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Meet Greek Austerity...At Long Last

Tyler Durden's picture




 

Well it seems the impending maturities of GGBs has forced the Greek's hands as they drag austerity measures into the here and now - and in dramatic manner.

 

*GREEK PENSION CUT FOR THOSE EARNING MORE THAN EU1,200 A MONTH

*GREECE TO REDUCE TAX-FREE THRESHOLD TO EU5,000 FROM EU8,000

*GREECE TO REDUCE PENSIONS BY 40% FOR THOSE UNDER 55

*GREECE TO CUT WAGES OF 30,000 STATE WORKERS THIS YEAR

*GREECE TO CUT PENSIONS OVER EU1,200 BY 20%: STATEMENT

 

And we note a helpful comment from Brazil's Mantega...

 

*MANTEGA SEES NO IMMEDIATE DANGER FOR GREECE

 

phew!

We will post the full statement as soon as it is released.

Source: Bloomberg

UPDATE: Full Statement Below:

 

STATEMENT BY MINISTER OF STATE AND GOVERNMENT REPRESENTATIVE Elias Mossialos

The Cabinet now refined the measures that lead to achieving the fiscal targets for 2011 and 2012 and allow the full implementation of the support of the Greek economy by 2014.

 

The discussions with the Troika will be completed - announced yesterday - after the arrival of the chief in Athens at the beginning of next week.

 

But it is absolutely essential given the country's strategic choice to make again a financial independent and equal country - member of the eurozone as soon as possible to reach a primary surplus. These options and send to our partners and markets the message that Greece and is willing and able to fulfill its obligations, remaining always the hard core of the euro and the European Union.
Since the Greek people should have a clear view for a number of issues that are the subject of uncontrolled speculation, the Government announced early today the clear framework of critical decisions:

 

A) The tax-free threshold is placed at 5,000 thousand euro, the average level of member eurozone.

 

B) The new pay scale - vathmologio is really unified, meritocratic, transparent and fair while giving incentives to increase productivity and efficiency of public administration and its executives.

 

C) There occurs no reduction in pensions of up to 1,200 euros. To achieve this will be cut 20% of the amount exceeding 1,200 euros in order to ensure proportionality and the internal justice system. Especially for retirees under 55 years until they reach the age of 55, will be cut by 40% portion of the pension that exceeds 1,000 euros.

 

D) The institution of labor redundancy will be applied to the end of 2011 to qualify for this 30,000 employees in Government and the wider public sector through the application of merit and transparent criteria under the supervision of ASEP to identify the truly overstaffed. This concerns a total of about 3% of workers in the public and broader public sector.

 

E) The Cabinet also took a series of decisions to promote structural changes and especially privatization, opening the professions and the labor market and the restructuring of the parastatal.

 

F) The national tax system that will be voted on until October to give a definitive end to a series of injustices and inequalities that prevail for decades and which undermine social cohesion and development of the country.

 

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Wed, 09/21/2011 - 13:15 | 1693116 SGS
SGS's picture

Riots in 3....2...1.....

Wed, 09/21/2011 - 13:17 | 1693128 Ahmeexnal
Ahmeexnal's picture

Forget riots.

This is an outright declaration of war by the francogerman (via their puppet G-Pap) banking mafia upon the greek population.

Time for Greece to declare war on SarkoGela.

 

Wed, 09/21/2011 - 13:19 | 1693161 Oh regional Indian
Oh regional Indian's picture

hoooooly Halooooomi!

Wed, 09/21/2011 - 13:28 | 1693232 A Man without Q...
A Man without Qualities's picture

Load of bollocks.  The wages of public sector workers in Greece is often as much as 30% higher than in Germany.  When you actually work in out in terms of wages plus bonus and benefits per hour of work, it's more than double.  However, most public sector workers live in urban areas and the rents have risen dramatically, which is why they haven't seen a significant rise in standard of living.  Those who own the properties find ways of evading property taxes (you claim the property is unfinished) or paying tax on the rent (through dubious expenses claims). 

The problem for the Germans is they cannot intervene on domestic matters, such as tax code and collection standards, so the strategy is to make life unpleasant enough for the average citizen that they demand a change in the culture.

 

Wed, 09/21/2011 - 13:38 | 1693280 duo
duo's picture

And we thought the Irish got boned.

1000 Euro/month isn't luxury by any means

something Freudian about Greece "remaining the hard core" of Europe

Wed, 09/21/2011 - 17:30 | 1694579 Judge Holden
Judge Holden's picture

I don't get how the Greek government is still in power?  Why have their not been massive recall elections by the population?

Wed, 09/21/2011 - 13:20 | 1693163 agent default
agent default's picture

Riots serve to unleash anger.  It when you don't see riots in situations like these, that's when you should brace youself for outright war. 

I am going long 5.45x39 and RGD5

Wed, 09/21/2011 - 13:21 | 1693174 The Third Man
The Third Man's picture

"Woof, woof!!" ~ the greek riot dog

Wed, 09/21/2011 - 18:50 | 1694917 Anonsters
Anonsters's picture

Green for you, sir. Maximum green for Riot Dog.

Wed, 09/21/2011 - 13:29 | 1693242 Which is worse ...
Which is worse - bankers or terrorists's picture

SLAUGHTER.

Thu, 09/22/2011 - 07:44 | 1693371 MassDecep
MassDecep's picture

Yeah, Riots and then Compliance.

That is exactly how it will play out, here and there.

Keep watching that tv and listening to the spew. Your brain will conform, sooner or later. Or you die.....

Greece is the ant in the realm of elephants. Wait until French banks default in regards to Belgium obligations.

 

 

 

Thu, 09/22/2011 - 04:37 | 1696008 Nussi34
Nussi34's picture

The ratio colleted taxes / GDP is smaller in Greece than in Switzerland. What does this tell us? They pass laws and do not enforce them! So all this austerity is just on paper. Not even Excel savings, only ppt savings....

Wed, 09/21/2011 - 13:15 | 1693118 Moe Howard
Moe Howard's picture

50% reduction in vaseline use between men and boys.

Wed, 09/21/2011 - 13:23 | 1693194 Manthong
Manthong's picture

Peak vaseline?

Wed, 09/21/2011 - 13:57 | 1693385 HoardeBilly
HoardeBilly's picture

Has NAMBLA been notified!?!?

Wed, 09/21/2011 - 13:15 | 1693120 Bananamerican
Bananamerican's picture

"one riot gyro coming up"

Wed, 09/21/2011 - 13:50 | 1693344 WoodMizer
WoodMizer's picture

Does that come with teargas tzatziki and a molotov to wash it down?

Wed, 09/21/2011 - 13:15 | 1693121 Dreadker
Dreadker's picture

Sweet incentives to live in greece... So about a year from now we'll be replacing the word 'Greece' in the is article with 'USA' right?

Wed, 09/21/2011 - 13:40 | 1693304 Let them eat iPads
Let them eat iPads's picture

40% less food stamps for all.

Wed, 09/21/2011 - 21:41 | 1695368 Joseph Jones
Joseph Jones's picture

Yeah, all the people we know collecting $1150 on SSI: dropping down to $1049 immediately! 

Wed, 09/21/2011 - 13:15 | 1693124 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And Greece is still in the game!

Wed, 09/21/2011 - 13:17 | 1693125 cossack55
cossack55's picture

Welcome to Debt Slavery dear Grecians.  One might consider a move to Sparta.  On second thought, Iceland would be a better move.

Wed, 09/21/2011 - 13:18 | 1693149 GeneMarchbanks
GeneMarchbanks's picture

Your new overlords(IMFecked) are here with a plan!

Wed, 09/21/2011 - 13:23 | 1693200 Spitzer
Spitzer's picture

If you think going back to the Dracma and taking the hit that way would be better, just ask the Wiemar Germans or the Zimbabweans.

Wed, 09/21/2011 - 13:54 | 1693368 Gold Man-Sacks
Gold Man-Sacks's picture

It's going to suck, regardless.  But, that would be the only way to get out from the iron grip of the banksters.

Wed, 09/21/2011 - 13:15 | 1693127 pain_and_soros
pain_and_soros's picture

Opa!! I'll have some flaming cheese with that

Wed, 09/21/2011 - 13:16 | 1693129 Irish66
Irish66's picture

No way

Wed, 09/21/2011 - 13:16 | 1693130 johnconnor
johnconnor's picture

Harcore man, really hard core... grandpas being forced to take a 20% cut and return to the laboral market making 40% less... in the meantime Goldman Sach Greece will raise the Christmas bonuses for the architect of this disaster another 20%

Wed, 09/21/2011 - 13:40 | 1693307 KidHorn
KidHorn's picture

Nobody is taking a 20% haircut. The 20% applies to amounts over 1,200 euros. I would guess many pensioners wont get a cut at all.

This is going to accomplish next to nothing. It's no different than US politicians announcing cuts that sound impressive on the surface, but when digging into the details, aren't cuts at all.

Wed, 09/21/2011 - 15:31 | 1694023 johnconnor
johnconnor's picture

Okay, sure, nobody is going to get a nominal haircut of 20%, but you tell me how Grandpa Milos and his wife Elena, 67, on a 2000 euro pension, will survive with 1840 euros, after he has to pay the new "solidarity tax" on top of all the other taxes, leaving him with around 1400 euros when you are having near double digit inflation in Greece.

Wed, 09/21/2011 - 17:32 | 1694586 Judge Holden
Judge Holden's picture

Double digit inflation?  I would think they'd be suffering from massive deflation?

Wed, 09/21/2011 - 18:02 | 1694735 johnconnor
johnconnor's picture

For food, I am just talking about food...

Thu, 09/22/2011 - 04:30 | 1696000 Nussi34
Nussi34's picture

Yes, but it is a bit difficult to spend significant amounts of money on food! Unless you want to weigh 200kg

Wed, 09/21/2011 - 13:16 | 1693132 Don Birnam
Don Birnam's picture

Now apply those same cuts to both Congress and the Executive Branch.

Wed, 09/21/2011 - 13:16 | 1693133 fdisk
fdisk's picture

Time to come back from sunny beach back to work at least

for few hours a week :)))

Wed, 09/21/2011 - 13:16 | 1693134 walküre
walküre's picture

Pensions for those UNDER 55????

Are we talking current pension payments or their planned pension payments?

If the first, how many Greeks UNDER 55 are eligible for pensions at this time?

WTF???????????

Wed, 09/21/2011 - 13:18 | 1693144 Dreadker
Dreadker's picture

I think its basically saying if you're under 55 forget about a pension... and if you're not born yet don't bother ;-)

Wed, 09/21/2011 - 13:21 | 1693181 scatterbrains
scatterbrains's picture

put another way,  if your a Greek cop expected to hold back the rioters, it's time to mix gas cocktails in your basement with the peoples.

Wed, 09/21/2011 - 13:20 | 1693167 reload
reload's picture

Must mean - projected pensions for those under 55 or `future entitlements`

After Italy, France Portugal etc etc have all been `bailed out` the above list will be aplied to all the citizens of Europe - in the interests of harmonisation. Except of course the beurocrats in Brussels will not have any of their fantastic, tax free, lifetime benefits reduced - at all.  

 

Wed, 09/21/2011 - 13:25 | 1693209 walküre
walküre's picture

I don't think so. It means that if you're pushing 55 and think you can retire, think again.

Let's wait for some clarification. The 20% cut on pensions over 1200 Euro is hardcore. I understand the reason behind it but that is a tough decision. That 20% cut is not going to come back into the economy which of course is the double whammy and the crux of all austerity.

Wed, 09/21/2011 - 13:22 | 1693176 Debugas
Debugas's picture

i'd screw it and stop paying and accumulating at all

shadow economy will get a huge boost

Wed, 09/21/2011 - 13:22 | 1693185 Galen Slade
Galen Slade's picture

Work 20 years, retire by 38 with a full pension.   Sounds good to me.  I could have retired about 20 years ago...  

Wed, 09/21/2011 - 18:25 | 1694836 DosZap
DosZap's picture

Galen,@13:22

This is COMMON practice for US Police,Fire,Fed,etc,etc,etc....................

Start at 20, retire 100% bennies at 40, and start a second career at 40, for a double dip.

Wed, 09/21/2011 - 13:40 | 1693305 PaperWillBurn
PaperWillBurn's picture

In the U.S you can get a pension much younger than that. Retired Military??

Wed, 09/21/2011 - 13:16 | 1693136 BrocilyBeef
BrocilyBeef's picture

Ahh, finally my vacation to pleasant, quiet and sleepy GREECE!

I smell Greek Bullshit.

Wed, 09/21/2011 - 13:18 | 1693147 HpDeskjet
HpDeskjet's picture

Lol, these "words" will/can never be implemented. Anyway, default is postponed to december. This is all political theatre to give ECB/EU time to develop restructuring plan for the Greece (and EU) banking sector. The default will come this year.

Wed, 09/21/2011 - 13:18 | 1693148 tawdzilla
tawdzilla's picture

just a matter of time until austerity finally makes its way to the US

Wed, 09/21/2011 - 13:18 | 1693150 alien-IQ
alien-IQ's picture

glad to see all the worlds problems are fixed. what a relief huh?

wait a minute...do you smell that?...what's that smell?...it smells familiar...I'm sure I've smelled this before...yes i do know this smell...it's BULLSHIT!

Wed, 09/21/2011 - 13:21 | 1693154 lolmao500
lolmao500's picture

Time for a coup d'état. What the hell is the greek military doing? Military coups we can believe in.

Wed, 09/21/2011 - 18:49 | 1694907 edotabin
edotabin's picture

Busy looking at Turkey who are there to remind them not to screw up the bankers plans.

This all encompassing.  You don't just say "haircut" and that's it. You don't just say "drachma" and "opa" and that's it. Should the Greeks revolt, leave the Euro etc. the bankers will make their lives a true, actual and literal hell.

Watch the correlation between how Greeks are progressing with the Troika and Turkish aggression.

Wed, 09/21/2011 - 13:19 | 1693155 Little John
Little John's picture

Uh ... how is this gonna spur their economy?  I know they're broke but these kind of cuts will wreck them.

Wed, 09/21/2011 - 13:24 | 1693204 fyrebird
fyrebird's picture

Those are exactly the cuts to make if you want to rile up certain segments of the population.

Playing next month at theaters; Return of the Drachma

Wed, 09/21/2011 - 13:30 | 1693246 alien-IQ
alien-IQ's picture

Shhh...don't spoil their dream.

Wed, 09/21/2011 - 13:20 | 1693162 Gubbmint Cheese
Gubbmint Cheese's picture

a 40% reduction in pensions for those under 55? Those people are still young enough to do some damage when they riot...

Wed, 09/21/2011 - 13:34 | 1693265 KidHorn
KidHorn's picture

It's a 40% reduction in amounts over 1,000 Euro. So if you get 1,500 euro per (I assume month), you would lose 40% of 500 or 200 euros. You would get 1,300 instead of 1,500.

All in all, i'll bet this is made to sound like a lot, but in reality it's not going to amount to much of a cut at all.

Wed, 09/21/2011 - 13:20 | 1693170 Fips_OnTheSpot
Fips_OnTheSpot's picture

I had gyros today - maybe the last one evar?

Wed, 09/21/2011 - 13:21 | 1693172 b_thunder
b_thunder's picture

*GREECE REDUCE PENSIONS BY 40% FOR THOSE UNDER 55  - USA should learn from this.  no ex-fed/state/local   employee should get full pension before they reach 65!  So they earn pension - fine, collect when everyone else does.  that's what they all do - retire @55 (or after 20 years if cops) and collect pensions while working full-time. that's bull-sh*t

 

Wed, 09/21/2011 - 13:29 | 1693240 alien-IQ
alien-IQ's picture

Including military.

Wed, 09/21/2011 - 13:31 | 1693249 candyman
candyman's picture

not all cops are on the beat. I have a neighbor who sat behind a deskk for 20 years and never carried a gun and at 50 + 1 day retired with 90%  of his highest yearly salary.  Make it 65 for all. He now has another job and has never made so much money in his life.

Wed, 09/21/2011 - 13:53 | 1693362 krispkritter
krispkritter's picture

Saw something similar about a NY cop, who at 42, was retired and collecting just at or over 6 figures and will be for the rest of his life. That is until the system completely breaks down...If someone had sold me that deal I'd have taken it at 20-22 and now I'd be using that money to build another business and dump the remainder on charities...

Wed, 09/21/2011 - 15:32 | 1694024 robertocarlos
robertocarlos's picture

There is no way to afford that level of pay. It means paying for a little over three cops salaries for one on the job. A little over 2 retired for each one working.

Wed, 09/21/2011 - 16:50 | 1694405 Ruffcut
Ruffcut's picture

So when the older popo ready to retire can do front line duty during the riots.

Kill five with one nice stone. Get the popo in greece to attack the GS offices. That would be worth pay per view.

Wed, 09/21/2011 - 13:21 | 1693175 fyrebird
fyrebird's picture

Cutting pensions and cutting State employee wages.

That's all they've got. It won't matter. It won't be enough. And they'll still burn for it.

Wed, 09/21/2011 - 13:21 | 1693177 Racer
Racer's picture

Ah the poor and the pensioners get hit... no bankster was harmed in the process

Wed, 09/21/2011 - 13:22 | 1693183 JLee2027
JLee2027's picture

Does anyone really believe they'll do that?

Wed, 09/21/2011 - 13:23 | 1693196 TradingJoe
TradingJoe's picture

This means a NICE WEEKEND in Greece folks!

Wed, 09/21/2011 - 13:23 | 1693198 GenX Investor
GenX Investor's picture

Treason! High Treason!

Wed, 09/21/2011 - 13:23 | 1693199 Fiat Money
Fiat Money's picture

"GREEK PENSION CUT FOR THOSE EARNING MORE THAN....."

 PHEW!!  WE'VE SET THE PRECEDENT !!   THOSE LIVING on the TAXPAYER DOLE, should see DRAMATIC CUTS to their wages/salaries/pensions (etc) streams...

  NOW !!  Let's GO BACK, and  RETROACTIVELY SIEZE !!!

     ...all  the "BONUSES" of ANY damn banker whose FAILED, BANKRUPT, INSOLVENT banks REQUIRED "bailouts"  in the first place !!

Wed, 09/21/2011 - 13:31 | 1693251 Kataphraktos
Kataphraktos's picture

Um, no.

Employees and eompoyers in the private sector contributed to those pensions, so it is - as with Social Security - their money being handed over to foreign bankers, NOT taxpayer dole.

Just correcting yet another "Greeks are lazy, unproductive dolemonkeys" misconception.

Wed, 09/21/2011 - 13:44 | 1693329 Vergeltung
Vergeltung's picture

oh yeah! that place is an economic powerhouse of work-ethic!!

(roll eyes).

 

Wed, 09/21/2011 - 13:24 | 1693206 skistroni
skistroni's picture

Mind you, all this is just to ensure that the deficit target for 2011 is met (which will not be met eventually). 

This is not to save Greece from default, or to make it possible to pay 2011 due principal and interests.

This is not austerity, just a few accounting tricks. 

Necessity is the mother of invention, but when everything is fucked up, inventions are also of the same denomination.

Wed, 09/21/2011 - 13:31 | 1693207 Dick Darlington
Wed, 09/21/2011 - 13:35 | 1693274 fyrebird
fyrebird's picture

It will turn out okay, they'll just make things up as they go. You'll see.

Wed, 09/21/2011 - 13:25 | 1693213 Mitch Comestein
Mitch Comestein's picture

I am doubling down on pitch forks and torches. 

Wed, 09/21/2011 - 13:26 | 1693216 Tic tock
Tic tock's picture

unmitigated disaster

Wed, 09/21/2011 - 13:26 | 1693219 LongSoupLine
LongSoupLine's picture

greek govt and bank infrastructure fires/explosions in 3, 2, 1...

Wed, 09/21/2011 - 13:49 | 1693338 mirac
mirac's picture

yep...will they get Papandreau?

Wed, 09/21/2011 - 13:27 | 1693221 NEOSERF
NEOSERF's picture

Can't believe this won't end up in the streets...better surround the museums with national guard...learn at least one thing from Iraq and the plundering of Baghdad

Wed, 09/21/2011 - 13:27 | 1693228 Kataphraktos
Kataphraktos's picture

Greek Parliament, this winter:

 

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

Wed, 09/21/2011 - 13:32 | 1693257 Lord Welligton
Lord Welligton's picture

The Greek economy cannot recover within the Eurozone.

It must default ....... substantially.

And it must have its own currency.

They won't be buying to many BMWs though.

Or ships for their Navy for that matter.

Wed, 09/21/2011 - 13:41 | 1693311 fyrebird
fyrebird's picture

Greece not in the EU, No money, no ships, government in disarray, daily riots. So I guess that resolves the Cyprus question for all time.

Wed, 09/21/2011 - 14:08 | 1693444 Lord Welligton
Lord Welligton's picture

It stays in the EU.

It is a member of NATO.

Wed, 09/21/2011 - 13:33 | 1693262 Gordon Freeman
Gordon Freeman's picture

This is all bullshit--those "cuts" are meaningless, riddled with loopholes, and solve nothing.  The document exists only to give cover to the Eurocrats to approve the next tranche of payola...

It's all very, very bullish, doncha know?

Wed, 09/21/2011 - 13:35 | 1693264 Syrin
Syrin's picture

Finally.   I've been saying that thus far what they call "austerity" I call "minor inconveniences".   It was a gross misrepreentation of the word austerity.

 

By the way, this still isn't "austerity" for the problem they are facing.   This is the first small step of major steps that need to be done.

Wed, 09/21/2011 - 13:36 | 1693278 lolmao500
lolmao500's picture

Time for a coup d'etat by the military. Overthrow the government, get the hell out of the EU, jail the bankers.

Then all freedom fighters in Europe rally and purge Europe from the Euro shills and bankers.

The final solution to the debt problems.

Wed, 09/21/2011 - 13:39 | 1693299 monopoly
monopoly's picture

You forgot one Tyler

GREEK RIOT POLICE TAKE OVER COUNTRY TO PROMOTE AUSTERITY MEASURES!

Wed, 09/21/2011 - 13:42 | 1693320 fyrebird
fyrebird's picture

When they see their pensions cut they'll be taking over the country to accomplish exactly the opposite.

Wed, 09/21/2011 - 13:40 | 1693306 pitz
pitz's picture

So all the 54-year olds (and to a lesser extent...even younger) have basically been screwed by the government.  This can't possibly go over well.

Wed, 09/21/2011 - 13:42 | 1693315 equity_momo
equity_momo's picture

Riot Dog will be in many photos soon.

Wed, 09/21/2011 - 13:42 | 1693316 The4thStooge
The4thStooge's picture

Opa!

Wed, 09/21/2011 - 13:44 | 1693328 lolmao500
lolmao500's picture

The funniest thing about all this?

It's coming here.

Wed, 09/21/2011 - 13:53 | 1693359 Trimmed Hedge
Trimmed Hedge's picture

Don't hold your breath....

Wed, 09/21/2011 - 14:18 | 1693496 Calmyourself
Calmyourself's picture

So far into the future it doesn't matter..

Wed, 09/21/2011 - 13:48 | 1693342 shazbotz
shazbotz's picture

CUE THE RIOTS....

Wed, 09/21/2011 - 13:48 | 1693343 Ima anal sphincter
Ima anal sphincter's picture

It's amazing. The power brokers, the ones at the very top, own half the world. Is that enough? Not in the slightest. They want it ALL! A chip here and chunk there. It is going to happen in the good-ol USA too. Social Security? Forget about it. You will work (for them) until you can work "no more." Then you get to polish off your days just trying to get by. Hell, medical coverage will be a thing of the past so you just get to "drop off "a little early. Better for them anyway.

Wed, 09/21/2011 - 13:50 | 1693349 Catequil
Catequil's picture

what about 13th and 14th monthly sallary in the year-end? Both in the state and private sector it was a rule of thumb that employees enjoy 13th & 14th sallary apart from bonuses at year-end.

they got so many of their little tricks... that the TROIKA could not possibly know about :))))

Wed, 09/21/2011 - 13:54 | 1693363 youngman
youngman's picture

Its all show...this will never be implemented until they DO default...and they will....its just how much more money they can steal before they do....another 8 billion....or 80 billion...

Wed, 09/21/2011 - 14:06 | 1693436 Rockfish
Rockfish's picture

Padon. seems the navtives are bit restless today could you pass the grey poupon.  

Wed, 09/21/2011 - 14:41 | 1693492 Don Diego
Don Diego's picture

also, a portion, what maybe 30%, of those cuts will not come back as tax revenue as pensioners and civil servants should be one of the few classes of people that pay income tax over there.

Wed, 09/21/2011 - 14:46 | 1693610 Paul67
Paul67's picture

…..or they could leave the Euro and begin to print their own debt free sovereign currency again and kick this international banking cartel into the dust bin of history.  Just a thought.

 

On the plus side Greece will retain its sovereignty, be debt free ‘immediately’ and be a great place to grow and build stuff again due to the significant devaluation of its currency for international trade.  The downside is that in order to import goods/services of value they will need to export an equivalent market based basket of goods/services in return. Any remaining trade deficit will need to be covered by whatever hard assets like Gold exist in the country until the transition to self-sufficiency is made.

 

While the transition from where they are now to this more independent, self-sufficient, stable, pay as you go basis won’t be picnic it certainly beats becoming generational debt slaves of ECB Feudal Lord offered up as a ‘solution’ by the kleptocracy.


That austerity is coming can’t be avoided, the only questions is, will it be the austerity of the slave or the austerity of the freeman?

 

BTW what the Greeks/Germans (plus everyone in between these extremes) are about to experience is coming soon to a nation near you.  The serious value generation and fiscal imbalances between and inside of all the nations of the world can’t be avoided or worked out any other way.  The only question at this point is how hard the landing will be.  The key is to not turn on each other but rather use our collective energy to ‘first’ regain the sovereign power of money for our respective nations.  Free markets both internal and external to our respective nations will take care of the rest.

 

Speaking of hard landings it reminds me of this movie sequence in 300.

 

http://www.youtube.com/watch?v=-qR0Uke2XNI

? 

Hopefully the ECB’s offer of slavery in return for peace will be answered in the same rethorical way.

 

My guess is that Greece has more than 300 Spartans still left......and as we know from history 300 Spartans is more than sufficient to change the path of human history away from the designs of evil men who would make us all slaves.

Wed, 09/21/2011 - 14:47 | 1693617 papaswamp
papaswamp's picture

...and the people take it on the chin for bad banks and worse government...genius.

Wed, 09/21/2011 - 14:49 | 1693644 Bansters-in-my-...
Bansters-in-my- feces's picture

Them sound like "Burning Words"...!!!

Wed, 09/21/2011 - 14:54 | 1693727 apn3a
apn3a's picture

can anyone step in to Greece and execute these 300 politician motherfckers? they care abt the chair rather than national good

Wed, 09/21/2011 - 15:00 | 1693797 Peter Pan
Peter Pan's picture

Not just them, but also the many that came begore them and who now are sitting on their ill-gotten gains.

Wed, 09/21/2011 - 14:56 | 1693744 Peter Pan
Peter Pan's picture

DO YOU ALL KNOW WHAT THEY ARE THINKING USTAIRS.?

IF GREECE GETS AWAY WITH THESE MEASURES, THEN THE USA WILL DO IT NEXT.

Wed, 09/21/2011 - 14:57 | 1693764 pcrs
pcrs's picture

Fire the damn civil 'servants' who needs them, they just take away road blocks for money they put in their themselves.

Wed, 09/21/2011 - 15:19 | 1693937 robertocarlos
robertocarlos's picture

But I'm under 55. Now I'm scared. I couldn't survive, very well, without my full pension.

Wed, 09/21/2011 - 15:21 | 1693957 Nobody For President
Nobody For President's picture

Does anybody besides me think it is just plain weirdly fucked up that the Greek Fin Min Venizelos is preaching austerity, when that grossly obese (i.e. fat fuck) sob needs to lose about 200 pounds to be able to walk up a flight of stairs without collapsing in a heap?

 

What a symbol for the banksters! Fucking perfect!

Wed, 09/21/2011 - 16:57 | 1694430 Ruffcut
Ruffcut's picture

No, the whole global system is weirdly fucked up.

Wed, 09/21/2011 - 18:18 | 1694810 DosZap
DosZap's picture

Wonder how this compares to the poor Greeks, and Boomers..............

Only in America, and Chi Town.

And we wonder why Capone is still in charge?

http://www.chicagotribune.com/news/local/ct-met-pensions-legislation-watchdog-20110921,0,4724416.story

Thu, 09/22/2011 - 01:11 | 1695761 hpro123
hpro123's picture

This is the FIRST ZH thread that does NOT contain bashing non-politician Greeks for "living the good life on the backs of the rest of the EU". Refreshing!!!! Thank you people... seriously!

You cannot really know how BAD things are turning for the average person here. And, seriously, you would not believe the ammount of misinformation floating (even here) about the reality of  the average Greek.

I feel bad for just hoping that other countries will fall in the same downward spiral soon so that we in Greece are not the lone official piniadas of the EU politicians.

Thu, 09/22/2011 - 02:45 | 1695889 Nussi34
Nussi34's picture

Did they also cut pensions for the dead people?

Thu, 09/22/2011 - 05:03 | 1696029 hpro123
hpro123's picture

Of course they did. Horizontal cuts do not care if you are alive or dead! :)

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