Greek public pension plans are loaded with Greek sovereign debt garbage. A restructuring would shatter the values of those plans and the expected payouts to the pensioners

Posted on April 18, 2011 by maxkeiser| 15 Comments

Next Phase of Sovereign Debt Crisis; Greek 2-Year Yields Top 20%; Greece Denies Restructuring Plan; Why the Denial?

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15 Responses to Greek public pension plans are loaded with Greek sovereign debt garbage. A restructuring would shatter the values of those plans and the expected payouts to the pensioners

ZORRO LONDON | April 18, 2011 at 10:15 pm |

Sorry to my dear Greek friends, but when you as a nation make tax evasion a way of life why should anyone bail you out?

I am sorry for the elderly and the poor in Greece, (as anywhere else) but the rest of you rich kebab munchers who have been dodging tax should have thought of that before spending it on luxury yahts, gambling and your girlfriends.

Its on your conciences!!

Not that the UK has anything to be proud of…………………Z
Hullaballoo | April 18, 2011 at 10:16 pm |

Also, the Papandreou government wants the political cover of making it seem like the iMF is pushing them for a restructuring so that they don’t have to accept any blame:

http://coveringdelta.wordpress.com/2011/04/05/greece-to-restructure-its-debt-before-defaulting/
Hullaballoo | April 18, 2011 at 10:19 pm |

@ Zorro London

With all due respect, wtf is a “rich kebab muncher?” What a ridiculous claim to suggest that people who own “luxury yahts” are the ones who are going to be screwed by the bank failures and pension raids. If anything, its these people who are funding your real estate market in the UK by transferring their money out of state in anticipation of a collapse.

Also, say what you want about Greece, but the fact that people don’t pay taxes is A GOOD THING. What should they pay taxes for, so that the government can steal even more of their money? Are you under the impression that we have sovereign debt problems around the world because people aren’t paying taxes? That’s absurd. People are being taxed more now than they were during the colonial period. The inca paid less tribute to their lords than Americans do today.
Illinois Brandon | April 18, 2011 at 10:21 pm |

More good news for Gold and Silver. Look for US States to start rejecting the Dollar if things keep going in this direction.
Vonda Bra | April 18, 2011 at 10:38 pm |

follow up on silverfuturist/Maloney/Chris in N.Y.

Mike Maloney on SLV admin costs and private bullion ownership
http://www.youtube.com/watch?v=w4C_PIGEtvk
YoLithos | April 18, 2011 at 11:11 pm |

The Greek military junta went away reluctantly, but overall, without wholesale strafing of every protest.

Other than that, it was similar to the present “Egiptian” scenario. The crooks and cronies kept their feuds and “nets”. While the “new generation” (of mosty the same) got in on the scam. Annointed by the same external and internal scum as always. As has just been rather clearly explicited.

In essence, taxes fall most heavily on the poorest and middle classes. And get stolen or misspent on the way up. And on the way down again. The better off don’t really pay taxes. World over. Plus what they obtain through the usual crooked privileges – and outright pilfering.

The books were cooked. The money was misspent. The country was used as a cash cow by the “inside” few. And it’s the people’s fault?

Get real.
Wolferl | April 18, 2011 at 11:14 pm |

@ Hullaballoo

Not paying a fair amount of income as tax to the state is indeed a big part of the problems worldwide. And it is for sure reason number one why Greece is deep in trouble.
jim evans | April 18, 2011 at 11:45 pm |

Greece is in trouble because of its presence in the Wall street/CIA/Soros European Union Scam…where the sort of vermin who took Russia apart in the 90`s are busy taking over the old Soviet union countries and letting the Mafias of southern Europe rip off Germans and Britons while Wall Street moneylenders get every European person into debt.

WHY IS GREECE IN THE EUROZONE? Because a lot of American sharks told the corrupt Greek elite how to cook the books to make Greece appear suitable for entry to the zone.

Why is no one asking about Italy and its legendary corrupt economy? Because the Mafia are best friends with the USA.

You Yanks think we Europeans are stupid because you have managed to buy our political class and media…….but there`s nothing very smart about theft!
jimmy chen | April 19, 2011 at 12:04 am |

yeah you got the shit oh child you got the spit there aint no fix its a bitch
yeah you got the shit oh child you got the spit there aint no fix its a bitch

dah dah dah dah dah dah dah dah dah daaaaa daaaaaaaa, dah dha dah dah dah daaaaaa dahhhhhhh da da da daaaaa dah
VOM DEM | April 19, 2011 at 12:12 am |

ITS ONLY A GREEK DEBT CRISIS IF YOU THINK IT CAN BE SORTED WORKED OUT SOLVED ETC , LIKE WE GOT THROUGH THE CRISIS WERE OVER THE WORSE , THE TRUTH IS GREECE IS A FINANCIAL WASTELAND A MONEY PIT & WHOEVER STICKS THERE MONEY IN IT DESERVES TO GET NOTHING BECAUSE THEY HAVE NOTHING ITS BEEN ROBBED , ONLY THOSE THAT THINK THEY CAN SQUEEZE A FEW PENNYS MORE OUT OF GREECE WITH ALLOW THEM TO HAVE MORE DEBT , IN REALITY ITS NEVER GOING TO GET OUT OF DEBT .
Phenius Barnham | April 19, 2011 at 1:27 am |

And now for a musical interlude

http://www.youtube.com/watch?v=vVNbD1nySlw
Hullaballoo | April 19, 2011 at 1:57 am |

@Wolferl

Dude, what are you talking about? At least in Greece the average guy can cheat on his taxes, unlike in the US where you have to be a gazillionare in order to avoid paying. How can you say that the problem is tax evasion, when people in the US pay a ridiculous amount of taxes and yet, we are so indebted that we have become indenture servants.

Are you being serious? Don’t you understand that Greece has huge debts because it was stealing and wasting the money? You think that if people were paying taxes in Greece that this money would not also have been stolen?? Common bro…
Mini US | April 19, 2011 at 2:24 am |

Denial is the next best thing to Truth.

And Truth is too hard.

So Denial reigns supreme
Youri Carma | April 19, 2011 at 7:38 am |

Germany Sets Greek Restructuring Deadline: End Of Summer, 18 April 2011, by Tyler Durden (Zero Hedge) http://www.zerohedge.com/article/germany-sets-greek-restructuring-deadline-end-summer

TULIP MANIA SOLUTION PROPOSED BY GERMANY http://forum.prisonplanet.com/index.php?topic=189469.0

Youri Carma: The Tulip Mania Solution or the Infinite Narrow Cliff Path, 22 January 2011, by Youri Carma (FPP) http://forum.prisonplanet.com/index.php?topic=199179.0
Youri Carma | April 19, 2011 at 8:45 am |

Furious Greeks press for country to default on debt, 17 April 2011, by Helena Smith in Athens (The Observer – The Guardian) http://www.guardian.co.uk/world/2011/apr/17/greece-debt-default-bailout