it.  Haven't checked how many more media have.


This is RT's referenced sounce:

Tue, 09/04/2012 - 10:54 | 2760262 Racer
Racer's picture

I had to go into a bank to get some money in Greece some years ago.... I was first in the queue  but had to wait for a bank clerk to finish some work, wow, waiting for paint to dry was quicker... it was liking watching the world in extreme slow motion......

Tue, 09/04/2012 - 10:54 | 2760266 magpie
magpie's picture

Fuck that, go revolutionary with a ten day work week.

Tue, 09/04/2012 - 11:15 | 2760393 machineh
machineh's picture

French revolution, bitchez!

Queue up the guillotines ...

Tue, 09/04/2012 - 10:57 | 2760285 Moneyswirth
Moneyswirth's picture

This will conveniently coincide with an announcement that an expansion of salt mines will be opening in Creditor Nation China. 

Enjoy your 'retirement' bitchez...


Tue, 09/04/2012 - 10:58 | 2760292 Winston Churchill
Winston Churchill's picture

Having lived on Greece. and having Greek in laws, nieces , and nephews that:

Increasing the work week to two days would double the output.

Tue, 09/04/2012 - 11:00 | 2760309 JSD
JSD's picture

As long as they amend what constitutes a week to 14 days I can't see this being a problem.

Tue, 09/04/2012 - 11:00 | 2760311 Northeaster
Northeaster's picture

Maybe Bruce K. can contact his Greek connection and give us an update, the BDI just went sub-700:

Wonder if any Greeks are even working in Piraeus?

Tue, 09/04/2012 - 11:45 | 2760550 walküre
walküre's picture


No demand from China for iron ore and copper and 50% less grains to ship due to drought.

Tue, 09/04/2012 - 11:01 | 2760315 youngman
youngman's picture

I read this and I thought this should have been done 4...maybe 5 years way to late now...

Tue, 09/04/2012 - 11:01 | 2760316 Scalaris
Scalaris's picture

Ye shall not rest until every every last shilling has been squeezed out of thee, unruly serfs

- Noblesse du Banquiers

Tue, 09/04/2012 - 11:02 | 2760320 monopoly
monopoly's picture

This is worse than a grade B movie. Germany telling Greece to work harder. Yup, that's gonna work.

Tue, 09/04/2012 - 11:17 | 2760403 GlomarHabu
GlomarHabu's picture



At least some B grade movies give you a little cleavage.  

Tue, 09/04/2012 - 11:52 | 2760587 GeezerGeek
GeezerGeek's picture

By Friday the Democratic Convention will have renominated Barack Obama, who will have promised real hope and change if given just four more years. The world will applaud, bankers will return all the monies shoveled their way, unicorns will provide for all our needs...

We're saved. Just wait. Four more days to worldwide nirvana. Don't believe me? Just listen to the MSM.

Tue, 09/04/2012 - 11:04 | 2760334 London Banker
London Banker's picture

More to the point, can you imagine Brussels demanding a six day work week in Spain and Italy?  Would similar terms be applied to any bailout state?

Tue, 09/04/2012 - 11:06 | 2760340 Frastric
Frastric's picture

Will the Greek people take the next step in evolution and rise above the level of sheeple?

Tue, 09/04/2012 - 11:09 | 2760364 dynomutt
dynomutt's picture

Will anyone actually read the fucking thing?


How about: I'm an office worker and I want to be able to buy groceries on the way home.  I can't right now because the stores all close at 5PM as they're all open from 9AM-5PM just like my office is.  Oh, and I can't go shopping on Saturday when I'm off because everyone else is off too.


Even if they're open from 10AM-6PM, the bulk of the business will occur between 5PM and 6PM, so the lines/queues will be insane in that one hour while the rest of the day is only a trickle of unemployed and pensioners/retirees.  How efficient is that?


This is simply removing bullshit government rigidity from the equation.  Implementing these changes would make a big difference in the overall quality of life for the better.


Oh, and the bit about vacation is genius.  Yeah, let's all have 6 weeks per year when the city is a ghost town.  That's REALLY GOOD for commerce /sarc.

Tue, 09/04/2012 - 11:15 | 2760396 ultraticum
ultraticum's picture

Don't those who would allow their very working hours to be dictated by Fascists deserve, in some small way, to be subject to their whims?  The same ones who riot in the streets not for freedom, but instead beg for continuation of the pie in the sky social welfare benefits of Eurotrash membership. 

Tue, 09/04/2012 - 11:16 | 2760400 asteroids
asteroids's picture

Greek women will laugh at this. They work EVERY day of the week.

Tue, 09/04/2012 - 11:18 | 2760409 lolmao500
lolmao500's picture

There's no way ANY country would accept that.

Tue, 09/04/2012 - 11:19 | 2760412 Terp
Terp's picture

Uhm...I don´t know about Greece, but here it was perfectly normal to work on Saturdays until the early 70s when the unions started to peddle the notion that Saturdays are for watching footie and getting shitfaced.


Times and notions change, huh?

Tue, 09/04/2012 - 11:19 | 2760414 luckylongshot
luckylongshot's picture

So the European dog gets loaded up with debt by the parasitic private bankers, starts to die because of this and the remedy is more for the parasites and less for the small remaining healthy parts of the dog. Why is anyone even taking this seriously?...the only remedy is to shrink the parasite and it is actually not so hard to do since almost all lending is done by creating money out of thin air which means there is no consideration which means it can all be annulled. End result healthy dog and small (hopefully dead) parasite. Please Tyler start using this discourse. 

Tue, 09/04/2012 - 11:19 | 2760415 optimator
optimator's picture

Saint Peter don't call me, cause I can't go

  I owe my soul to the Company Store.

Tue, 09/04/2012 - 11:21 | 2760423 BudFox2012
BudFox2012's picture

Screw it, have them work 7 days and build pyramids in honor of the bankers.  It's where the world is headed anyway, and few outside of this website (and a few others) seem to know or care...


Tue, 09/04/2012 - 11:24 | 2760444 blueRidgeBoy
blueRidgeBoy's picture

I dream of a 6 day work week

Tue, 09/04/2012 - 11:36 | 2760509 epwpixieq-1
epwpixieq-1's picture

Knowing how the Greeks (not) work , 6 workdays in Greece < 1 workday in Northern Europe.

If we are to be correct, 168 hours ( the hours in 1 week) work in Greece, will not be enough for the Greeks to equate to most of their Northern European commarads on 2x8 hour work days.

So the only sensible way out of this mess ( unless you give the Northern European Citizens way to come and take over Greece ) is to cut their (borrowed) wealth and to hyper-inflate everything there. It will not be the first and it will (certainly) will not be the last time something like this is happening.

Tue, 09/04/2012 - 11:37 | 2760517 GlomarHabu
GlomarHabu's picture



Yeah it's  Conquest, Violence, Famine, and Diseases ..the old Four Horseman with Violence on the rail, Conquest back a length, Disease sucking dust in third spot, and Famine beginning to move with a furlong to go.

Odds? ...we all die and cockroaches eat our flesh.

Have a wonderful day.

Tue, 09/04/2012 - 12:16 | 2760693 FunkyOldGeezer
FunkyOldGeezer's picture

It's not unusual for workers in the Mediterranean holiday industry and associated businesses to work 7 days a week anyhoos. Something I don't suppose ever happens in Troikaland.,. back at ya lazybones.



Tue, 09/04/2012 - 12:24 | 2760730 RiskAverseAlertBlog
RiskAverseAlertBlog's picture

A new bull market in jackboots in the making to be sure! Hillary Clinton should make a killing as she must have a closet stuffed to the gills with them.

Tue, 09/04/2012 - 12:33 | 2760782 Element
Element's picture

Thanks Tyler, was just about to post something on this and saw the thread.

And they wonder why people have a problem with supporting too big to fail banksters on the public purse and on the public back, as these failed banks systematically DESTROY the lives of people who actually work for a living. It really is time to go after these IMF and EU mongrels.

They are the very definition of a fifth-column, brazenly attacking the very basis for an orderly peaceful society and its future.


" ... In the UK, employment hours are monitored by a reference period – a span of 17 weeks – in which an employee must average no more than 48 hours of work per week. ..."


Well I know people in Australia who average waaaaayyy over 48 hours per 17 week running average, like 60 to 72 hours being actually typical.  There is simply no protection at all against this abuse in Australia today, but we keep getting told by that lying cunt in Canberra that she's put in place a "world's best practice" in industrial relations legislation, for us and we should all vote for her or something, because she's in there protecting everyone's interests.

Then they wonder why Australian workers are getting extremely pissed-off.  Our govts don't give a damn about what happens to us, in practice, they just keep telling the lies and won't face what they have done to us.  Both parties of our 'democratic'-dictatorship have completely shafted us on industrial relations.

And they are in a country that did well out of the 2008 GFC!  I can only imagine what hell Greeks and others are going through because of these banking vermin.

They really do deserve to be strung up--all of them.

Tue, 09/04/2012 - 12:34 | 2760788 tsuki
tsuki's picture

I'd be more impressed if the Troika advocated that banksta-gangsta and politicians work rather than lie, cheat and steal. 

Tue, 09/04/2012 - 12:40 | 2760821 Joebloinvestor
Joebloinvestor's picture

What a fucking joke.

Treat Greece like the charity case it is and be done with it.

Tue, 09/04/2012 - 13:10 | 2760927 robertocarlos
robertocarlos's picture

The work week should be 4 days.

Tue, 09/04/2012 - 13:15 | 2760943 Go Tribe
Go Tribe's picture

Working for The Man now.

Tue, 09/04/2012 - 16:00 | 2761591 De brevitate Vitae
De brevitate Vitae's picture

Most pathetic greek related bullish news published on ZH.
Grexist is like the 2012 Maya phenomenon, it is outdated.

Tue, 09/04/2012 - 17:24 | 2761933 robertsgt40
robertsgt40's picture

Six days?  Twelve days wouldn't get it done.

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