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Same Time, Same Place - Greek Labor Unions Waste No Time In Scheduling Tomorrow's Athens Protest

Submitted by Tyler Durden on 02/21/2012 10:57 -0400

That didn't take long. From Athens News: "Greece's two biggest labor unions, GSEE and ADEDY, on Tuesday announced plans for a protest rally on Syntagma Square on Wednesday. Starting at 4 p.m., the protest march is scheduled to coincide with a vote in Parliament on an emergency bill aimed at slashing state spending further through cuts to pensions and salaries, to which Greece is bound by its most recent bailout agreement." Parliaments is planning on further spending cuts? To what? Zero? Negative? And one can bet their bottom dollar, the tax collectors, already urged to increase their efficiency by 200%, will be present, and certainly not tripling their work output while peacefully consuming lungfulls of tear gas.

Marches organised by the private-sector General Confederation of Greek Labour (GSEE) and its public-service counterpart ADEDY attracted more than 100,000 protesters to Syntagma Square on February 12, but attendance was considerably less at rallies held at the weekend.

"Demolishing labour regulations, new cuts in the main and supplementary pensions, the destroying the welfare state, the abolition of public services and new layoffs by the state are the new brutal measures which the coalition is in a rush to pass so that it can please the troika and creditors," a union announcement said on Monday.

Unions and small business associations warn that new cuts will dramatically cut the spending power of the average citizen and deepen the recession - a prediction already confirmed in part by official government projections.

And so the Greek GDP boosting efforts are off to an auspicious start, which will surely bring Greek Debt/GDP to 120.499999 by 2020.

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Tue, 02/21/2012 - 10:58 | 2180768 GeneMarchbanks

Well... duh!

Tue, 02/21/2012 - 11:04 | 2180786 Future Tense

Can anyone explain to me how the ECB bought 50 billion euros worth of Greek bonds in 2010 and 2011 and now they are swapping those bonds at a profit when the value of Greek bonds has been falling steadily for 2 straight years?

Tue, 02/21/2012 - 11:06 | 2180796 LongSoupLine

Here's the simplified version:

I'm putting three cards face down on a table. Try to follow the card I showed you as I...

Tue, 02/21/2012 - 11:19 | 2180828 redpill

I wonder if Greece broke out into violent revolution (which wouldn't be a surprise) if other Euro nations would intervene and actually impose martial law and force the technocrat-passed austerity measures on them.

Hell what am I thinking, Obama would probably send in the Marines.

Tue, 02/21/2012 - 11:25 | 2180843 GetZeeGold

How is it I can hardly afford to buy gas but the Greeks seem to have no problem? Molotov coctails for everyone!

Did they reroute the Keystone pipeline over there?

Tue, 02/21/2012 - 11:24 | 2180844 GetZeeGold

Double post......nevermind.

Hit the save button once......once dammit.

Tue, 02/21/2012 - 11:24 | 2180850 spanish inquisition

Let's see....Uzo - check. Rags - check. Pitchfork - check. Directions to Parliment - check.

Tue, 02/21/2012 - 11:26 | 2180862 MillionDollarBonus_

Greek unions need to stand up to right-wing bullies NOW, before it is too late. There is absolutely NO NEED for ANY cuts to the Greek budget. This is simply libertarian propaganda. Most top economists believe that Greece should INCREASE spending to boost aggregate demand.

Tue, 02/21/2012 - 11:34 | 2180884 GetZeeGold

I'm thinking you musta forgot the /sarc.......then again.....it just might work.

/maybeSarcMaybeNot

Tue, 02/21/2012 - 11:40 | 2180907 The Big Ching-aso

Greek Labor Union. Isn't this one hell of an oxymoron?

Tue, 02/21/2012 - 13:34 | 2181413 Xkwisetly Paneful

Nothing like the smell of Ouzo oozing out the pores of a grecian government drone hungover on the beach in the morning.

Tue, 02/21/2012 - 12:03 | 2181029 macholatte

I wonder if Greece broke out into violent revolution

Sense of shame on streets of Athens

http://www.reuters.com/article/2012/02/21/greece-mood-idUSL5E8DL1MZ20120221

Tue, 02/21/2012 - 12:26 | 2181132 tocointhephrase

Time to rise up like Gold and Silver!

Tue, 02/21/2012 - 12:50 | 2181257 Clockwork Orange

Obama only has balls for drones for non-oil producing countries.

You can't win peace prizes if you send the troops in everywhere.

Tue, 02/21/2012 - 13:03 | 2181305 RockyRacoon

John McCain is advocating the invasion of Greece to "stop the carnage". I'd supply links to the story but I think they fell overboard with my silver stash.

Tue, 02/21/2012 - 13:37 | 2181422 Xkwisetly Paneful

Just another soon to be islamic republic but somehow the evil zionista banker cabal is behind the whole thing. I read it on the internets so it must be true.

Tue, 02/21/2012 - 12:58 | 2181285 Honey Badger

As I understand it, ECB bought 50 billion Euro nominal amount. They paid a discount for the bonds, as they were trading at 70 cents on the dollar (or so). They swapped those bonds for new bonds, and put the new bonds on their books at par. The difference between the discount they paid on the original bonds and the par value of the new bonds is the "profit." As ZH as noted, as soon as the new bonds have a market value, they will also be trading at pennies on the euro.

Tue, 02/21/2012 - 12:01 | 2181007 Abitdodgie

Ho look another Greek headline and no news , just one ,pull just one member of parliment out and string him up , would or could stop WW111.

Tue, 02/21/2012 - 14:18 | 2181533 Azannoth

"Demolishing labour regulations, new cuts in the main and supplementary pensions, the destroying the welfare state, the abolition of public services and new layoffs by the state" - Exactly what they should have done 10 fucking years ago! But now it's too little too late

Tue, 02/21/2012 - 11:01 | 2180775 LongSoupLine

uhmmm....gasp?

Tue, 02/21/2012 - 11:12 | 2180816 American34

Rise up Greek people! If you don't tear down your government it will enslave you!

Tue, 02/21/2012 - 11:14 | 2180819 bdc63

Don't worry, I'm sure its "priced in" ...

Tue, 02/21/2012 - 11:01 | 2180776 Tense INDIAN

Dollar looks like it is going to move much lower ,..and we could see much higher equity prices:::-----

http://markettechnicals-jonak.blogspot.com/

Tue, 02/21/2012 - 11:30 | 2180852 LouisDega

Are you Tom O'brien's mini me?

Tue, 02/21/2012 - 11:01 | 2180777 BobPaulson

Let's see if they are ready to take it up a notch. Continuous perma-strike aint gonna cut it. It will take more than broken windows to stop the starving currency beast in Brussels.

Tue, 02/21/2012 - 11:18 | 2180824 knightowl77

Strikes don't do anything....They need to take it up several notches to get anyone's attention...like dragging the pols out of parliament at pitchfork point....until that happens, they can strike forever....no one cares

Tue, 02/21/2012 - 11:01 | 2180778 Rainman

The mirrors are all busted, it's just smoke from now on.

Tue, 02/21/2012 - 12:24 | 2181121 tocointhephrase

They call it tear gas from where i'm standing

Tue, 02/21/2012 - 11:02 | 2180781 Zola

how can determined greeks not simply bust through this police blockade and haul the traitors from parliament out in the street ? Also is there really 70pct in favor of staying in the Euro or are these bogus "polls" ? Why not have a referendum then ?

Tue, 02/21/2012 - 11:09 | 2180787 hedgeless_horseman

The trouble with socialism is that eventually you run out of other people's money.

Marg. Thatcher

Tue, 02/21/2012 - 11:47 | 2180930 Bob

Her "producer" buddies apparently haven't gotten it all yet . . .

http://www.dailymail.co.uk/debate/article-2073337/RBS-bailout-The-guilty...

Tue, 02/21/2012 - 11:52 | 2180964 kridkrid

Socialism, capitalism... it really doesn't matter in a monetary system based on credit money, usary and fractional reserve banking. Regardless of any inefficiencies created by "socialism", to blame socialism itself is really a red herring. I know I'll get lots of down votes for saying this... people hate giving up the ghosts of our indoctrination... but none of our "isms" are to blame.

Tue, 02/21/2012 - 12:09 | 2181052 GeneMarchbanks

To paraphrase the great Koestler: wars are fought over words.

This is especially relevant to the States where people have always had enemies or at least they've been indoctrinated to believe is so.

Mon, 02/27/2012 - 02:48 | 2199867 Mudduckk

Right. When you have a printing press you never run out of other peoples money...It's just that some of those other peoples have yet to be born in to debt slavery. This will not end well.

Tue, 02/21/2012 - 11:04 | 2180788 cdude

Greek default won't "happen", even if it does. Actually,Greece has already defaulted. +50% haircut for the majority of debt holders looks like a "default" to me. If it looks like a duck, sounds like a duck.....

Tue, 02/21/2012 - 11:08 | 2180800 giovanni_f

That's why they are a democracy. The don't need FEMA camps.

Tue, 02/21/2012 - 11:09 | 2180802 scatterbrains

No clue here but if these unions are the typical kind you find here in the states then the bought and paid for union leadership are just going through the motions to appease the rabid members. I don't think much comes of these protests unless or until the union leaders are discovered hanging from lamp posts.. that at least would be a sign that a true revolution is building.. that it's about more then wages and bennies.

Tue, 02/21/2012 - 11:20 | 2180832 knightowl77

How far can you push sheep before they fight back? Will they ever?

Tue, 02/21/2012 - 11:23 | 2180847 johnQpublic

thats why you fuck a sheep with it facing towards the edge of a cliff...

so it pushes back

Tue, 02/21/2012 - 11:50 | 2180949 diesheepledie

They never will. They have been bred to be fleeced and slaughtered. The ones that fight back are few, and they are anomalies that will be rejected by the rest of the herd. Greece is a great laboratory to model the tightening and austerity that will soon be necessary in the US. We can learn from the mistakes of the EU. And Greece is small enough that a few mistakes can be afforded. We should be grateful to the courage of the Eurozone ministers. They are truly pioneers when it comes to social engineering and managing the bewildered herd.

Tue, 02/21/2012 - 11:20 | 2180835 kralizec

It always kills me, leftnut pol's give goodies demanded by unionistas, then after the leftnut pol's bankrupt the nation they are forced to float more paper (which is unsustainable) or start cutting goodies. The goodies have to be cut, then the unionistas take to the streets, ostensibly because they pissed away all their goodies on God knows what and have nothing to show from their years of plenty, and people think these protestors are on the right side of history? The leftnut pols, the crony capitalists and the unionistas (yes, even that rabble in the street) are all traitors and deserve the fate reserved for them.

Tue, 02/21/2012 - 11:25 | 2180854 scatterbrains

Which came first the dues paying union stooge or the criminal bank/politicos ? (when it comes to destroying a country I mean)

Tue, 02/21/2012 - 11:33 | 2180886 kralizec

The politicos and the union stooge in that order.

Tue, 02/21/2012 - 11:49 | 2180939 scatterbrains

Promise the fool stooge what ever to get elected so you can loot the country. So now with mission accomplished, the country bankrupt and the fool stooge having everything stripped away (when will the bankers/politocs get there turn? not gonna happen) perhaps as the stooge awakens we'll say some heads on pikes.. I doubt it though.

Tue, 02/21/2012 - 12:10 | 2181058 kralizec

Heh. If the stooge was awake he would have never allowed himself to be a stooge. Buying the socialist promise was his mistake, not mine, when the SHTF many a stooge and politico will be on pikes.

Tue, 02/21/2012 - 12:28 | 2181119 scatterbrains

and many who think they are "awake" on the sidelines as well, who depended on the income of the stooges to do buisnes with and thus prop the value of thier mom and pop shop up and make them feel wealthy.. when the SHTF does come everyone well pay, the stooge, the "awake" everyone.(again except the banksters)

Tue, 02/21/2012 - 12:38 | 2181192 kralizec

No punishment only reward for being part of the problem? Shame!

Tue, 02/21/2012 - 12:34 | 2181164 kridkrid

The enemy you have been provided isn't really your enemy. You and the stooge who you are describing have both been sold a bill of goods. The cognitive dissonance you are experiencing has manifested itself in proclamations of superiority. Your fate and his are the same.

Tue, 02/21/2012 - 13:10 | 2181329 pods

As always krid, another one in the 10 ring!

pods

Tue, 02/21/2012 - 12:00 | 2181006 FlyoverCountryS...

Funny thing about Unicorns. Once you promise the sheeple Unicorns for votes, they don't want to accept that Unicorns don't actually exist when the time comes to pay up.

I'm sure some more taxes on "Rich" Greeks will solve the problem. Right?

Tue, 02/21/2012 - 12:05 | 2181037 scatterbrains

no but hanging some crooks is at least a start.

Tue, 02/21/2012 - 14:14 | 2181527 Louie the Dog

So true, but here at Zero Head it's always the bankers fault (never the idiot that borrows more than he can possibly repay), the politician's fault (never the idiots that elected them), and of course, here in America, the baby boomers for all getting old at the same time (never saw that one coming, huh?).

What I see of many of those who post here are those that get on their knees every night and pray to Ron Paul for economic armageddon so they can finally put all that gold they're hoarding to use, and those that believe others should pay for their useless college degree and/or their now unaffordable home.

The Greek people are getting exactly what they deserve. And we Americans will get exactly what we deserve when the same shit hits our shores (at which time I'll wish I was hoarding gold).

Tue, 02/21/2012 - 11:26 | 2180859 TrulyBelieving

Yep, the day of rejecting socialism and embracing Liberty, Freedom, and personal responsibility, ain't gonna happen.

Tue, 02/21/2012 - 11:10 | 2180803 Manthong

Welcome back to the Euro.

Get used to it.

Tue, 02/21/2012 - 11:10 | 2180805 GeorgeHayduke

Ok Greece, don't repay anything and kick their ass if they come to rake anything away from you.

It's time for someone to stand up to the bankers and we'll be a lot better off if they do it now instead of down the line after they've sucked the blood out of more countries and grow bolder and bolder. It looks like WW III isn't nation against nation, but rather the middle-class and poor of nations against the global bakers and their minions. Looks like it's on too.

Tue, 02/21/2012 - 12:53 | 2181268 Clockwork Orange

I'm betting on the Spanish for some banker beatings.

Tue, 02/21/2012 - 11:11 | 2180811 dwdollar

The best these guys can do is stage a protest???

Tue, 02/21/2012 - 11:11 | 2180812 JohnKozac

Why does Greece even matter? It is so small.

Tue, 02/21/2012 - 11:25 | 2180857 valley chick

IMO JohnKozac...by example with Greece will set example for the other countries and banks as they rewrite laws and rules, plus IMO the location of Greece and the available property that can be purchased for pennies on the dollar by TPTB and lastly a distraction from other events going on. But heck I am new and still learning...bad timing for that for it appears fundamentals do not count....so I could be way off base.

Tue, 02/21/2012 - 11:46 | 2180926 SnobGobbler

because if the world knew the mind-boggling numbers that were actually involved in this game the bankers call "ring-around-the-rosey" every city would participate like Athens does. One by one these nations will transition into BNP parabaz-landium and JPMorganVille..

long icelandic futures...

Tue, 02/21/2012 - 11:49 | 2180941 Instant Wealth

... dunno. Spicy food ?

Tue, 02/21/2012 - 12:06 | 2181040 riphowardkatz

Read The Mystery of Banking by Murray Rothbard to find out. In short redemptions, the current banking system is structured on an all-in-model. Greece's debt backs the borrowing ability of other banks. Remove that and you have the possibility of a deflationary spiral. The ECB has to print one way or another. The question is how much. With Greece in you can quantify it to a certain exent with them out it is unquantifiable. The devil you know vs the devil you dont know.

Tue, 02/21/2012 - 11:13 | 2180817 Shizzmoney

If I were Greek....I'd just leave. It's pretty obvious that things are just going to get worse from here on in, no matter how much pride I had in saving my country.

I personally, however, am very bullish on the rise of new Diners, Sub Shops, and Fafafel Cafes that will be opening up in the US the next 2 years.

Tue, 02/21/2012 - 11:44 | 2180916 HoofHearted

If the Greeks all leave Greece, then the people leaving the US will have an empty place to go. Works for me.

Tue, 02/21/2012 - 11:19 | 2180829 Global Hunter

What amazes me is that people would accept cuts to pensions and salaries if there was some transparency (they wouldn't like it), if some leaders stepped up and said this is what is happening, this is the sacrafices we're all going to make and this is where we are trying to go in the future for our country.

Yet they lie, stall, try to confuse and present no plans for the future and worst of all only make cuts to the people who need it most. I can only believe that some sort of collective insanity has taken hold of many people, its pure madness.

Tue, 02/21/2012 - 11:47 | 2180928 riphowardkatz

I like your optimism. You should run on that platform and see how it works out.

Tue, 02/21/2012 - 11:20 | 2180833 resurger

Freeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeedooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooom

Tue, 02/21/2012 - 11:22 | 2180845 knightowl77

Apparently the spirit of William Wallace hasn't made it to the greeks

Tue, 02/21/2012 - 11:38 | 2180901 resurger

It will knight, you will reach a time where you can not sedate people with money

Tue, 02/21/2012 - 11:45 | 2180921 knightowl77

Hope so, but don't have much faith in the greek sheeple to stand...

They haven't done much in the last 1800 years

Tue, 02/21/2012 - 11:24 | 2180851 Widowmaker

Mark to market mythmaking.

200% bullshit + 1 goldman sachs appointed fag-president ushering in fascism in Europe = record bonuses.

Tue, 02/21/2012 - 11:26 | 2180860 HD

Spin it anyway you want - they can't get blood from a stone.

Tue, 02/21/2012 - 11:26 | 2180863 fightthepower

Who cares? Wake me if they start shooting and hanging. Otherwise it theatre.

Tue, 02/21/2012 - 11:29 | 2180878 Vince Clortho

Why are the markets not skyrocketing?

No fires or riots yet ...

this has to be a bullish indicator.

... or are they just waiting until 3:30 to shoot up?

Tue, 02/21/2012 - 11:34 | 2180887 HTZMR

Sorry but as much as i enjoy reading this website when it comes to U.S. issues, i feel it consistently gets something wrong about the Greek debt crisis. THE GREEKS COLLUDED IN BRINGING THIS COUNTRY TO ITS KNEES. Taxes weren't paid, families continued receiving pensions from their dead elders, government's cooked the books not once not twice but every single year since joining the euro. THIS IS NOT THE FAULT OF ANYONE ELSE. Even the banks that were all too happy to lend them money probably were basing them on credit ratings that were faaaar too lofty, since S&P et al decided not to take a closer look at the government's balance sheet.

BELIEVE ME, EVERY NORTHERN EUROPEAN STATE WOULD HAVE BEEN 1,000 TIMES HAPPIER IF THEY DIDN'T HAVE TO PUT THEIR CITIZENS HARD EARNED (AND HARD TAXED EUROS) TO SAVE GREECE.

Tue, 02/21/2012 - 11:38 | 2180899 Global Hunter

You answered your own post, the Greeks don't want a banker bailout and the Northern Europeans don't want to pay for it, yet here we are doing exactly that. Saving a few banking corporations and the elite against the majorities wishes is? Three guesses

Tue, 02/21/2012 - 11:53 | 2180971 lizzy36

When a lender makes a bad decision, he/she is part of the problem.

The point is when risk is priced properly there is less of a chance that a lender makes a bad decision.

Now in the EU sovereign debt is supossed to be "risk free". But it isn't. Two years ago, Greek debt should have been haircut, and bailout money used to get the economy going again. Instead the bailout money is going to the banks who made the bad decision to "lend" in order to keep the "risk free" myth alive.

Are the Greeks culpable, yes. Are the banks who lend to them, and the governments who want to keep the "risk free" myth alive equally as culpable, YES.

This isn't just about Greece, it is about keeping a "risk free" myth alive for the banks and the sovereigns who serve them.

Northern Citizens may not want to bailout Greece using their hard earned euros, but how do they feel about a failed Italian state? Because that is the issue, not the mispriced risk in Greece, but the mispriced risk in Spain and Italy.

Eye on the ball, Greek citizens are colleteral damage to keeping the myth alive.

Tue, 02/21/2012 - 12:03 | 2181026 pods

Really don't get it do you?

All the sanctimonious Northern Europeans needed Greece et all to keep expanding the debt supply.

For where would the debt come from to SELL all your sanctimonious Northern European products to?

It is all about expanding the debt.

pods

Tue, 02/21/2012 - 13:32 | 2181408 Xkwisetly Paneful

Come on! big centralized governance works in Germany Denmark et al,

no connection between the leverage elsewhere and their prosperity.

I read it on the internets so it must be true.

Tue, 02/21/2012 - 13:54 | 2181463 pods

Not sure if your comment was strictly sarcasm, but in order for the Norther euro producers to be competitive, they needed both easier access to markets, and a low relative value on the Euro.

The grouping of the nations helped the first, and the increase in debt helped the second.

Easiest way for the Euro to fall relative to its peers is to borrow more of them, and the PIIGS can be thanked for that.

pods

Tue, 02/21/2012 - 11:35 | 2180892 rsnoble

Arm chair revolutionary accusations or not, I will stick to my original idea that protests are only a stepping stone. As long as the people in power remain alive that keep screwing you over you only have a few choices. 1. Give in. 2. Keep protesting. 3. revolution.

If they want results there's only one building the protestors should concentrate on and thats the one that contains all the fucking assholes that don't deserve to be on this planet. When people get pushed so far as to nothing else matters anymore watch out.

Tue, 02/21/2012 - 11:58 | 2180995 pods

So now Greece is on the hook for more debt, while the banks are taking their 80% cut of the proceeds right off the top?

And halfway across the world the banks will use HAMP to pay for refinancing mortages to allow a proper foreclosure, ostensibly as a punishment for fraud?

Man Cypher, where the hell is that blue pill? Hook my ass back up to the powerplant.

Cause reality is starting to look like the bankers (machines) really do run the world.

And we are all their coppertops.

pods

Tue, 02/21/2012 - 12:11 | 2181067 RopeADope

Italy is the reason Greece citizens will suffer economic hardship for at least another 8 years. If Italy had a Debt to GDP ratio less than 90% Greece's debt levels could have been haircut to more sustainable levels. Since Italy is at ~120% Debt to GDP ratio this is the minimum level the external finance ministers can target for Greece without admitting to the world that Italy is also unsustainable.

Tue, 02/21/2012 - 12:19 | 2181097 lolmao500

The Greek labor unions should run the country... they seem to be efficient.

Tue, 02/21/2012 - 12:23 | 2181113 tocointhephrase

Doh

Tue, 02/21/2012 - 12:43 | 2181222 krmont22

If only they could be as organized and dedicated to actually working as they are to protesting...

Tue, 02/21/2012 - 15:21 | 2181725 goldnguns

The silver lining to all this is the PPI is falling (prostitution pricing index). i have it on good terms that fer a Ben Franklin you can get not one, not two, but THREE at the same time.

Reminds me of the Kingston Trio and the Merry Minuet

http://www.youtube.com/watch?v=bp6dsKleGpU

Wed, 02/22/2012 - 03:40 | 2183781 sikefeier0728