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Beware of Greeks Bearing Bonds

Discussion in 'The Economy' started by Tropo, 8th Sep, 2010.

  1. Tropo

    Tropo Well-Known Member

    17th Aug, 2005
    As Wall Street hangs on the question “Will Greece default?,” the author heads for riot-stricken Athens, and for the mysterious Vatopaidi monastery, which brought down the last government, laying bare the country’s economic insanity.
    But beyond a $1.2 trillion debt (roughly a quarter-million dollars for each working adult), there is a more frightening deficit.

    After systematically looting their own treasury, in a breathtaking binge of tax evasion, bribery, and creative accounting spurred on by Goldman Sachs, Greeks are sure of one thing: they can’t trust their fellow Greeks.

    “The Greek people never learned to pay their taxes .... because no one is ever punished. It’s like a gentleman not opening a door for a lady.”

    Where waste ends and theft begins almost doesn’t matter; the one masks and thus enables the other.
    It’s simply assumed, for instance, that anyone who is working for the government is meant to be bribed.
    People who go to public health clinics assume they will need to bribe doctors to actually take care of them.

    Government ministers who have spent their lives in public service emerge from office able to afford multi-million-dollar mansions and two or three country homes.
    more... Beware of Greeks Bearing Bonds | Business | Vanity Fair
  2. Johny_come_lately

    Johny_come_lately Well-Known Member

    1st Jul, 2009
    SE Queensland
    Scary Stuff. :eek: It took 30 mins to read the 7 pages, but it was the most comprehensive report I have read. Thanks Tropo.

  3. Billv

    Billv Getting there

    15th Jul, 2007
    Sydney, NSW
    Johny mate

    You have a lot of patience, I didn't read past the 2nd page
    This is probably the worst written report I've ever seen.

    It seems to me that its written by a person who assumes things and at the same time doesn't check the accuracy of the rest of the information he's been supplied.

    There are many inaccuracies there starting with the obvious, i.e the 1.2trillion $ debt (who are the Greeks the USA? ) The 65,000 Euro annual wages for railway employees, that the Greeks don't pay taxes, that they get a pension at 50yo etc etc. This guy must have visited another planet...:D