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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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Wed, 10/12/2011 - 09:52 | 1765330 Sequitur
Sequitur's picture

Stupid equity markets say:  bullish.

Wed, 10/12/2011 - 09:56 | 1765361 LawsofPhysics
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.

 

Wed, 10/12/2011 - 10:48 | 1765682 unununium
unununium's picture

Mother of all short squeezes.

Wed, 10/12/2011 - 11:12 | 1765746 Dr. Richard Head
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.

Wed, 10/12/2011 - 09:57 | 1765367 YesWeKahn
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.

Wed, 10/12/2011 - 10:16 | 1765505 A Man without Q...
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...

Wed, 10/12/2011 - 11:17 | 1765818 dvsteenk
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...

Wed, 10/12/2011 - 11:42 | 1765942 fajensen
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?

Wed, 10/12/2011 - 10:56 | 1765711 SheepDog-One
SheepDog-One's picture

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

Wed, 10/12/2011 - 10:15 | 1765492 covert
covert's picture

will greece cease to be a country?

http://expose2.wordpress.com

 

Wed, 10/12/2011 - 12:53 | 1766277 randomdrift
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.

Wed, 10/12/2011 - 09:52 | 1765338 Volaille de Bresse
Volaille de Bresse's picture

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

Wed, 10/12/2011 - 10:20 | 1765535 kaiserhoff
kaiserhoff's picture

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

Wed, 10/12/2011 - 09:53 | 1765340 Cassandra Syndrome
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. 

Wed, 10/12/2011 - 09:58 | 1765373 GeneMarchbanks
GeneMarchbanks's picture

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

Wed, 10/12/2011 - 10:04 | 1765424 Instant Wealth
Instant Wealth's picture

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

Wed, 10/12/2011 - 15:03 | 1766739 buyingsterling
buyingsterling's picture

lol

Wed, 10/12/2011 - 09:53 | 1765341 alien-IQ
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.

Wed, 10/12/2011 - 17:55 | 1767387 StychoKiller
StychoKiller's picture

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

Wed, 10/12/2011 - 09:53 | 1765342 knight99
knight99's picture

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

Wed, 10/12/2011 - 09:53 | 1765343 qussl3
qussl3's picture

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

Wed, 10/12/2011 - 09:53 | 1765344 DavidJ
DavidJ's picture

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

Wed, 10/12/2011 - 09:59 | 1765352 hedgeless_horseman
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?

Wed, 10/12/2011 - 10:00 | 1765391 johnQpublic
johnQpublic's picture

they go on strike, thats where they go

Wed, 10/12/2011 - 10:05 | 1765413 hedgeless_horseman
hedgeless_horseman's picture

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

Wed, 10/12/2011 - 10:13 | 1765479 Taterboy
Taterboy's picture

I hear there are travel bargains in Harrisburg, PA.

Wed, 10/12/2011 - 10:54 | 1765702 DaBernank
DaBernank's picture

Some Greeks I know like to go to the Seychelles.

Wed, 10/12/2011 - 09:54 | 1765353 youngman
youngman's picture

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

Wed, 10/12/2011 - 09:55 | 1765357 Cone of Uncertainty
Cone of Uncertainty's picture

Please wake me up when people start dying, thanks.

Wed, 10/12/2011 - 10:07 | 1765447 arby63
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.

Wed, 10/12/2011 - 09:55 | 1765358 firstdivision
firstdivision's picture

It's priced in.

Wed, 10/12/2011 - 09:56 | 1765360 Fips_OnTheSpot
Fips_OnTheSpot's picture

Goodbye Greece, see you after the big clash.

 

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

Wed, 10/12/2011 - 10:36 | 1765617 gaoptimize
gaoptimize's picture

Appreciated by all Cretins

Wed, 10/12/2011 - 09:56 | 1765362 Raynja
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.

Wed, 10/12/2011 - 09:57 | 1765365 Saro
Saro's picture

My magic 8-ball says this is bullish!

Wed, 10/12/2011 - 10:15 | 1765499 oogs66
oogs66's picture

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

Wed, 10/12/2011 - 11:24 | 1765853 Poetic injustice
Poetic injustice's picture

No, there are multiple settings on magic 8ball:

Bullish!
Strongly bullish!
Insanely bullish!
Ludicrously bullish!

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

Wed, 10/12/2011 - 09:57 | 1765370 luigi
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.

Wed, 10/12/2011 - 09:57 | 1765372 SokPOTUS
SokPOTUS's picture

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

Wed, 10/12/2011 - 09:58 | 1765375 Josh Randall
Josh Randall's picture

These people strike more than Big Ern McCracken

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

Wed, 10/12/2011 - 09:58 | 1765377 Quintus
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.

 

Wed, 10/12/2011 - 09:59 | 1765386 SokPOTUS
SokPOTUS's picture

...and an incompetence problem.

Wed, 10/12/2011 - 10:01 | 1765403 johnQpublic
johnQpublic's picture

+3

 

one for your name

one for the avatar

one for the comment

Wed, 10/12/2011 - 10:02 | 1765414 Quintus
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.

Wed, 10/12/2011 - 10:13 | 1765478 nmewn
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 ;-)

Wed, 10/12/2011 - 10:00 | 1765393 Silverstar
Silverstar's picture

Hey.. only for keeping track of all the Strikes in Greece...

 

http://www.keeptalkinggreece.com/2011/10/10/upd2-greek-strikes-week-schedule-oct-11-19-2011/

Wed, 10/12/2011 - 10:00 | 1765394 bankonzhongguo
bankonzhongguo's picture

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

Greeks.  What a bunch of pussies.

Wed, 10/12/2011 - 10:01 | 1765398 Sgt. Oddball
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.

Wed, 10/12/2011 - 10:02 | 1765404 Dick Darlington
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
statement.
     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!

Wed, 10/12/2011 - 10:06 | 1765439 cherry picker
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.  :)

Wed, 10/12/2011 - 10:06 | 1765442 Subprime JD
Subprime JD's picture

Surely without a doubt this is extremely bullish

Wed, 10/12/2011 - 10:06 | 1765443 Caviar Emptor
Caviar Emptor's picture

Why this is bullish: the world is moving toward "post-financialization". So shutting a finance ministry is a big first step.

Gold morphed to paper, paper morphed to binary digits, and now that we're drowning in excess financial digits they too have lost all meaning. The world will go on without money. As long as you take just what you need and give just what's needed we'll all be better off than we were before. 

Wed, 10/12/2011 - 10:14 | 1765488 GeneMarchbanks
GeneMarchbanks's picture

Try telling that to a East Euro prostitute, post coitus, your face will sting as you walk away...

Wed, 10/12/2011 - 10:18 | 1765518 Caviar Emptor
Caviar Emptor's picture

Ahh you have to give if you receive. Then it works :-)

Wed, 10/12/2011 - 10:09 | 1765455 Lone Mad Minute...
Lone Mad Minute Medic's picture

This has got to be good for a few hundred more points to the up side in the DOW

Wed, 10/12/2011 - 10:09 | 1765458 adr
adr's picture

Some analyst put a $580 target on Priceline. Why not just shoot for $750? 

Does a stock price even correlate to anything anymore? 

Where are the $600 calls for Apple? they were out there a few weeks ago. Reality is S&P 750-800 and Dow 8000. Anything above that is a bubble valution based on any metric that resembles reality. Yet somehow the Dow is supposed to be above 14k, that is correct according to the market.

What justifes the price levels of some of these stocks like Deckers Outdoor? How can they still go up more than 3% every day? The moves down over the past two months were justified but these BS stocks keep heading for new highs. The only right move is up. I can't bring myself to invest in a company I know is overvalued 100 times or more.

Wed, 10/12/2011 - 10:14 | 1765490 Caviar Emptor
Caviar Emptor's picture


Some analyst put a $580 target on Priceline. Why not just shoot for $750? 

Does a stock price even correlate to anything anymore? 

 

In a world where competing governments and banks can produce tens of trillions overnight, everything is "cheap". I just put a billion-dollar price tag on my holding of physical gold, and I'm just gonna sit and wait till the day the phone will ring off the hook. 

Wed, 10/12/2011 - 10:11 | 1765465 RSloane
RSloane's picture

And of course, this is bullish news!

Wed, 10/12/2011 - 10:11 | 1765467 Lord Welligton
Lord Welligton's picture

October 17th?

The manifesto addressed the unrest in Russia and pledged to grant civil liberties to the people: including personal immunity, freedom of religion, freedom of speech, freedom of assembly, and freedom of association

http://en.wikipedia.org/wiki/October_Manifesto

Wed, 10/12/2011 - 10:29 | 1765580 the not so migh...
the not so mighty maximiza's picture

Greece has been saved they just don't know it yet.

Wed, 10/12/2011 - 10:44 | 1765657 totem
totem's picture

The actions of the past month or so give me the impression that Germany and France, effectively the Euro's parents, have given up trying to control their childrens' spending habits.

Or more to the point, the kids have come to realize that their parents are all-talk and no-action; in the end, Germany and France always cave and the spoiled kids get their allowance.

 

 

 

Wed, 10/12/2011 - 11:40 | 1765937 No Mas
No Mas's picture

You ZH'ers are like the buck tooth kid with no friends in school.  Ya just hate the fact that the markets are climbing and more people than not are doing just fine.

Lighten up Francis.  The ECB will print whatever is needed and the little Greece will go along to get along.  How many times has Greece "shut down" or "been on fire" around the halls of ZH?  How often do you guys post stories about the soon to come market crash or hyperinflation or the next war or BLAH BLAH BLAH BLAH and then, well sales aren't so bad and the euro doesn't collapse and the sun actually rises in the morning?

I wonder.  Have these folks who call themselves Tyler Durden ever been laid?  It can do wonders to change one's outlook on life you know.  Of course, the skinny bucktooth kids never get laid so it may be that is the real problem around these parts.

OK.  Off to enjoy the day and watch the markets, well you know, not crash :) :) :)

Wed, 10/12/2011 - 11:54 | 1766005 zorba THE GREEK
zorba THE GREEK's picture

NO mas, I like your style, but watch out because one day things could crash and you

may find yourself with Greece's big toe up your butt.

Wed, 10/12/2011 - 11:45 | 1765961 Poetic injustice
Poetic injustice's picture

No Mas, you are little funny Greek. Only thing you think about is having endless fun.

Do NOT follow this link or you will be banned from the site!