che stranezze!!
It's Official - Greece Unveils The Negative Salary, And A Whole New Meaning For "Pay To Play"
We thought we had seen it all. It turns out we hadn't. The country that gave the world the alphabet, philosophy, and plates with funny sexually ambiguous drawings on them, has outdone itself again.
Because beginning this month some Greeks will have to pay for the privilege of having a job. From the
Press Project:
Salary cutbacks (called "unified payroll") for contract workers at the public sector set to be finalized today. Cuts to be valid retroactively since november 2011. Expected result: Up to 64.000 people will work without salary this month, or even be asked to return money. Amongst them 21.000 teachers, 13.000 municipal employees and 30.000 civil servants.
Needless to say the BLS is salivating at the prospect of US workers paying for a job, as this will immediately allow them to double count said person's role in the employed part of the labor force (which incidentally has shrunk by 1% in the time it took to write this), as the money said "worker" pays can be used in the BLS hedonic models to theoretically hire many more people courtesy of fractional reserve lending. Now if only
everyone would agree to pay for the joy of playing Solitaire 9 to 5, then all the world's problems would be solved.
Scandal: Greece To Receive "Negative" Cash From "Second Bailout" As It Funds Insolvent European Banks
Earlier today, we learned the first stunner of the Greek "bailout package", which courtesy of some convoluted transmission mechanisms would result in some, potentially quite many, Greek workers actually
paying to retain their jobs: i.e., negative salaries. Now, having looked at the
Eurogroup's statement on the Greek bailout, we find another very creative use of "negative" numbers. And by creative
we mean absolutely shocking and scandalous. First, as a reminder, even before the current bailout mechanism was in place,
Greece barely saw 20% of any actual funding, with the bulk of the money going to European and Greek banks (of which the former ultimately also ended up funding the ECB and thus European banks). Furthermore, we already know that as part of the latest set of conditions of the second Greek bailout, an '
Escrow Account" would be established: this is simply a means for Greek creditors to have a senior claims over any "bailout" cash that is actually disbursed for things such as, you know, a Greek bailout, where the money actually trickles down where it is most needed - the Greek citizens.
Here is where it just got surreal. It turns out that not only will Greece not see a single penny from the Second Greek bailout, whose entire Use of Proceeds will be limited to funding debt interest and maturity payments,
but the country will actually have to fund said escrow! You read that right:
the Greek bailout #2 is nothing but a Greek-funded bailout of Europe's insolvent banks... and the Greek constitution is about to be changed to reflect this!
The smoking gun quote:
The Eurogroup also welcomes Greece's intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece's debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter's debt service directly to a segregated account of Greece's paying agent.
As for the priority of payments - it is more than clear:
Finally, the Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.
So there you have it:
the Second Greek bailout is nothing but the first Greek bailout of Europe's banks! And the Greek constitution is about to be changed to reflect that.
Congratulations Greece - you just got royally raped by your own unelected rulers and you didn't even know it.
, che domani rilascia i conti e per la quale incrocio le dita.
cmq leggi anche il mio dubbio che ho espresso da Iulius..
