Put A Fork In It: Greece Effectively Shuts Down As Finance Ministry To Begin 9 Day Strike

Tyler Durden's picture

Remember the country that started it all yet was "so small nobody should worry about it." Well, it turns out its size was juuuuust right, and while the Eurozone is now fighting contagion fires everywhere up to and including the heart of the core (thank you most-bailed-out-by-the-Fed-bank Dexia), Greece still has yet to see any benefits whatsoever from all the so called bailouts, including the 5 previous tranches from the US taxpayer funded IMF. Well, it appears Greece has effectively shut down, after the country's Finance Ministry - the nerve center coordinating not only the country's economy but its continued bailout requests, has announced the start of a 9 day strike beginning October 17. May as well call it indefinite, and may as well put a fork in it.

From Bloomberg:

Greek finance ministry workers blocked access to the ministry’s main building in central Athens as part of protests against government plans to cut jobs and wages.


Members of the Federation of Finance Ministry Unions hung a banner reading ‘Occupation’ from the roof of the eight-story building and hoisted black flags around the roof. The federation plans a nine-day strike beginning Oct. 17, according to an e-mailed statement today.

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Sequitur's picture

Stupid equity markets say:  bullish.

LawsofPhysics's picture

Of course, if only all the "bad" parts of the world eCONomy would shut down (and hence no be counted), this is earning season after all and we got to keep marching towards infinite growth on this finite world, don't cha know.

Bullish indeed.


unununium's picture

Mother of all short squeezes.

Dr. Richard Head's picture

At the behest of ZIRP, POMO, Reverse POMO, Repo 105, QE Twist, Primary dealer/Fed Reserve circle jerks, SEC tranny fist fucking porn watching, DOJ lack of criminal referral thumb sucking, and a good old fashioned debt based money system.  Sounds good. 

I would like to contact someone, so that I can transfer all of my assets to whatever cumfuck equity plan they suggest.  Buy and hold is the key.  Great valuations and crystal clear balance sheets. Any mainstream economist would do, as I can trust with my extra capital that I derived off of my labor.  Seems to make sense to transfer my productive capital to capital created from a printer.

YesWeKahn's picture

Most tech stocks have been up 20% from the two weeks ago's low. It is still shooting higher. Another Tech bubble is in.

A Man without Qualities's picture

Just look at the chart for the DAX - it's 17% higher than its recent low, in 6 days...

dvsteenk's picture

some of the financials are up even 50-60% from lows of one week ago

this morning i saw on Bloomberg a report on the short interest in automobil sector stocks, especially in Daimler

"independent" news coverage

inspired some to squeeze some of them shorts out, Daimler up over 6%

i wonder how big is the long interest...

fajensen's picture

It's the gravitational waves from the supermassive black hole of OTC derivatives that is distorting the markets. The only question is: Are we inside or outside of the event horizon?

SheepDog-One's picture

New tech bubble, all in 1 week...LOL!

randomdrift's picture

If the globalists have their way, every country will cease to be a country. Greece is just ahead of the curve. However, they are still nowhere near the level of revolt that it will take to put an end to it. --- When their police no longer turn-out to contain the riots and NATO is sent in, only then, will they be fighting to reestablish their nation-state. However, they are right to delay, until the contagion spreads to the other PIIGS, for otherwise they would risk the fate of those who rise too early, before a general revolt breaks out.

Volaille de Bresse's picture

Medically speaking, plague starts with a pimple "so small nobody should worry about it." Then it goes worse...

kaiserhoff's picture

Couldn't happen to a nicer bunch of sheep stealers.

Cassandra Syndrome's picture

But, but our econometric models say that Greece's deficit will reduce and their economy will grow. This story is nonsense as it wasn't in the equations. 

GeneMarchbanks's picture

October 17? Isn't that the same day they run out of cash?

Instant Wealth's picture

No. They "found" some cash, lately, so the moment of truth could be postponed.

alien-IQ's picture

no doubt this should cause the USD to tumble sending the /ES soaring to new ever more glorious highs because...just BECAUSE.

StychoKiller's picture

Yo, can I hitch a lift on yer space ship?  I gotta get off this rock, it's populated with idjuts!

knight99's picture

Euro target 1.15 a weekly close above 1.388 out of half my position and will look to reshort.

qussl3's picture

Dont worry China will send some labor over to run the country.

DavidJ's picture

That should be good for a 100 point EURUSD rally!  Greek cannot default if  its Finance Ministry is closed!

hedgeless_horseman's picture

My Big Fat Greek Additional Nine-Day Union Vacation.

Where do Greeks typically go for their eight weeks of regularly-scheduled-paid vacation?

johnQpublic's picture

they go on strike, thats where they go

hedgeless_horseman's picture

Makes sense.  Always good weather, and the food is consistent.

Taterboy's picture

I hear there are travel bargains in Harrisburg, PA.

DaBernank's picture

Some Greeks I know like to go to the Seychelles.

youngman's picture

Why the 17th...why not now....????   If your going to walk on thin ice...you might as well dance....

Cone of Uncertainty's picture

Please wake me up when people start dying, thanks.

arby63's picture

Agreed. It's all getting old. For my part, I pulled all my money out of the big banks. Paid off all the credit cards. Generally use only cash and DEFINITELY abandoned all consumerism. Did I say avoid almost any tax I can?

Sooner or later the beast will be starved enough for real reform (and prosecutions) to at least begin.

Fips_OnTheSpot's picture

Goodbye Greece, see you after the big clash.


I loved having holidays on Crete, for what it matters right now.

Raynja's picture

If we can just have a big enough natural disaster, the gdp would sky rocket. Within five years of that everyone ever born could permanently retire.

Saro's picture

My magic 8-ball says this is bullish!

oogs66's picture

there is only one setting on the magic 8 ball - bullish!

Poetic injustice's picture

No, there are multiple settings on magic 8ball:

Strongly bullish!
Insanely bullish!
Ludicrously bullish!

Different levels require to use different leverage, 1000:1 in case of ludicrously bullish.

luigi's picture

It remembers me Minnesota in Mediterranean souce... How handy if you can simply vote to rise a debt ceiling running presses... You can pospone problems unitl paper or ink run out.

SokPOTUS's picture

That would be "Fork You"; as translated from the Original Greek.

Josh Randall's picture

These people strike more than Big Ern McCracken


Quintus's picture

There a whole federation of unions specifically for workers in the Finance Ministry???

Christ, how many workers does the FinMin employ?  How many unions do you need to form a federation when there is only one employer concerned?

I suspect the Greek Finance Ministry may have an overstaffing problem.


SokPOTUS's picture

...and an incompetence problem.

johnQpublic's picture



one for your name

one for the avatar

one for the comment

Quintus's picture

In general, yes - but you have to admire their brilliance in continuing to suck money from the IMF/ECB/EU while delivering worse than nothing from their side.

nmewn's picture

"Christ, how many workers does the FinMin employ?  How many unions do you need to form a federation when there is only one employer concerned?"

One to robo-sign the checks and a thousand to move around barrels of ink.

They ran out of ink ;-)

bankonzhongguo's picture

It doesn't count if the Ministry is not set on fire.

Greeks.  What a bunch of pussies.

Sgt. Oddball's picture

Having the Finance department of your country go on an extended strike is a nice way for a country to buy some time instead of telling everyone that they don't have the liquidity to make any payments on anything.

Dick Darlington's picture

 Oct. 12 (Bloomberg) -- Greece’s central government cash
deficit widened to 19.2 billion euros in the January to
September period from 18.5 billion euros in the same period a
year earlier, the Athens-based central bank said in an e-mailed
     Ordinary budget revenue fell to 35.2 billion euros from
36.2 billion euros while spending rose to 53 billion euros from
48.9 billion euros, according to the statement.

One helluva austerity, eh!

cherry picker's picture

I'm getting a $500,000 student loan to get a degree in Shadow Banking and one of the courses is about money printing.  I discovered a bankrupt weekly newpaper with all the printing presses intact and in good order.

In a few weeks I'll have the $500,000 student loan paid off and will be competing with the fed for green backs printed.  My new business may get so huge, I'll have to expand and I'll be forced to get an MBA so I can manage my new printing business.  :)