Tag Archives: Greece


Although the financial crisis is long gone, the affect it had on Greece still lingers. And it will for decades to come. Over 400,000 Greeks have left the country, heading toward more fertile pastures. Lack of jobs and opportunity is the reason. Those leaving aren’t common olive oil mongers, but the well educated professionals who seek a better life in their new environs.  Today, to put it mildly, “Greece is in the Poor House” never fully recovering from the financial implosion. In fact their economy is laboring 25% below what it was in 2008. Half dead and half alive, Rigor Mortis staring them in the face.

The Big Boys came to the rescue and with very harsh terms indeed. The European Union had strict demands, cut wages and raise taxes if you want to stay in the  Euro. This was to be a suicide pact. Economist will tell you that doing so is a path to economic hell. What got Greece initially into this mess was their propensity and proclivity to spend other peoples money. The wall came quick and they hit it hard. For the past two decades the Greeks drank Ouzo, partied into the night, enjoyed the comforts of a spend all government, but most of all lied through it all by cooking the books. Now they are paying for their truancy by hard labor.


What a lovely sight to see, the socialist parasites back stabbed by one of their own. Who would of thought such a thing was possible? Well, well they caved. Now the hard work begins as the taxman cometh. Don’t forget, the Greeks still owe the money, there was no debt haircut, but a loan extension to help them surmount the proverbial bump in the road. But darker days still lie ahead. The retirement age has been pumped up to 67, taxes increased and other fiscal measures which will dig deep into the Greek way of life – the dolce vita.

During the bank shut down the economy has not collapsed; depositors were allowed to take out 60 Euros a day from the ATM’s. We can hazard a guess that many Greeks did not have to resort to the ATM because they hid much of their underground money in the mattress. This was a very savvy position to take for those entrepreneurs, for they knew that paying taxes on under the table work would involve a transfer of wealth;  paying for the life of leisure parasites, many who were on the government dole, was not their cup Ouzo.


They voted “NO” (oxi) to the terms demanded of the ECU, thumbing their face to their gullible creditors. Greeks have chose to go it alone and eventually will live the paupers life.  They are not too big to fail so let THEM.  Out of the Euro with the Drachma being the currency of the realm the party will begin with Ouzo flowing, Metaxa toasts and high fives.

However, as all who have come before them, the printing presses will be stretched to the limit, operating 24/7. On the way to socialist pie in the sky hyperinflation will raise its ugly head, just like Germany during the Weimar Republic. It was the best of times it was the worst of times. Germany learned their lesson, now the time for the Greeks to eat cake.  They will soon learn that their Drachma is worth nothing more than wallpaper.


For the past few year we have blogged on the criminal element that has saturated Greece, now comes a most lively book detailing the do’s of Greek society; they included a mind boggling number of swindles that would put most Russians to shame.

James Angelos’ The Full Catastrophe: Travels among the New Greek Ruins lays bare the corruption which filtered through all levels of society – from the islanders who pretended to be blind, to the families who forgot to register their parents’ death and the doctors who ‘earn’ just €12,000 a year – yet live in Athens’ most exclusive neighborhood.

It was the rumours of an ‘island of the blind’ which first bought Angelos, a journalist, to Greece in 2011.

He had heard that on Zakynthos, something like two per cent of the population were registered blind.

All was not quite how it seemed, however, and it transpired that 61 of the 680 ‘blind’ residents were quite happily driving around the island.

In fact, an astonishing 498 of those 680 were not blind at all – or even partially sighted.

But being ‘blind’ had its advantages – in particular, the €724 paid in benefits once every two months, and a reduction in utility bills.

It was a scam which could be traced back to one ophthalmologist and one official, which was estimated to have cost the country €9 million.

And, as Angelos discovered, it was only the tip of the iceberg.

How big is the problem of disability benefits fraud, Angelos asked the then-deputy health minister Markos Bolaris.

‘Very big,’ came the accurate, but short, reply.

Indeed, when those claiming disabilities were asked to present themselves at government offices so records could be updated, 36,000 failed to do so.

That translated to an immediate saving for the government of €100m a year.

But the fraud was certainly not confined to just disability benefits.

When the government chose to take a closer look at who they were paying pensions to, they found a slightly suspicious 8,500 pensioners had surpassed the milestone age of 100.

An even closer look revealed, 40,000 pension claims were fraudulent. It seems people were forgetting to register their loved ones’ deaths.

It’s not that these scams were not known about before, of course.

A Daily Mail investigation in 2011 revealed the subway system was essentially free for the five million residents of Athens – because, with no barriers, it relied on an honesty system which few were honest enough to use.

It described street after street of opulent mansions and villas, surrounded by high walls and with their own pools, which, on paper, were the homes of virtual paupers.

They were all allowed to declare their own income for tax purposes – and officially, they were only earning €12,000 – or a paltry £8,500 – a year, below the tax threshold.

Apparently, only 5,000 people admitted to earning more than £90,000 a year – prompting one economist to describe Greece as a ‘poor country full of rich people’.

The lengths these doctors, lawyers and businessmen would go to to hide their wealth from the government was, it has to be said, impressive.

According to official records, just over 300 homes in Athens’ most exclusive neighbourhood had swimming pools, and had paid the resulting tax for such a luxury.

But when the government decided to have a look on Google Earth, it became clear these residents hadn’t been totally honest.

The real figure for swimming pools in the area is believed to be closer to 20,000.

But instead of coming clean, there was a boom in sales of camouflage tarpaulins to conceal their existence from the tax inspectors flying over the gardens.

And then there are the tales which seem to be more down to incompetence, rather than actual fraud.

In particular, there is the tale of treasury employee Savvas Saltouridis, who used an Uzi submachine gun to murder the mayor of his Greek mountain town in 2009, who remained on the municipal payroll for years afterwards – even though he was languishing in jail.

He was taking advantage of the complex disciplinary system

Angelos, then working for the Wall Street Journal, was told by retired clerk Apostolos Tsiakiris, who took over as mayor after the killing: ‘You can’t be a murderer and keep getting paid.

‘That doesn’t happen in any other government.’

But what do when so many are cheating the system? It is estimated tax evasion alone might be costing the country as much as €20billion a year in lost revenue, while years of benefit fraud will certainly have added up.

But when Angelos suggested punishing those who tried to play the system, he was given a straight forward – if depressing – answer.

‘If you start putting people in jail, maybe you’ll have to put half of Greece in jail,’ an official said.

Tax evasion: But it is not just people claiming benefits when they shouldn't. Some of the richest people in the country go out of their way to avoid paying tax - claiming they only earn £8,500 a year

Read more: http://www.dailymail.co.uk/news/article-3148451/A-island-pretending-blind-benefits-8-500-pensioners-faked-aged-100-lawyers-claim-earn-just-12-000-New-book-reveals-Greeks-cheated-ruin.html#ixzz3evKqVYlG
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The socialist government of Greece was responsible for close to $1 trillion tailspin in worldwide stock markets yesterday, June 29 2015. The Greeks need to answer for this. A lesson learned by the parasitic government will set an example for others. To exact the punishment we recommend a complete boycott of all Greek products and visitations to Greece. The tactic will be a teachable moment and send the economy into a final death spiral.

If this boycott is successful and Greece becomes moribund, then and only then will they understand true depression. Thus far we know that Greeks have an aversion to paying taxes, after all it is a national sport, they have an aversion to work relying on the government and are untrustworthy. The world knew this, but gave them time to mend their wayward ways. It never works out that way, once a dam liar always a dam liar.

Tsipras will not come to terms with the profligate spending on pensions, he fought the Europeans who demanded austerity which was no surprise. The time has come to drop the heaviest weights onto the Hellenic liars, exact the punishment to fit the crime. BOYCOTT ALL GREEK PRODUCTS INCLUDING VISITATIONS. Then we will see how they like eating cake.

A protester waves a Greek flag during an anti-austerity rally in Athens, Greece, on 29 June 2015. Click here for a new offer from the thugs.


The Greek debacle has been the focus of late on its on again-off again debt restructuring, but that doesn’t mean that the troubles in Puerto Rico are playing second fiddle. Puerto Rico is on the hook for close to $100 billion. That is a boat load of pina coladas. SoBe Smooth Pina Colada Drink - 20-Fl. Oz. Bottles (Pack of 12)Just in case you haven’t been initiated in the Puerto Rico way of doing business we bring you their number one life saver, welfare and social security.  Puerto Rico is a disability fraud paradise. The top 10 U.S. zip codes tied to people receiving disability benefits, nine are in Puerto Rico. Flag of Puerto Rico

The sharks are circling the waters in the hope of default if and when it happens. The rich island has a dark journey ahead, tourism is in the tank, the economy is in a perpetual depression, drugs are rampant and most of all the government will not do what needs to be done; cut bait.

But Puerto Rico is part of the United States and is a metaphor for liberal bastions like Illinois and Connecticut, both drowning  the sea of debt. Utmost on the minds of the Puerto Rican is not the rising sea levels, but their share of the islands IOU’s. By the way, in case you didn’t notice, Puerto Rico has a population similar to Connecticut, 3,5 million or simply put a debt of $22,000 for each of its citizens. And true to form the Commonwealth’s economy has slowly reached the point of no return being sucked down by a giant whirlpool, even Captain Nemo can’t save this one.Twenty Thousand Leagues Under the Sea by Jules Verne


UPDATE: The ultimate in humiliation is upon the Greeks as the banks have closed their doors. The socialist scheme which exists today has done its job. In a capricious manner they have succeeded in their quest which is to bring the country to heel. The depression vortex is now in full spin, sucking what little is left of Greece’s life blood. We congratulate Germany and France who were steadfast in their demands for reform. They did not cave and we applaud that.

Flag of Greece The son of Zeus and Hera according to Greek mythology, Ares the God of war in the reincarnation of Tsipras, will be paying homage to the European Central Bank (ECB), on Monday, not appearing with stern posture, but from a kneeling position, like the beggar often seen on the streets of Tijuana decades ago.  This will represent the final humiliation to once was a proud country, but now is no more worthy than a rogue pencil seller newhavenpeoplewho squandered life’s chances. It had to end this way, thieves and cheats are not be trusted.

The string has played out, hair dressers retiring at 40 years old with full pension is all you have to know to realize how the European creditors, mainly Germany, have been raped. Enough is enough, the time has come to let them eat cake, but primarily sleep in the bed they made. When a country has the audacity to threaten others for no good reason as Greece has; yes they have demanded that Germany pay war reparations from WWII although this has been a settled decades ago. The U.S. too is on the hook for $15 to $20 billion.

The Greeks are queuing up at the ATM’s like hungry rats feasting on a block of cheese. Monday will most likely be one of many of the bank holidays to come. Look for capital controls, they are necessary to stem the flow of cash from the socialist coffers. Experts expect the Greeks to issue their own currency, the drachma, in a matter of weeks. Of course this will do nothing, but burnish our expectation of massive inflation, unemployment leading to a Venezuela type catastrophe. Poverty for all will result. The thinking is that exports will boom, but what exports?

We toast Tsipras raise our shot glass filled with a shot of Ouzo. Καλό ταξίδι (Kaló taksídi!)


D Day is coming on Monday, a day that will live in infamy; the day Greek banks close their doors. 

A classic quote, “There was a general sense of euphoria — you could get a job with the government, real estate prices kept going up,” said Vourloumis, who has run banks and telecommunications companies and battled unions along the way. “And then, with the European debt crisis, the whole thing was revealed — our economy was built on protectionism, on borrowed money.”

A typical duo income family has on average $75,000 gross income; not a whole lot of money in today’s fast paced world. Demands come from all angles, cable, cell phones, vacations, automobiles, more vacations, gambling, Christmas presents, birthday presents- constantly bombarded by the marketing folks on Madison Avenue enticing you to spend more and more.

Putting aside the daily responsibilities of food, mortgage payments, utility bills, insurance, clothing, taxes, education costs and the numerous necessities that eat away the take home cash is a challenge. It’s tough out there, to alleviate the pressure without a visit or two to the psychiatrist a simple remedy is the plastic – a  trip to the casino or vacation is all it takes to clear the head of today’s mundane daily responsibilities and the constant pressure that jolts your scull 24-7.  But family fun always come first. And that is where the banks come in, willing to lend on the good name of John and Jane Q who are a swipe away of incurring a mountain of debt.

An extra thousand on the card starts the ball rolling? But before long those swipes add up – and reality begins to set in when a mountain of debt is staring you in the face. “We want our money now” says the bank.  Bill collectors sing the chorus over the phone, pay up or we will beat you up. Bankruptcy is at hand, everything is gone as your life flashed in front of you.  That is how the Greeks feel right now.

We bring this happy tale to remind the responsible people in the world of what Greeks actually did; they ran up debts on their credit cards using other people’s money, now is the time to pay and they say, “wait a minute, you are humiliating us – we are not dead beats.

Pardon us for being rude, but a couple of centuries ago, a debtor was sent to debtor’s prison. Greece should be punished just the same. Greece, with a population of eleven million and location in the envious blue waters of the Ionian and Aegean Sea, blue skies and turquoise waves abound. The seat of once was democracy Greece turned socialist in a large way. Their new prime minister Tsipras dons the cloak of Marx and Lenin. Forget meeting the terms of past agreements says he – we won’t pay, our people are not slaves, they will not bow to unreasonable demands. In other words, well we can’t say it here, but you get the gist of what he telling the EU, “go …. off.

The infamous Mike Milken, famous for selling junk bonds once said, “you can’t repossess a country.” Well now, we suggest that you can, if not a country how about an island or two. This will more than satisfy their debt and then some. So, EU it is up to you to bring it on. Send in the debt collectors with tanks and guns ablaze,  Debt reparations are the payoff – who said you can’t take land as a liquidated damage?



One statistic will tell you how bad the embedded socialist criminals who cooked the books have gone; only one other country has come even close. Greece has to pay the pensions for 2,600,000 people and the salaries for 560,000 more. Annual spending, – 28%, yes 28% of their annual budget is spent on pensions. Greece’s population is only 11 million – 25%, as noted above are either receiving pensions or are on the government payroll. Another fact, Greece is one of the largest arms importers; certainly a dilemma in figuring that one out.Flag of Greece


The question arises whether the austerity measures are doing any good. The IMF, which admits havingunderestimated the impact of austerity on the Greek economy, calling it a notable failure (IrishExaminer 2013), has cut the growth outlook of the world economy from 3.5% from the Januaryforecast to 3.3% in April. The United States will grow by 1.9% instead of the predicted 2.1%. TheEurozone will shrink by 0.3% instead of by 0.1% (Thompson 2013). For Greece, the public debt stillstands at 157% of GDP at the end of 2012, and remains higher than sustainable (IMF 2013). Thehuman costs have also been enormous. About 20% of the Greeks live in poverty (Kouvoussis 2013).The suicide rates in the first four months of 2011 spiked by 40% from 2010 (Euro Health Net 2011).The 40% cuts in the national health budget since 2008 have thrown 35,000 doctors and nurses out of work, increased wait times and drug costs, increased infant mortality by 40%, doubled the increase in new HIV infections (due to an increase in intravenous drug use following cuts in needle-exchange programs), and increased the number of malaria cases (due to cuts in mosquito-spraying programs)(Stuckler and Basu 2013a

There But for the Grace of the Fed

The Greek people have been royally screwed over by their government and Wall Street. It didn’t have to be this way.

Greece had the fastest-growing economy in Europe between 2000 and 2007. Annual GDP growth was 4.2%. Output went up 40%.

Unfortunately, government spending went up 80%. In fact, Greece has run a budget deficit since 1973. Between 1981 and 2013, budget deficits were above 3% of GDP every year.

Greece’s debt is currently 160% of GDP. And if it hadn’t been able to refinance its debt and shaft bondholders, that debt-to-GDP ratio would be over 200%.

There’s just no way this money can get paid back.

And it’s mainly because Greece is in a monetary union called the EU. Greece uses the euro, a shared currency. It has no control over the euro itself. It has no printing press like the U.S.; t cannot devalue its currency by printing more in order to pay off debt.

Greece has suffered three distinct recessions in the last six years. Unemployment is over 20%. Youth unemployment is close to 50%. Around 80,000 businesses went bankrupt in 2010.

The Greek economy grew in 2014, reversing that six-year period where it lost 25% of GDP. But that ended when Alexis Tsipras was elected president in January. He pledged to end austerity and return Greece to its glory days. It just never ends well when governments operate on lies and theft.

The government of Alexis Tsipras came to power promising to roll back cuts to pensions. Creditors want Greece to slash even more. Italian Prime Minister Matteo Renzi said on June 4 that it was “unthinkable” that Italians should help pay for a Greek pension system that’s more generous than their own.

Avoiding taxes was a part of the culture of Greece. It is estimated that tax evasion was costing the Greek government over $20 billion per year.


The latest from Greece; a warning not to impose “HUMILIATING TERMS” from its head honcho Tsipras. Another socialist goon holding a hammer and sickle over their creditors. These malcontents forget that they have lived way beyond their means for two decades, spending everyone else’s money like there was no tomorrow; now they don’t want to pay. Their creditors should act more like the Mafia and break a few legs. 

Keep in mind that the Greeks are at the top of the list when it comes to not paying income tax.

The low life commies vacuumed $500 billion from the likes of the EU and IMF; the time to cough up a billion or two has come. Their commitment to do so is startling, they are telling their creditors to stuff it. Don’t forget that the socialist parasites have padded their wallets while working for the state.

Yes, 25% of the working population works for the state; we call that as close to Lenin’s socialist philosophy as one can get. Mao would be proud. Working for the state is not a sin by itself, but most did nothing for their paycheck; no one would call this work in the private sector.

Secondly their salaries are 50% higher than comparable jobs in the private sector. And don’t forget the Greeks cooked the books when joining the EURO (lied through their Trojan teeth) by taking an oath that their deficits would be in line with the 3% mandated by the EU. However, the deficits turned out to be upwards of 10%.

The billion in change due today is not to be, the Greek spin masters say they will include it in the end of the month payment. They are allowed to do this, but don’t be surprised if they pull a fast one. Currently in deep negotiations to iron out their economic and payment plan going forward, the Greeks are squeezing their EU counter parts like the olives they press to give up its oil. And once again they are doing a good job at it.

The over riding question still remains, will Greece flee the Euro or will the Euro flee Greece?