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Summary Of Greek Reform "Pledges"
At this point everyone is so habituated to worthless updates from Greece that we are shocked Bloomberg even noticed. Either way, here is latest Greek headline tape bomb, via BBG, which looks at a leaked Troika draft report obtained by Bloomberg.
- TROIKA DRAFT GREEK ACCORD SAYS 2012 GDP TO SHRINK AS MUCH AS 5% - so make that 15%-25% realistically
- GREECE TO CUT MEDICINE SPENDING TO 1.5% OF GDP FROM 1.9% OF GDP - why not just "cull" 15-20% of the population?
- GREECE PLEDGES TO MERGE ALL AUXILIARY PENSION FUNDS - one problem - following the default, there will be no pension funds left.
- GREECE TO PLEDGE 20% CUT IN MINIMUM WAGE IN TROIKA DRAFT - and Greek citizens pledge to never work again.
- TROIKA DRAFT GREEK ACCORD RENEWS PLEDGE TO CUT 150,000 EMPLOYEE - or the US equivalent of nearly 5 million workers...
- TROIKA DRAFT GREEK ACCORD PLEDGES 15,000 STATE JOB CUTS IN 2012
- GREECE TO PLEDGE ACCELERATED LABOR, PRODUCT MARKETS REFORMS
- GREECE PLEDGES PERMANENT SPENDING CUTS IN TROIKA DRAFT REPORT
- GREECE PLEDGES NOT TO INCREASE SALES-TAX IN DRAFT REPORT
- GREECE RENEWS PLEDGE FOR 1 NEW HIRE FOR EACH 5 DEPARTURES
- GREECE AIMS TO SELL DEPA, DESFA, OPAP, EYDAP, EYATH IN 1H 2012
- GREECE ALSO TARGETS HELLENIC PETROLEUM SALE IN FIRST HALF 2012
But the winner is:
- TROIKA DRAFT GREEK ACCORD SEES RETURN TO GROWTH IN 2013 - OMFG.... no, did they just... HILARIOUS
This from the country that was "just short" of a 9% forecast revenue growth in January with a 7% miss??? Sheer lunacy, and Germany will throw up all over the "pledges" as they have had enough. What is needed are guarantees. And even these are pending since the government meeting is still going on, meaning that Greek "leaders" can't come to an agreement over a set of hollow promises?
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The cuts will kill whats left of Greece....Whats the point? I still think the EU is pushing for a odious debt outcome so they won't call this a credit event / default..The draconian measure pushed upon the Greek people will start a revolution...
HAve the greeks promised to decrease electrical consumpion and increase bodily heat production by 20%? This is vital to saving the economy. How to achieve a 20% increase in bodily heat, all the while reducing food intake by 30% and cutting down on motor usage, and eletrical usage, is a new paradigm that the Greeks must invent. I think they need to relax their legislation in some other areas; like boiling bankstas and corrupt politicians, will be authorised every other Sunday. Upon the condition that consumption of said individual be spread out over the week! A delicacy has to be appreciated as a true national treat.
No longer interested in news about Greece, Greece is finished, kaput, game over.
DEFAULT Risk by Country as Measured by CDS Prices
http://www.scribd.com/doc/80977036/DEFAULT-Risk-by-Country-as-Measured-b...
pp
Europe is f*cking a joke.
...and a bad one.
LMFAO!
Yeah well good luck with those so called pledges (just as well they ain't promises).
I almost feel embarrassed for them.
I wonder how much the Greeks spend on immigrant and alien services, I understand they have higher immigration rates than we do in America.
I would think that "free shit to foreigners" would be the first thing to be cut by the Greek govt, free shit to aliens doesn't even seem to have made the list.
That is illegal immigrants: Mostly because of their geographic location/proximity to North Africa and Asia (Turkey). Greece has to bear almost 75% of illegal crossings into the EU. The EU is doing nothing to help them.
I doubt they pay these illegals anything, the main cost seems to be border patrols and detention camps.
http://www.economist.com/node/16847278
I wonder how much the Greeks spend on immigrant and alien services, I understand they have higher immigration rates than we do in America.
I would think that "free shit to foreigners" would be the first thing to be cut by the Greek govt, free shit to aliens doesn't even seem to have made the list.
When I plug all of those pledges into my proprietary econometric formula, under license from a recent Nobel Prize winning economist and Joe La Vorgna, then crosscheck against the Oracle at Delphi, I get Greece's 2013 GDP change of 5.3%. The problem is, neither Paul nor Joe told me the sign, + or -. Ouzonomics.
Come'on, look at the bright side. You'll be able to afford a Greek vacation in the near future just like it was in the good old days; a few cartons of cigarettes and a fist-ful of beads. Just bring a gun.
Greece: "We agree to empty promises of 10%"
Euro-peons: "We will only except empty promises of 20%"
The voice of reason: "Lets split the diff and call it 15%"