Default by Greece Inevitable - Update : Heave to Oust Greece From the Eurozone

[Ephilant]

The "Troika" waws to meet with the Minister for Labour today, to discuss the further dismantling of workers rights and reductions in wages, pensions etc.
The PAME union got wind of this and picketed the entrance to the Ministry building. No police in sight...
the Troika representatives promptly ordered the minister to come and meet them in the Hilton Hotel they are staying (459€ a night, each) in instead. The minister refused, thereby telling them to meet the Greek people targeted by their policies in person before talking to him...
The meeting has been postponed.

[DCon]

We haven't calculated 70 years of interest yet...

just round it up to 200!

[DCon]

More Troika demands

Requests include asking employers to increase staff working hours up to 78 hours a week, a reduction in redundancy notice periods from the current 4-6 months and an increase in retirement age to 67 from 65.

This is expected to raise Eur 1 bln in savings

http://www.forexlive.com/blog/2012/0...nds-on-greece/

[Dr. FIVE]

78 hour week?

[Ephilant]

78 hour week?

The orders from the Troika are as follows:

- people need to be available for, and could be asked, to work for 13 hours a day. the way they put it is that daily "rest-time" should be reduced to 11 hours.
- The working week must be prolonged and become a 6 day working week

13 hours a day, 6 days a week?

78 hours.
this is optional, but obviously any employer who can get somebody on a weekly wage and have them work 78 hours for same money as they are now getting for a 40 hour week will be laughing. It's another way of bringing down wages.
People would not wear another pay-cut, so they are being made work more for same...

[Ephilant]

Serious cracks in the Greek government...

Administrative Reform and E-Governance Minister Antonis Manitakis has threatened immediate resignation if the Troika proposals are accepted by the government. When 1 speaks, you can bet at least 3 or 4 think the same...

His main beef is with "Das Befehl" to lay of 150,000 civil servants. This is in fact a demand that, if acted upon, breaches the constitutional rights of those 150,000 and leaves Greece wide open to serious compensation claims from those 150,000. And you can bet your bottom Euro that that is exactly what will happen. It wont be a class action either, there will be 150,000 separate cases.
How to bog down a court for a life time or 2...

According to reports in the local media, the Troika insists on this action to be taken by the government, because of its SYMBOLIC gesture towards the creditors.
Nice to know that losing your income is a symbolic gesture just to please some vulture somewhere...

7.30 PM is when Samaras, Kouvelis and God Venizelos meet again to discuss the problem.
My prediction? We are one giant step closer to another election!

[Captain Con O'Sullivan]

Yes ... and another election hoving into view will bring a demand for an 'appointed technocratic' government in Greece and we'll be one step closer to general civil unrest.

[Ephilant]

Yes ... and another election hoving into view will bring a demand for an 'appointed technocratic' government in Greece and we'll be one step closer to general civil unrest.

Which is the whole idea, I would think. The Troika MUST know that this demand is impossible to act upon, because of the constitution. Which can only mean they are using this as a means to achieve something else. But then, they are not used to working with Greek Civil servants, or sacking them for that matter.

Cutbacks, Greek style...

http://www.ekathimerini.com/4dcgi/_w...09/2012_460669

[Ephilant]

As prediceted, we are indeed a step closer to Mayhem.
Last night, the government parties did not manage to reach consensus over cuts they need to implement to satisfy the Troika.

Kouvelis went public with this statement:

No measures can be imposed on a society that is disintegrating, especially the proposed changes to the labour market rules are totally unacceptable and will not be implemented

He was then joined by God Venizelos in his opposition to sacking the 150,000 civil servants.

They basically left Samaras standing, scratching what he so obviously has not got...

Meanwhile, there is a very definitive change in the EU approach towards Greece. It has now gone from "showing to be willing to implement changes" to the " utmost priority of rebuilding trust with the European partners".
What do you mean "rebuilding"?

[Ephilant]

Of Cats and Pigeons...

Today Thanos Katsambas, Greek representative to the IMF pissed off a lot of people. In an interview with Wall Street Journal he let slip that Greece will need 3rd baiklout, already being discussed in the IMF. Oooopppps!
In the same interview he also made public that the Troika installed interim government of Papademos managed to only 22% of the commitments he made in order to secure the 2nd bailout.
Katsambas reckons that Greece's creditors will have to accept another 30% haircut across the board, but does not put an actual figure on the necessary 3rd bailout.

Just what Samaras needed. There are political games being played here, and poor old Antonis is the target.

[MPB]

Of Cats and Pigeons...

Today Thanos Katsambas, Greek representative to the IMF pissed off a lot of people. In an interview with Wall Street Journal he let slip that Greece will need 3rd baiklout, already being discussed in the IMF. Oooopppps!
In the same interview he also made public that the Troika installed interim government of Papademos managed to only 22% of the commitments he made in order to secure the 2nd bailout.
Katsambas reckons that Greece's creditors will have to accept another 30% haircut across the board, but does not put an actual figure on the necessary 3rd bailout.

Just what Samaras needed. There are political games being played here, and poor old Antonis is the target.

Don,t worry, by this time next year you will be in exalted company.

Company that will include the ever so prudent Germans. There is,nt a hope in hell that Germany can afford to bailout it,s insolvent Banks and there is,nt a hope in hell that German industry can survive without help from German Banks.

190 billion is not worth a sh1t.

Try 1 trillion for size.

[Ephilant]

Well then, the new minister for Fiance does mean business. Today he has signed 2 pieces of legislation into law, allowing for the revenue to insist that current cash registers used in all retail outlets be replaced with a new model which links directly to the revenue account, especially VAT. VAT deduction will, within the next few months, be done in real time. It will also give them invaluable detail on how businesses perform and how honest they are in their tax returns.
There will be no more need for vat returns, everybody is going to have to register for VAT, and with all that, he is of course targeting the wrong people again.
It is well known that the biggest tax evaders are doctors, lawyers, engineers, architects, etc. None of whom use a cash register, but these professions are represented in the Parliament by about 220 of the 300 deputies. I wonder has this anything to do with their colleagues once again not being targeted.

[fluffybiscuits]

Well then, the new minister for Fiance does mean business. Today he has signed 2 pieces of legislation into law, allowing for the revenue to insist that current cash registers used in all retail outlets be replaced with a new model which links directly to the revenue account, especially VAT. VAT deduction will, within the next few months, be done in real time. It will also give them invaluable detail on how businesses perform and how honest they are in their tax returns.
There will be no more need for vat returns, everybody is going to have to register for VAT, and with all that, he is of course targeting the wrong people again.
It is well known that the biggest tax evaders are doctors, lawyers, engineers, architects, etc. None of whom use a cash register, but these professions are represented in the Parliament by about 220 of the 300 deputies. I wonder has this anything to do with their colleagues once again not being targeted.

What about shipping? Did you mention before shipping was one of them areas that seem to be circumnavigating tax returns?

[Ephilant]

What about shipping? Did you mention before shipping was one of them areas that seem to be circumnavigating tax returns?

Ships don't use cash registers either...

We would much rather have the shipping industry not paying tax in Greece than have them not paying tax anywhere else. At least, they use their often ill-gained profits to bribe Greek politicians and some of the money stays here.... Or maybe Switzerland.

[Ephilant]

Our new finance minister really means business. Who's business is of course a different matter.

Accepting another suggestion from the IMF, he has now agreed that social security contributions will not be collected by the social security funds anymore, but directly by the revenue, and then passed on to the social security funds. Private companies and law-firms will also be appointed to chase up arrears from day 1. I smell a jobs for the boys scheme here. Law firms in Athens did say some time ago that many of the 21,000 of them are not getting the work they seem to consider themselves entitled to...
Companies or self employed who do not pay their contributions for 8 months will be closed down, assets sold and moneys made from the sale will be used to pay of the money owed.

We do of course know that the social security funds are bankrupt due to government interference when Papademos' crew raided the funds and removed their cash completely to pay the banks. I'm just wondering if this measure is designed to save them the bother having to sneek into Bank of Greece over a week-end and repeat the performance. This way they can just hand it over.

there are also rumours that the fine for not paying Social Security contributions will be flexible, in that sense that after the sale, the social security component owed is paid into the fund, and the remainder is the fine. Meaning, the person who's business is being closed down ends up with nothing...