Greeks stop paying electricity bills.

[ThinkAnarchy]

I disagree with the political climate in Greece (I think the citizens support socialism), but I love how the people aren't afraid to stand up for what they believe in.

The desperate cunning scheme to get Greeks to pay property taxes by bundling them with electricity bills didn't last long. You guessed it, people stopped paying their electricity bills and now it looks like the power company – which had to be bailed out last month – has stopped even trying to collect the levy.

The government had hoped to raise €1.7bn-€2bn from the levy in the fourth quarter of last year. But a massive unions-led civil disobedience movement against this "injustice" scuppered that and a ruling that it was illegal to disconnect people's electricity supply for non-payment sent the collection rate even lower.

Ironically, the scale of non-payment means that the PPC itself has run out of money. Last month it needed a €250m liquidity injection from the government so as to avert a nation-wide energy supply meltdown.

http://ftalphaville.ft.com/blog/2012/05/15/1000971/greece-when-the-lights-go-out/

[Firebird]

Paul Krugman is thinking Greece could be leaving the Euro very soon, the way things are going. That's the least of their issues to come. They need to learn how to actually pay their taxes, work hard, and not stifle free enterprise with all their trade guilds. Good luck with that.

[The Magic Pudding]

I disagree with the political climate in Greece (I think the citizens support socialism), but I love how the people aren't afraid to stand up for what they believe in.

Looks crazy to me, they seem to demand extreme government support but resist the necessity to pay taxes.
I don't admire them standing up for what they believe when they believe in a wilful ignorance of basic bookkeeping.

[ThinkAnarchy]

I disagree with the political climate in Greece (I think the citizens support socialism), but I love how the people aren't afraid to stand up for what they believe in.

Looks crazy to me, they seem to demand extreme government support but resist the necessity to pay taxes.
I don't admire them standing up for what they believe when they believe in a wilful ignorance of basic bookkeeping.

I haven't been following Greece very closely, but as I said, I don't agree with their political lean. From the little I have read though, I think they want government programs but disagree with how the government currently spends their tax dollars.

I'm not sure of all their problems, but I know their economy is in the tank.

[xSilverPhinx]

All I know is that I'm getting slightly more money because of this. I wish I had bought a few thousand worth of dollars a while back and waited...

Anyways........yeah...this doesn't look like a good thing. Sure they made it clear that they won't pay unfair taxes but on the other hand it seems like they're just digging a bigger hole for themselves. Long term this doesn't look like a good thing.

[OldGit]

It's interesting that the economic basket-cases Portugal, Ireland, Italy, Greece and Spain (PIIGS) are all strongly Catholic except Greece which is strongly Orthodox.  In all cases, the word 'priest-ridden' springs to mind.

It seems to me there's likely a connection between that and their fatalistic attitudes.

[En_Route]

It's interesting that the economic basket-cases Portugal, Ireland, Italy, Greece and Spain (PIIGS) are all strongly Catholic except Greece which is strongly Orthodox.  In all cases, the word 'priest-ridden' springs to mind.

It seems to me there's likely a connection between that and their fatalistic attitudes.

Most of Ireland's woes can be laid at the door of the collapse of Anglo-Irish bank , a cautionary tale of rampant hubris and greed. The Irish business classes tend to be  aggressive and ruthless, very far from fatalistic. nor can Modern Ireland be accused of being priest-ridden. The UK would be a basket case too in all probability had Gordon Brown not stymied Tony Blairs enthusiasm for the euro (basically on the principle that if Blair was for it, he was agin it).

[OldGit]

Agreed, Ireland today has shaken off the shackles of the church.  I'm not so sure about the fundamental mindset induced by centuries of religion.

[En_Route]

Agreed, Ireland today has shaken off the shackles of the church.  I'm not so sure about the fundamental mindset induced by centuries of religion.

Ireland's colonial history and it's vexatious relationship with Britain together with its overnight transformation from a peasant economy into a largely urbanised industrially developed European state have all played their parts in shaping Contemporary Irish society. France which is also catholic is not one of the Pigs of course.

[Tank]

The underlying issue is we haven't had banks since the 80s. All bar a few privatised and the the focus of the organisation moved from security to profit. This focus is necessary if the directors and managers are to keep their jobs. The shareholders also bias the operation towards increasing profits; the commercial version of cancer.  The crash was inevitable.

[Siz]

I think it'll all be OK...

http://www.thedailymash.co.uk/news/international/greeks-apologise-with-huge-horse-2012051527146

[DeterminedJuliet]

I think it'll all be OK...
http://www.thedailymash.co.uk/news/international/greeks-apologise-with-huge-horse-2012051527146

I have a Greek friend on my facebook. He posted this yesterday. Seems like a solid plan to me.

[Happy_Is_Good]

What is strange about Greece is....Nothing.  Like Argentina they periodically run through cycles of debt and default, yet banks are always there to lend them money that they can never pay back.

Now...why are banks always so eager to lend the likes of Greece and Argentina money, when they know these countries are terrible credit risks?

Answer this question, and you will begin to see the scam.




PS.  If I were Greek, I'd tell the Euro good riddance!

[The Magic Pudding]

A gift tag attached to the horse, which is surprisingly light for its size and has small holes along the length of its body, suggested that it should be placed in the bank's vaults overnight to avoid it being targeted by thieves.

Do they think the Europeans have cash in their vault?
Sheesh, their idea of a bank is as outdated as their hat.




Maybe I'm looking at this the wrong way, was the Greek economy the horse that the Europeans took within their defences?

[Firebird]

Roger Cohen of the NY Times had a great piece about Greece and why Europe was willing to let them into the euro here.