Samaras and Venizelos, Laurel and Hardy of Greek politics, lead Greeks to the cliff. S&P cut the outlook on Greece to negative. The change reflects the risk of Greece not obtaining the next disbursement of bailout.
Every time Graecokleptocrats have to receive a tranche of the money we're going to have the same problem. If Laurel and Hardy keep missing targets, sooner or later they won't get the money. There is a chance this is just delaying the inevitable. Graecokleptocrats have repeatedly voted in measures and privatizations that have never materialized. It is proving a Herculean task.
With one out of two youths now out of a job and more and more families having to rely on one, trimmed down salary, social discontent is bound to become explosive. Greek mayhem is not over yet. On the contrary, this is just the beginning and we will see a huge revolt against Graecokleptocracy.
Nations that undergo distressed debt exchanges risk defaulting a second time. More than a third of defaulted nations are followed by another default event. The rate of sovereign redefault after a distressed exchange is similar to the rate among corporate borrowers.
When the initial debt exchanges are small in relation to total debt, they are followed by further exchanges of private or official debt, even when the haircuts in the initial exchange are large. That's why ratings often remain low following distressed exchanges.
Two thirds of sovereign defaults start as missed payments, and one third start as distressed exchanges, involving the offer of a new package of lower value than the original. Maturity extensions are more common than principal haircuts.
Greece's economy has been squeezed by the fiscal tightening needed to qualify for rescue-loan disbursements, with gross domestic product shrinking for five straight years and unemployment rising to 23 percent from 7.9 percent. Laurel and Hardy are still working on identifying almost a third of the cuts required by international creditors to resume the flow of bailout funds.
The major export of Greece is Greeks themselves, immigrating to Anglosphere and Germany, running away from kleptocracy, socialism, bureaucracy, heavy taxation, 23% VAT, cronyism, kangaroo justice, persecution of dissident bloggers, absurdity, Pasok mafia, Nea Democratia mafia, and Orthodox mafia. Madhouse Greece! The freakish government of Greece stole my computer!
Greece needs eight billion euros in loans this year as GDP shrinks as much as 11 percent in 2012 and 2013. Greece is becoming a Third World country! The government of Greece tortures hoi polloi with huge taxation, 23% VAT, infinite bureaucracy, overcriminalization, kangaroo justice, police brutality, cybercop barbarity, myriad licenses, myriad applications, infinite queues, unbelievable political corruption, myriad bribes, and infinite sadism. Only kith and kin of piggish Graecokleptocrats bypass this torture. http://venitism.blogspot.com
Greece, the land of kleptocracy, 23% VAT, and kangaroo justice, is a backward Balkan country that persecutes dissident bloggers. The government of Greece is a freakish blogbuster and the #1 enemy of the Greek people. That's why Greeks evade taxes and cheat their government in any way they can. But it's very hard to starve this beast. Winter of Greek Indignation. Madhouse Greece!
Graecokleptocrats have a long history of promising reforms and not delivering, and this time is no different. After decades of using public services as political spoils, Graecokleptocrats must also take on the corruption and inefficiency they fostered before they can implement the reforms that creditors demand before releasing further funds. http://venitism.blogspot.com
Stournaras says Greece needs to reduce the number of state employees to achieve the fiscal targets. Savings may be achieved by forming a labor reserve for civil servants. But Hardy says: We must avoid adding more unemployed people to the ranks of those who are already unemployed. The plan is a fiasco.
Greece, the most corrupt country in Occident, is a kangaroo valley! There is no justice, and perjurers are a dime a dozen. Dissident bloggers are persecuted, and Graecokleptocrats enjoy impunity. Election to a public office means a license to receive kickbacks, provide sinecures to kith and kin, terrorize Greeks, blogbusting, and do as you please.
The freakish government of Greece is so stupid that it hoodwinked all media that I conspired to trigger a war between Greece and Turkey and blame Mariliza Xenogiannakopoulou, Alternate Minister of Foreign Affairs of Greece, for it! Accusing dissident bloggers of treason, Graecokleptocrats have manufactured a blood libel in cyberspace, which in turn incites hatred and violence. The government of Greece gave my head on plate to Erdogan. Brutal Graecokleptocrats have destroyed my life. My life is stolen. Now I demand my life back! For those who are kind enough to contribute to my legal defense, please click the Donate button on the right column of venitism blogspot. http://venitism.blogspot.com
S&P sees the likelihood of shortfalls, owing to election-related delays in the implementation of budgetary consolidation measures for the current year, as well as the worsening trajectory of the Greek economy. As a result of this economic weakness, and due to an absence of progress on tax administration reforms, collection of personal, corporate and indirect taxes is well below target for 2012.
Atlas shrugged in the Cradle of Kleptocracy. It's impossible for Greeks to produce when Graecokleptocrats loot them with heavy taxes, especially the 23% VAT, demand kickbacks, confiscate computers and personal files, impose stupid laws and regulations, harass dissident bloggers, condone cybercop brutality, and spread the cancer of socialism. Madhouse Greece! The freakish government of Greece stole my computer!
The main efforts of Greek businessmen are not in producing good products at low prices in order to increase market share and product growth, but in bribing kleptocrats, filling myriad papers, avoiding stupid regulations, avoiding and evading overtaxation and the 23% VAT, fighting stupid regulation, fighting the cancer of socialism, and avoiding myriad stupid laws. Madhouse Greece!
