Greek markets in everything

by on February 22, 2012 at 1:47 pm in Current Affairs | Permalink

It’s being called the “negative salary”: Due to austerity measures in Greece, it’s being reported that up to 64,000 Greeks will go without pay this month, and some will have to pay for having a job. Numbers in austerity reports have usually reflected figures in the millions, since they reflect industry-wide cuts (i.e.  a 537-million euro cut to health and pension funds). And plans of cutting minimum wage by up to 32% is all but a given in the country. Today’s “negative salary” deal—which could have government employees returning funds— reveals the real human impact of the austerity measures.

Here is more.

1 The Other Jim February 22, 2012 at 2:03 pm

>reveals the real human impact of the austerity measures.

Sounds horrible.

Wait, I know — just have the Germans pay for Greece. Problem solved!

2 Nicoli February 22, 2012 at 4:19 pm

Or you could try to spread some of the pain to the very wealthy who also benefited from Greece’s previous fiscal sins. As unrealistic as some of their demands are, Greek workers, both public and private, know they are getting the shaft while others are not going to feel the pain of the austerity measures.

3 David Wright February 22, 2012 at 4:41 pm

Yes, you could try. But to do that, you would need a functioning system that can more or less accurately gague wealth and income and reliably tax and transfer on that basis. Greece doesn’t have that. (And it’s not like they had it and lost it to austerity-driven cuts.)

4 maguro February 22, 2012 at 7:08 pm

I think he means wealthy people in other countries.

5 The Anonymouse February 22, 2012 at 9:15 pm

There’s a couple different kinds of getting the shaft, though.

Example 1: You are an innocent dude strolling down the strasse. A fleeing bank robber hits you with his car. You definitely got the shaft.

Example 2: You are a bank robber and robbed a bank (for purposes of this example, let’s call it, oh, ‘Central Bank’). You get caught and your accomplice doesn’t. Did you ‘get the shaft’ because he’s free and you have to suffer the consequences of your actions?

6 Anna February 22, 2012 at 7:11 pm

Maybe this will give you some peace of mind:
and this might give you another perspective for the next time you feel like resorting to overgeneralizing and oversimplifying:

7 brostiat February 22, 2012 at 2:21 pm

yeah. that’ll work.

8 Tom February 22, 2012 at 2:29 pm

Maybe a lot of Greek people among the political and business elite, who evade taxes, benefited a great deal over a decade from the EU financing, and haven’t had to bear pain at all under austerity measures, should pitch in and help their middle and lower class countrymen, rather then let many of them suffer such income shocks.

9 JWatts February 22, 2012 at 5:50 pm

Usually criminals aren’t the most sympathetic to the plight of those less fortunate.

10 Morgan Warstler February 22, 2012 at 2:43 pm

I’m too scarred to care. The only human tragedy I’m concerned with is the past 150 years that have kept the entrepreneurs from running Greece. One more day without the bureaucrats and public sectors workers sitting at the feet of their private masters – is the only righteous indignation.

They get to make like South Carolina, we should cheer for them to figure it out, and boo them whenever / wherever they fight it.

11 Phill February 22, 2012 at 2:52 pm

The problem with elaborate satire is figuring out whether it’s satirical or not. I’m being charitable and assuming you went for humour.

12 Morgan Warstler February 22, 2012 at 5:24 pm

All progress comes from entrepreneurs gaining power. All tragedy stems from them not having it.

13 Attorney at Flaw February 22, 2012 at 8:20 pm

I think some tragedy also results from ignoring the “beer before liquor” rule.

14 Bender Bending Rodriguez February 22, 2012 at 8:46 pm

Does that include boilermakers, or does the liquor float to the top of the beer and negate the rule?

15 Attorney at Flaw February 22, 2012 at 9:52 pm

I guess whenever you draw a boundary, the need for a new boundary quickly becomes apparent.

16 Nate February 22, 2012 at 7:26 pm

He writes for Andrew Breitbart. I hope that sheds some light.

17 Anon. February 22, 2012 at 3:22 pm

Fuck the public sector employees. 99% of them are leeches who got their positions in quid pro quo deals with corrupt politicians.

18 nostril earlobe February 22, 2012 at 5:05 pm

Interesting statistics. Source?

19 Gabe February 22, 2012 at 3:36 pm

We should all go to negateive salaries if that is what itakes to buy new fighter jets and make sure that bond investors get there money. Without rich bankers and defense contractors civilization would cease.

20 Laura S. February 22, 2012 at 4:28 pm

Have you been following the news? The bond holders just took a 53% loss.

21 Anon. February 23, 2012 at 4:32 am

75% actually.

22 stephen w February 22, 2012 at 3:58 pm

“the human impact of austerity measures” !!!!!!

might as well read the “human impact of living within your means”. everything has a human impact! what a hackneyed phrase if there ever was one.

23 Herbert Morrison February 22, 2012 at 8:47 pm

Oh, the humanity!

24 Ruby Roberts February 22, 2012 at 4:05 pm

The Greek have lived beyond their means for far to long!

25 L. Zhang February 22, 2012 at 4:29 pm

Since Greek government employees somehow have been living in a world of fourteen months in a year (or at least, getting paid as if there were fourteen months), why should it come as a surprise that real-time has finally caught up to Greek-government-employee-time. Einstein proved it in 1915.

The employees can live off the massive savings that they have easily accumulated with the 2-4 extra paychecks that they have been receiving each year.

26 KLO February 22, 2012 at 5:22 pm

In the future, only the wealthy will be able to afford to work.

27 chuck martel February 22, 2012 at 5:25 pm

Greek government employees, and all other government employees, should have to bid for their jobs every year, with the low bidder for the position getting hired. Governments should purchase labor just like they buy paper clips and buildings, from the lowest bidder.

28 JWatts February 22, 2012 at 6:46 pm

Greece has already been using that model for years. The applicants all apply for available Government positions and the applicant who rebates the most money (bribes) up front gets the job.

29 Attorney at Flaw February 22, 2012 at 8:21 pm


30 Steven Kopits February 22, 2012 at 5:34 pm

And this is better than default?

31 JWatts February 22, 2012 at 6:47 pm

More likely this is just a step along the way to default.

32 Anon. February 23, 2012 at 4:36 am

They defaulted already. Keep up with the news. CDS is getting triggered soon.

33 TallDave February 22, 2012 at 5:38 pm

So they’re going to return money the gov’t doesn’t have for work they don’t do in exchange for not achieving solvency?

34 Jan February 22, 2012 at 7:19 pm

Tyler is baiting you. He is less subtle about it than Alex, but it works all the same.

35 ohwilleke February 23, 2012 at 1:32 pm

Reminds me of the days when the Soviet economy collapsed but people kept going to their jobs for months or even years despite not getting paid.

36 Dave February 23, 2012 at 8:09 pm

Great. A whole nation of interns.

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