Greek Public Sector Corruption and Tax Evasion

The Greek Prime Minister has to tackle long-term reforms

Wall Street Greek's International & Economic Affairs Columnist Pietro Rabassi bravely engages Greece's Prime Minister Papandreou to tackle the real problem behind the Greek financial crisis, public corruption and widespread tax evasion.

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Greek Public Sector Corruption and Tax Evasion

For two-and-a-half millennia Greece has proudly hosted the Acropolis - the symbol of Western civilization. On 28 April 2010 the Greek financial bubble exploded: Greece has betrayed this pride by almost going bankrupt, leading critics to pompously ponder the sale of Greece's ancient and core assets, including the Acropolis and the Greek islands. However unlikely that possibility is, the hope for a long-term recovery is very slim otherwise.

On 2 May 2010 the IMF and the Eurozone rescued the Greek economy. As a guarantee for the rescue package, the Greek Prime Minister George Papandreou elaborated a detailed recovery plan to raise billions of Euros to salvage the Greek economy: public sector employees had their salaries reduced or, for levels below 2,000 EUR, frozen; the retirement age for men and women were equalized and brought on average from 61 to 65; the value added tax (VAT) was increased; taxes were raised on alcohol, cigarettes and fuel. Some measures were applied also to the wealthier population: luxury taxes were increased by 10%; bonuses were to be abolished at public banks and taxed at 90% in private ones; Google (Nasdaq: GOOG) maps have been used to track undeclared swimming pools.

Yet the recovery plan is shortsighted because it fails to solve the deep problems in Greek society: corruption in the public sector and tax evasion.

These two problems are estimated to cost the Greek government up to 20 USD billion per year and to represent up to 30% of GDP.

An Example:

Have you ever been to a public hospital in Greece? Do you want to avoid waiting longer than a year to have a medical appointment? We have a solution for you: an envelope with a couple hundred Euros. You can be quite confident that the doctor will wisely invest his yearly collection of envelope money to buy a new car or perhaps build a new swimming pool in his villa in Kifisia, one of the luxurious areas of Athens. Why shall he waste time in declaring his envelope money to the Greek authorities? And of course, he knows that all his neighbors have a pool but that nobody declares them: why shall he be different from his neighbors?

Our Letter of Suggestion to the Greek Prime Minister:

Your Excellency, we would like to remind You that it is Your duty to fight corruption in the public sector and to enforce the taxation laws. You should make sure that the rule of law is applied and respected at all levels of society, by the more and less wealthy. This means challenging and changing the current Greek way of life where it is flawed: this may be hard to implement but it is the best long-term solution to avoid future crisis and to establish a more efficient government.

How can You achieve this? There are four avenues.

First, improve the quality of the services Your administration provides by accounting for fraudulent public servants. Only when Your citizens see that the public services are of good quality, will they feel stimulated to pay taxes and co-operate with the government. Let us look at one example. You could hire some young college volunteers or NGOs (rewarded as 'Presidential fellows') to serve on a rotational basis for 6 days a week for at least 6 months in the lobby of major public hospitals. They will invite people to fill out an anonymous survey on whether they have been treated correctly with no corruption requests. If they feel they have been encouraged to bribe, the Presidential fellows will invite them to address the Ombudsman. The Ombudsman will be located in an easily accessible place in the hospital and will report to an anti-corruption team whose chief will report directly to You. This will exercise pressure on the public hospital employees to avoid corruption. If You advertise this, the media will love it and the pressure will be even higher.

Second, to encourage people to declare their assets and revenues, You could grant a tax amnesty on their first declaration. Alternatively, You should train your tax inspectors to detect any immovable asset. You should require tax payers to auto-declare the value of their immovable assets. The State would reserve its right to buy them out at a price 10% higher than their declared value if the market value was different from the declared value. This way, assets will be likely to be declared at their market value!

Third, You could run campaigns in schools, on TV and in public meetings. These campaigns would educate citizens on how important it is to declare their assets and pay taxes: only if they pay taxes, they can expect the government to provide public services.

Fourth, after implementing the other three avenues, You will be able to effect many popular actions for the Greek nation with the billions of dollars that You will have raised. For instance, you might increase the wage of the public servants that have been so angry with You when You cut it down!

If You fail to ensure a long-term recovery, You may really need to sell our beautiful Greek islands. Are You planning to sell the Acropolis soon? Before it is renamed as the AT&T (NYSE: T) or the Bank of China Palace (OTC: BACHY.PK), I would be interested in buying it, not only because it is the symbol of Western civilization, but mainly to save the dignity of our great ancestors and our national pride.

Pietro G. Rabassi
Πιέτρο Γ. ΡΑΜΠΑΣΙ



Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Deutsche Bank (NYSE: DB), Banco Santander SA (NYSE: STD), IberiaBank (Nasdaq: IBKC), Barclays (NYSE: BCS), Mitsubishi UFJ Financial (NYSE: MTU), Itau Unibanco Holding (Nasdaq: ITUB), Lloyd's Banking Group (NYSE: LYG), Mizuho Financial (NYSE: MFG), Banco Santander- Chile (NYSE: SAN), Citigroup (NYSE: C), Allied Irish Bank (NYSE: AIB), Credicorp (NYSE: BAP), Westpac Banking (NYSE: WBK), Grupo Financiero Galicia (Nasdaq: GGAL), Banco Latinamericano de Comer (NYSE: BLX), J.P. Morgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Columbus Day - Stock Market Open

The following article offers some history about Christopher Columbus and the Columbus Day holiday, as well as your regular business day planner. You may find it interesting that the stock market is open on Columbus Day. You will certainly find intriguing the argument that Christopher Columbus might have been Greek, from the island of Chios. What seems founded in legend (or diner history), actually has strong basis in fact. Please read on, and we offer reference to a more complete historical resource that details the origins of Christopher Columbus, the Greek.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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Columbus Day - Stock Market Open

America honors Christopher Columbus Monday, and the bond market is closed, as are banks, government offices and many businesses. Stock exchanges are closed in Argentina, Canada and Japan for various holidays Monday, including Thanksgiving in Canada. However, Wall Street and the stock market are open on Columbus Day.

It's not like the money men offer the honors of America's discovery to Leif Ericson, or that they dislike the renowned explorer Christopher Columbus. Rather, it's more likely due to an abundance of holidays and a need to manage money, like the responsible characters they hope to someday be, that keeps Wall Streeters checking in every second Monday in October.

Interestingly enough, this once was a non-religious holiday that the U.S. and Venezuela shared, along with much of the Americas, but Hugo Chavez changed all that in 2002 when he altered the holiday to the Day of Indigenous Resistance. In 2004, Chavez likely also sanctioned the toppling of a statue of Columbus in Caracas, and labeled good old Chris a colonial tyrant, oppressor and occupier, or something of the sort. It was not an original idea though, given only a year prior, Iraqis, with the aid of US marines, ripped down a giant statue of Saddam Hussein in Baghdad.

Columbus from The Greek's Ancestral Island?

Columbus is adored in my ancestral island of Chios, because legend has it (as do your history books) he ventured to the island while in service to the important Centurione, Di Negro and Spinola families of Genoa. They say that the son of an illiterate woolworker and cheese vendor raised a boy who could gain the confidence of Spanish royalty. I disagree. Legend seems to have fogged history in this case.

To this day, you can find Greeks in Chios with the same name. In fact, there is a rather convincing argument to be made that Columbus was not from Genoa, but from the Republic of Genoa as he himself claimed, which included Chios. The theory holds that Christopher was really a Byzantine Prince from the Paleologos Dynasty, which traces its roots back to the Royal House of David. The family fled Constantinople to the west and mixed with the royalty in France and Western Europe.

The argument makes sense, as why would Spanish royalty give three ships and great license to a woolworker's son from Genoa? If you travel to Chios, you will see the family name carved in ancient homes, above the doorways. The EU even placed a placard above one home, where it agrees Columbus at least lived. A recent book of historical research claims to unveil the mystery of Columbus, and is called, "A New Theory Clarifying the Identity of Christopher Columbus: A Byzantine Prince from Chios, Greece." It's worth a look in my view.

I know very well this sounds like something from "My Big Fat Greek Wedding." However, be careful, because the film's father character (and many Greek fathers) had a flawed understanding of important truth's. Be careful not to lose sight of the importance of Greece and Greeks because of the flaws of modern Greece and Greeks.

You know, since well before the formal research was undertaken, old Greeks in Chios have been telling tales of Columbus and their brotherhood with him. There's no arguing the fact that his close friends were Greeks. It is known that Columbus did not speak nor write Italian, but wrote into the margins of his favorite book in Greek.

It has been assumed that because a family was found in Genoa with the name Columbus, that the man with a mysteriously unknown background was from that family. However, it was overlooked that Columbus did not include anyone from this family in his will. Well, there is a family with the same name that traces to Chios, like many Genoese families. That's because Chios was under Genovese control (1261 - 1566) for a good part of its history. Forgive me, my Italian friends, but it looks to me that similarly to other borrowings of the Romans and Italians from the Greeks, so too do they seek ownership of Columbus.

Read the book, do the research and see if you can argue otherwise afterwards. And tell me why Columbus charted using Greek leagues, instead of Roman. Answer why he named places using Greek letters. Chios is renowned for its sailors in Greece, because 90% of its shipping families originate from it and its satellite islands. It is, therefore, a fitting origin for the seafaring Columbus.

The Business Day

With government offices closed, no economic releases of public origin are set for release Monday. However, New York Fed President Bill Dudley will address a bankers' breakfast today. Also, the FDA will keep busy, as it decides on an Alexza Pharmaceuticals (Nasdaq: ALXA) drug for bipolar disorder and Jazz Pharmaceuticals' (Nasdaq: JAZZ) medicine for fibromyalgia.

The Nobel Prize for Economics will be announced Monday!

Executives of the NYSE/Euronext (NYSE: NYX) and CBOE will take part in a meeting of the World Federation of Exchanges in Paris.

In corporate news, the IPO lockup period ends for shares of Golub Capital (Nasdaq: GBDC). Also, Microsoft (Nasdaq: MSFT) introduces its mobile phone platform for Windows 7. The EPS schedule lists Global Payments (NYSE: GPN), POSCO (NYSE: PKX) and Zep, Inc. (NYSE: ZEP).



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Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

The View From Greece

Wall Street Greek columnist Alex Miral's trip to Greece coincided with the most challenging time for the Greek people since the military Junta fell in 1974. From the moment of his arrival, practically every day brought increasingly negative news about what Greece owed to foreign creditors, the amount of sacrifice much of the population would have to bear, Greece's standing in the world, and to make matters worse, the demonstrations and violence of the last week. In the paragraphs that follow, Alex offers readers a personal and exclusive look at the tragic view from within Greece.

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The View From Greece

I have been in Greece during the past two weeks to deal with an urgent matter regarding my family's house in central Athens. Though my name does not indicate it, I am of Greek origin and have been visiting Greece almost every year since I was in college and have a profound love and connection to this country. My lifelong connection with Greece makes what is now happening here extremely hard to take.

As it turns out, my trip here has coincided with the most challenging time for the Greek people since the military Junta fell in 1974. Since I arrived, practically every day has brought increasingly negative news about what Greece owes to foreign creditors, the amount of sacrifice much of the population has to bear, Greece's standing in the world, and to make matters worse, the demonstrations and violence of the past few days. Many here, whether they are civil servants, own small businesses or work in companies, do not know how they will pay their rent, feed their families or basically survive with the deep cuts to already low salaries and the imminent deep recession that will last at least a few years.

I have seen the fear and uncertainty of friends and relatives. This has greatly increased since the Marfin Bank in Stadiou Street was firebombed by anarchists during demonstrations against austerity on May 5th, leaving four dead, one man and two young women, one of whom was pregnant. This was a bank I have passed by many times over the years and the deaths of those innocent people, and seeing its effect on their families has shaken me to the core. Furthermore, witnesses say the hooded thugs that broke into the bank shouted something like: You work for a bank – you shouldn't have worked today like us. After hearing them choke, they said "Choke and die". This was a murder with a brutality that I never thought could happen here. Since then, I have walked through many of my favorite streets and neighborhoods thinking how wonderful it was here for at least 20 years and how sad and bleak it seems now. The cafes and trolleys normally filled with tourists and locals this time of year are half empty. With what seem to me a weak government and a police force with a poor record of catching criminals, I wonder whether these murderers will ever be brought to justice.

However, I heard that there were thousands of ordinary people protesting, shouting at politicians in a chant calling them thieves. With what I have heard over the years about many Greek politicians, those chants are most likely not far off the mark. Thursday evening, after meeting a friend in Ommonia Square I happened on a thankfully peaceful protest by the communist affiliated Union P.A.M.E. that moved on the Parliament building and was shown around the world on CNN, and was reported to be one of the contributing factors to the stock market selloff in the U.S. Thousands were waving red flags accompanied by loud protest songs. Though I am not a leftist, I understand the grief many of these ordinary people feel. There has clearly been corruption on a large scale by politicians of every political party. Most wealthy people pay little if any taxes. The corruption is so widespread, it includes practically all government and municipal agencies, even doctors and hospitals. People pay under the table for almost every service here.

I didn't take real notice until my family was affected. We had an old Athenian house that shared a staircase with our neighbor, one of the only of its kind left in Athens. One day on a trip, we found the staircase demolished and our house dangling in the air unprotected, severely damaged, and clearly a hazard for those passing by. We found out that the neighbor submitted fraudulent plans to the Athens building department to get an illegal approval to remove the common stair and was apparently not required to take any safety precautions. No-one from the building department bothered to check what happened let alone any investigation. In fact, the county public works department sent us a summons that we had to make this building safe at our expense, which was practically impossible to do. We have had to go through great lengths to protect ourselves including demolishing most of the house and commencing a lawsuit against the neighbor that is guaranteed to take several years in Greece's overburdened legal system. I never heard of this happening in any other country. In other EU countries, I have been told that this would have been declared a criminal act and those responsible prosecuted to the full extent of the law.

In my time here, I have met some interesting people that are giving me some insight as to the mood of the people here; for example, the owner of a photocopy store in Ommonia, a taxi driver, and a real estate broker in Thissio. I have been impressed with their capacity for introspection and keen awareness of what is going on around them, which has given me hope that perhaps there will be positive changes starting at the grass roots level. The real estate broker said something quite profound: the Crisis is showing the Greeks their insides, forcing them to face the reality of their character. The shop keeper told me that he felt all the Greeks are at fault for the situation they are in. The taxi driver was mourning the deaths of the bank workers and wondered what kind of future his teenage children will have.

EU Contradiction

Some of the Greek debt is not entirely the fault of the Greek state. Greece has the highest per capita military spending in the E.U., because of unsolved issues with Turkey - including Cyprus, and needs to keep an army of 150,000 soldiers in a country of under 11 million people. By comparison Germany has 220,000 soldiers but a population of 80,000,000 people. France and Germany have not allowed Greece to cut back on their several billion dollar purchases of military equipment from them, even with this aid package. An integral part of this problem is that the EU has not guaranteed the border of Greece. It is an astonishing failure of the E.U. that it has not guaranteed the border of one its member states, an action that could help streamline the budget deficit of the country. To give Greece some further credit, the private sector has performed OK; their banks were not exposed to U.S. subprime mortgages as in other parts of Europe and they largely escaped the crisis of two years ago. The private debt in Spain, Portugal and several other E.U. countries is considerably higher. However, the Greek government sector is another story.

The Greek state is way too large and public sector unions too powerful, so much so they can bring the country to a halt and have prevented much needed reforms. A close friend Dimitrios Tsomocos, Professor at Oxford SAID Business School, explained to me that there is no meritocracy in Greece, which means that the good and talented human capital often cannot find work in Greece; and many left the country and have excelled elsewhere. He explained further to me that the entire public sector operates by party politics resulting in people with questionable CV's and little or no experience getting important positions due to party affiliation. This adversely affects important departments such as Education, Public Works, Athletics, etc. that are often run by politicians that only care about their narrow political interests. Consequently, if there is not a timely overhaul of the Greek political system, there is a danger of a wave of emigration, a brain drain that will dwarf that of the 60's and 70's, endangering decades of future growth.

With the impending difficulties for much of the population if Greece successfully implements the austerity mandated by the EU – IMF or poverty if Greece leaves the Eurozone, I have been surprised that not one wealthy Greek has stepped up and said they would create a fund to help the poor make it through the hard times ahead. These are people that took great advantage of the system here for years and amassed great wealth, some in the billions of Euros. This is clearly visible in Athens' northern and southern suburbs and in the many huge yachts that are seen in the islands, and huge villas seen in the country, but few or none seem willing to help those less fortunate. For example, there has been no Greek equivalent to Warren Buffet or Bill Gates, who have given billions to education, hospitals, medical research, and tools to create opportunities for the less fortunate. Many of these people must be well known to the government here and in Europe but none so far are volunteering or being forced to pay something back to their country. This is a disgrace of the highest order. I have heard ordinary people say that they would sacrifice but so should the rich and the politicians. They have a point; it is high time the Greek wealthy make the type of contributions to their society similar to those that are made by their counterparts in other developed western countries.

The crisis has now moved well beyond Greek borders, and has shown the need for introspection and policy action in many advanced economies that are highly indebted, including the U.S., the U.K. and Japan. Last week, sovereign bond spreads widened in Spain and Portugal, interbank lending rates in Europe are increasing, and there are growing fears of contagion to Spain and Portugal and potential serious ramifications in Britain, the U.S.A. (which are both highly indebted nations), and the rest of the planet. Greece is a country that has a history of division and in-fighting going back to ancient times. However, historically its people have also come together, mostly during times of crisis, and accomplished great feats, the sort of which are required here now. Considering the present global economic conditions, policies required to combat indebtedness could result in civil unrest in many other developed countries. For example, in my home town New York City, what would happen if the New York State / Bloomberg Administration cut the salaries of MTA workers or teachers by 20% and raised taxes? At this time it seems to me that both locally and internationally, there needs to be unprecedented cooperation between opposing political parties, between rich and poor, governments and the private sector to solve these immense problems that are now becoming global. I sincerely hope this happens for the future of all of us.



Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Greece News & My Disgust!

Today's Greek Disgust

Enough already! I am tired of seeing my ancestral homeland sink. We offer Greece some advice in the paragraphs that follow, so please be sure to find it below.

I think we have all contracted Greece news on the brain disease by now. The Greek drama has been playing out for what seems like an eternity at this point. Of course, we have European Disunity to blame for that, along with Greek government mismanagement and Wall Street swindling. Thank the Greek Gods, the devil (or rather S&P), seems to have found the ingredients to bring the EU toward a reunion of sorts... finally. We cover the latest Greek news, provide important advice to Greece, and report on all of the day's American and global market-moving news in today's copy.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, global financial markets, real estate, shipping, fine art, technical analysis and global affairs.

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Greece News & My Disgust!

If not for Greece news overload, we would have just the two usual economic reports to worry about today. Well, that and a storm of earnings reports, plus a few more Congressional hearings. The day's economic data proved bland while providing more of the same data trends that have played true for too long now. Both the Weekly Jobless Claims and Natural Gas Inventory Report offered little to salt markets today. That said, we always have Greece news to provide a little zest, albeit without the olive oil and lemon.

Greece News & My Disgust

In yesterday's Coffee, entitled "S&P Downgrades Spurred European Response," we noted the vast global market decline that followed the rating agency's downgrades of Greece, Portugal and Spain. The IMF and EU responded quickly to the downgrades though in assuring investors that a distribution of aid is just days away. Greek markets recovered before closing yesterday, and in today's activity through publishing, we saw the remainder of Europe regain lost ground.

• Germany's DAX Index +1.0%
• U.K. FTSE 100 +0.56%
• France's CAC 40 +1.42%
• Spain's IBEX 35 +2.69%
• Italy's FTSE MIB +0.9%
• Portugal's PSI General +4.53%
• Ireland's Irish Overall +3.53%
  
• Greece's Athens Composite Share +7.14%
  

Of all these movers, the Greeks might be wisest to take these gains and move to Cyprus. The austerity measures being introduced to help Greece attempt to turn its economy on a dime threaten to drive civil unrest and engineer deep political divide. That's not to mention that Ben Bernanke keeps reminding Americans that these kinds of actions turned an average recession into the Great Depression in the US.

Pressured by the stupid Europeans (I can't find a better description), who seem unwilling to endure the bad times with the good, Greece is forcing a new set of austerity measures down its citizens throats. I feel the Prime Minister is making the kind of mistake here that ensures a radical political party will win government control at the next election... and oh by the way, that could come via coup given the degree of disgust Greek citizens have for the current situation. The feeling on the streets is simply understood: Why should Greeks suffer for the corruption of their government officials and the mismanagement of Wall Street?

The answer is simple as well: They shouldn't!

Greek union officials reported today that the IMF is requiring Greece to raise sales taxes (further), scrap bonuses and accept a three-year pay freeze. The bonuses union members have grown accustomed to amount to two months salary, and therefore mark a significant cut in pay. Prime Minister Papandreou is a wonderful gentleman, but we hope he has a talent for sales as well, since he is going to have to sell "saving Greece" to a passionate people that see the product as skata (read shit).

For the sake of justice, the pious people of Greece burned a Christmas tree; and for the sake of justice, they drove the soldiers who guard the tomb of their beloved unknown soldier away. We are talking about a people who have pelted their politicians with objects of all sorts, including fists. We are talking about a people who will not be taken advantage of, nor burdened with the weight of government corruption and Wall Street swindling.

As a matter of fact, I think it would be wise for Goldman Sachs (NYSE: GS) and crew to remove any signage, and consider hiding Greek operations on some deserted island for a few years. I feel sorry for the Prime Minister, because in saving Greece, he will likely lose his government. And neither will the New Democrats take it back, since they have been attributed with much of the blame.

Greece would be wise to consider these ideas for starters:

• Tax tourists, not your citizens! Same as in New York City, a leader from the upper class places the burden of economic decline on his already stressed working class. Just as New York will always attract tourists, Greece will as well (as long as it is peaceful). So instead of strapping your hard working blue collar countrymen, it would be wise to look toward visitors to bear the cost.


• Shipping Companies must pay taxes! Shipping companies do not really pay taxes in Greece, despite running most of their operations from the country. Rather, because assets consist of seaborne vessels, they place a small office in Liberia, The Canary Islands or some other lie, and pay virtually no taxes to Greece on the exorbitant wealth stores they amass. I say Greek shipping families should decide if they want to be Greek citizens or not. If they do not pay taxes to Greece, then they should lose citizenship and move elsewhere. Greeks may be a proud people, but we are not a stupid people, and we are tired of being screwed.


• Penalty for government corruption must be merciless! If you give these gentlemen to the crowds of rioters, they will eat them like cabbage, so to speak. The people run the government! This is democracy! So, to preserve the cabbage industry, it would be wise to put corrupt leaders into Turkish prisons. Greek prisons would be too kind.


• Seek retribution for the stolen riches and history of Greece! Force Germany, the United Kingdom and Turkey to repay Greece for the wealth stolen over the centuries.
  

If you want real change the people can support, these are the kinds of measures you must institute. Penalize unfairly earned wealth, tourists who will come anyway, and the cheaters who have caused this crisis by mismanagement and corruption. Do not torture the good Greek people who work hard for a simple existence.

The current plan inspired by Greece's big brothers is not feasible. It will only open up black markets, torch the streets of Athens and lead more Greek wealth to leave the country. It will only usher in a radical government to replace the current. Please, I beg any intelligent reader with reach to the Greek government to share my words with them, and let them consider these words carefully. I'm sure I could enhance Greece's budget plan and save Greece much pain, if only you will give me a chance to. I am available to help serve Greece's effort.

House Panel Keys on Goldman's Swaps & Greece

A House of Representatives panel took up the subject of credit-default Swaps and their role in Greece's debt crisis today. In other words, the feds are doing all they can to turn up the heat on Goldman and Wall Street, which works in favor of getting financial regulatory reform passed. Meanwhile, the Senate Banking Committee is reviewing "short-termism" in financial markets.

Weekly Jobless Claims

Weekly Jobless Claims were reported today for the period ended April 24. New unemployment benefits filers numbered 448,000, about in line with the economists' consensus for 447K. Claims were lower than the prior week's revised number of 459,000, and also significantly shorter than the data from two weeks ago (480K). However, the four-week moving average tells a sad story. That telling metric produced an increase of 1,500 claims, to a mark of 462,500. Perhaps census hiring is still not a factor.

The consistency of employment outflow illustrates a desolate labor market, and implies that elevated unemployment will persist for some time to come. Next week offers market watchers the latest unemployment figures, and we see little reason to be enthusiastic about that. The insured unemployment rate stuck at 3.6% for the April 17 period.

The largest increases in initial claims for the week ending April 17 were in Puerto Rico (+3,549), Iowa (+1,606), Georgia (+1,412), Connecticut (+768), and Florida (+422), while the largest decreases were in New York (-21,010), California (-15,380), Pennsylvania (-4,512), Oregon (-4,317), and New Jersey (-3,777). This data seems to show cyclical gains beginning in the hardest hit regions of the country. Though, all indications are that small business is not participating in any hiring. This illustrates a failing of the Obama Administration's job incentive program, which is geared toward small business.

EIA Natural Gas Report

The EIA's latest Natural Gas Report showed another increase in inventory, this time by 83 Bcf (versus last week's 73 Bcf). The report, covering the period ended April 23, shows natural gas inventory 303 Bcf above its five-year average for this time of year (last week's data showed it 286 Bcf above). Based on the EIA's charts, it looks to us as though natural gas inventory is already above the upper limit of the average range for this time of year. Thus, there seems little reason to forecast higher pricing, unless you see near-term global economic growth higher than economists estimate; or if you foresee a conflict with Iran in the near-term.

Corporate Earnings & News Drivers

Harman International (NYSE: HAR) hosts a meeting with investors. Rio Tinto (NYSE: RTP) has a 4-for-1 split scheduled. Reporting earnings, look for data from Exxon Mobil (NYSE: XOM), ConocoPhillips (NYSE: COP), Burger King (NYSE: BKC), Santander (NYSE: STD). Also look for EPS reports from Abaxis (Nasdaq: ABAX), Acer Inc. (OTC: ASIYF.PK), ACI Worldwide (Nasdaq: ACIW), Acme Packet (Nasdaq: APKT), Actel (Nasdaq: ACTL), Aetna (NYSE: AET), Agnico-Eagle Mines (NYSE: AEM), Agree Realty (NYSE: ADC), Akeena Solar (Nasdaq: AKNS), Alaska Communications (Nasdaq: ALSK), Alexandria Real Estate (NYSE: ARE), America Movil (NYSE: AMX), American Dental Partners (Nasdaq: ADPI), American Electric Power (NYSE: AEP), Anaren (Nasdaq: ANEN), Antigenics (Nasdaq: AGEN), Apache Corp. (NYSE: APA), AP Capital (Nasdaq: ACAP), Applied Micro Circuits (Nasdaq: AMCC), ArcelorMittal (NYSE: MT), Ariba (Nasdaq: ARBA), Art Technology (Nasdaq: ARTG), Artio Global (NYSE: ART), Asbury Automotive (NYSE: ABG), Asset Acceptance (Nasdaq: AACC), AstraZeneca (NYSE: AZN), Athenahealth (Nasdaq: ATHN), AVEO Pharmaceuticals (Nasdaq: AVEO), Baldwin & Lyons (Nasdaq: BWINA), Ball Corp. (NYSE: BLL), Ballard Power (Nasdaq: BLDP), Bally Technologies (NYSE: BYI), Banco de Chile (NYSE: BCH), Banco Santander (NYSE: STD), Bancorp Rhode Island (Nasdaq: BARI), BASF Catalysts (Nasdaq: BCAT), Becton, Dickinson and Co. (NYSE: BDX), Bel Fuse Inc. (Nasdaq: BELFB), Belden Inc. (NYSE: BDC), Bemis (NYSE: BMS), Benchmark Electronics (NYSE: BHE), BioMarin Pharmaceutical (Nasdaq: BMRN), Bofi Holding (Nasdaq: BOFI), BorgWarner (NYSE: BWA), Brigham Exploration (Nasdaq: BEXP), Bristol-Myers Squibb (NYSE: BMY), Bruker (Nasdaq: BRKR), Brunswick (NYSE: BC), Brush Eng. Materials (NYSE: BW), Bryn Mawr Bank (Nasdaq: BMTC), Build A Bear Workshop (NYSE: BBW), Bunge Ltd. (NYSE: BG), Calgon Carbon (NYSE: CCC), Caliper Life Sciences (Nasdaq: CALP), Callaway Golf (NYSE: ELY), Callidus Software (Nasdaq: CALD), Cameron (NYSE: CAM), CARBO Ceramics (NYSE: CRR), Cardinal Health (NYSE: CAH), Cardtronics (Nasdaq: CATM), CDI Corp. (NYSE: CDI), Celgene (Nasdaq: CELG), Cenovus Energy (NYSE: CVE), Center Fin'l Corp. (Nasdaq: CLFC), Cerus (Nasdaq: CERS), CEVA, Inc. (Nasdaq: CEVA), CH Energy Group (NYSE: CHG), Chart Industries (Nasdaq: GTLS), Chelsea Therapeutics (Nasdaq: CHTP), Chicago Mercantile Exchange (NYSE: CME), China Petroleum & Chemical (NYSE: SNP), China Sunergy (Nasdaq: CSUN), Chiquita Brands (NYSE: CQB), City National (NYSE: CYN), Clarient (Nasdaq: CLRT), Clearwater Paper (NYSE: CLW), Coherent (Nasdaq: COHR), Coinstar (Nasdaq: CSTR), Colgate-Palmolive (NYSE: CL), Colonial Properties (NYSE: CLP), CommScope (NYSE: CTV), CONMED (Nasdaq: CNMD), CONSOL Energy (NYSE: CNX), Constant Contact (Nasdaq: CTCT), Credit Acceptance (Nasdaq: CACC), CTC Media (Nasdaq: CTCM), Cumulus Media (Nasdaq: CMLS), Curtiss-Wright (NYSE: CW), Cybersource (Nasdaq: CYBS), Cytokinetics (Nasdaq: CYTK), D&B (NYSE: DNB), Dana Holding (NYSE: DAN), Deltek Inc. (Nasdaq: PROJ), DENTSPLY Int'l (Nasdaq: XRAY), Depomed (Nasdaq: DEPO), Digirad (Nasdaq: DRAD), Digital Realty Trust (NYSE: DLR), Digital River (Nasdaq: DRIV), Dolby Laboratories (NYSE: DLB), Dominion Resources (NYSE: D), Double Eagle Petroleum (Nasdaq: DBLE), Dover Downs Gaming (NYSE: DDE), Dover Motorsports (NYSE: DVD), DPL, Inc. (NYSE: DPL), Duff & Phelps (NYSE: DUF), Duke Realty (NYSE: DRE), Dynamic Materials (Nasdaq: BOOM), Eastman Kodak (NYSE: EK), eFuture Info (Nasdaq: EFUT), Electronics for Imaging (Nasdaq: EFII), EMCOR (NYSE: EME), Emergency Medical Svs. (NYSE: EMS), Empire District Electric (NYSE: EDE), Enbridge Energy (NYSE: EEQ), Energen (NYSE: EGN), Entergy (NYSE: ETR), Entravision Communications (NYSE: EVC), ev3 (Nasdaq: EVVV), Expedia (Nasdaq: EXPE), FalconStor Software (Nasdaq: FALC), Financial Institutions (Nasdaq: FISI), First Potomac Realty (NYSE: FPO), Fiserv (Nasdaq: FISV), Fisher Communications (Nasdaq: FSCI), Forrester Research (Nasdaq: FORR), Fortune Brands (NYSE: FO), France Telecom (NYSE: FTE), Franklin Electric (Nasdaq: FELE), Gazprom (OTC: OGZPF), Genesee & Wyoming (NYSE: GWR), Genpact (NYSE: G), Gen-Probe (Nasdaq: GPRO), Genworth Fin'l (NYSE: GNW), GFI Group (Nasdaq: GFIG), Global Crossing (Nasdaq: GLBC), GrafTech Int'l (NYSE: GTI), Greatbatch (NYSE: GB), Green Plains Renewable (Nasdaq: GPRE), Grupo Financiero Inbursa SA (OTC: GPFOY), Grupo Simec (NYSE: SIM), Guidance Software (Nasdaq: GUID), Hanmi Fin'l (Nasdaq: HAFC), Harris Interactive (Nasdaq: HPOL), Harsco (NYSE: HSC), Harte-Hanks (NYSE: HHS), Hartford Fin'l (NYSE: HIG), Harvard Bioscience (Nasdaq: HBIO), HealthSpring (NYSE: HS), Helmerich & Payne (NYSE: HP), Hercules Offshore (Nasdaq: HERO), Holly Energy (NYSE: HEP), Huron Consulting (Nasdaq: HURN), IMAX Corp. (Nasdaq: IMAX), Immunogen (Nasdaq: IMGN), Imperial Oil (NYSE: IMO), Ingram Micro (NYSE: IM), Innodata Isogen (Nasdaq: INOD), Intermec (NYSE: IN), InterMune (Nasdaq: ITMN), International Paper (NYSE: IP), Int'l Rectifier (NYSE: IRF), Investment Technology Group (NYSE: ITG), Investors Bancorp (Nasdaq: ISBC), Iron Mountain (NYSE: IRM), iStar Fin'l (NYSE: SFI), Ixia (Nasdaq: XXIA), Jarden (NYSE: JAH), John B. Sanfilippo (Nasdaq: JBSS), KB Fin'l (NYSE: KB), KBR, Inc. (NYSE: KBR), Keithley Instruments (NYSE: KEI), Kellogg (NYSE: K), Kennametal (NYSE: KMT), Key Energy Svcs. (NYSE: KEG), Key Technology (Nasdaq: KTEC), Keynote Systems (Nasdaq: KEYN), KKR Fin'l (NYSE: KFN), KLA-Tencor (Nasdaq: KLAC), Kratos Defense & Security (Nasdaq: KTOS), K-Sea Transportation (NYSE: KSP), KT Corp. (NYSE: KT), LaBarge (NYSE: LB), Lancaster Colony (Nasdaq: LANC), Lantronix (Nasdaq: LTRX), LaserCard (Nasdaq: LCRD), LeMaitre Vascular (Nasdaq: LMAT), Libbey (NYSE: LBY), Linn Energy (Nasdaq: LINE), LKQ Corp. (Nasdaq: LKQX), Lubrizol (NYSE: LZ), Luxottica (NYSE: LUX), Macatawa Bank (Nasdaq: MCBC), Mack-Cali Realty (NYSE: CLI), Maxim Integrated (Nasdaq: MXIM), Maxwell Tech (Nasdaq: MXWL), McAfee (NYSE: MFE), Mead Johnson Nutrition (NYSE: MJN), MedAssets (Nasdaq: MDAS), MEMC Electronic Materials (NYSE: WFR), Merchants Bancshares (Nasdaq: MBVT), Merit Medical (Nasdaq: MMSI), MetLife (NYSE: MET), Mettler-Toledo (NYSE: MTD), MICROS System (Nasdaq: MCRS), Microtune (Nasdaq: TUNE), Mine Safety Appliances (NYSE: MSA), Mohawk Industries (NYSE: MHK), Monolithic Power (Nasdaq: MPWR), Monster Worldwide (NYSE: MWW), Motorola (NYSE: MOT), Mylan (NYSE: MYL), National Technical Systems (Nasdaq: NTSC), Natus Medical (Nasdaq: BABY), NEI (Nasdaq: NENG), Neogenomics (Nasdaq: NGNM), NetLogic Microsystems (Nasdaq: NETL), NetScout Systems (Nasdaq: NTCT), Newpark Resources (NYSE: NR), NII Holdings (Nasdaq: NIHD), Noble Energy (NYSE: NBL), Novamed (Nasdaq: NOVA), NSTAR (NYSE: NST), NuStar Energy (NYSE: NS), Occidental Petroleum (NYSE: OXY), Oclaro (Nasdaq: OCLR), OfficeMax (NYSE: OMX), Olympic Steel (Nasdaq: ZEUS), On Assignment (Nasdaq: ASGN), OneBeacon Insurance (NYSE: OB), Online Resources (Nasdaq: ORCC), Open Text (Nasdaq: OTEX), Oshkosh Corp. (NYSE: OSK), Pacific Capital Bancorp (Nasdaq: PCBC), Palomar Medical (Nasdaq: PMTI), Patni Computer (NYSE: PTI), Patterson-UTI (Nasdaq: PTEN), PC Connection (Nasdaq: PCCC), PDL BioPharma (Nasdaq: PDLI), Pennsylvania Real Estate Inv. Trust (NYSE: PEI), Perrigo (Nasdaq: PRGO), Pinnacle Data Systems (NYSE: PNS), Potash Corp. (NYSE: POT), Power-One (Nasdaq: PWER), Pozen (Nasdaq: POZN), Pride Int'l (NYSE: PDE), Primedia (NYSE: PRM), Procter & Gamble (NYSE: PG), Pro-Dex (Nasdaq: PDEX), Provident Fin'l (Nasdaq: PROV), QLogic (Nasdaq: QLGC), Questcor Pharmaceuticals (Nasdaq: QCOR), Quidel (Nasdaq: QDEL), Radware (Nasdaq: RDWR), RAIT Fin'l Trust (NYSE: RAS), Regal Entertainment (NYSE: RGC), Reliv Int'l (Nasdaq: RELV), Repsol (NYSE: REP), Republic Services (NYSE: RSG), ResMed (NYSE: RMD), Revlon (NYSE: REV), Rochester Medical (Nasdaq: ROCM), Rockwood Holdings (NYSE: ROC), Rubicon Tech (Nasdaq: RBCN), Ruddick (NYSE: RDK), Rudolph Tech (Nasdaq: RTEC), Safeway (NYSE: SWY), Saia (Nasdaq: SAIA), Sally Beauty (NYSE: SBH), Sanofi-Aventis (NYSE: SNY), Selectica (Nasdaq: SLTC), Senomyx (Nasdaq: SNMX), Siemens (NYSE: SI), Silgan (Nasdaq: SLGN), Silicon Motion (Nasdaq: SIMO), Sinopec Shanghai Petrochemical (NYSE: SHI), Skyworks (Nasdaq: SWKS), Sonic Foundry (Nasdaq: SOFO), Sourcefire (Nasdaq: FIRE), Southwestern Energy (NYSE: SWN), Spirit Aerosystems (NYSE: SPR), Stamps.com (Nasdaq: STMP), Standard Register (NYSE: SR), Standex Int'l (NYSE: SXI), Starwood Hotels (NYSE: HOT), State Auto Fin'l (Nasdaq: STFC), StellarOne (Nasdaq: STEL), Stewart Info (NYSE: STC), Strayer Education (Nasdaq: STRA), Sun Healthcare (Nasdaq: SUNH), Sunoco (NYSE: SUN), Support.com (Nasdaq: SPRT), Surewest Communications (Nasdaq: SURW), Symetra Fin'l (NYSE: SYA), Symyx Tech (Nasdaq: SMMX), TeleCommunications Systems (Nasdaq: TSYS), Teledyne (NYSE: TDY), Telular (Nasdaq: WRLS), Tenneco (NYSE: TEN), Terra Nitrogen (NYSE: TNH), Tesoro (NYSE: TSO), The Brinks Co. (NYSE: BCO), The First American Corp. (NYSE: FAF), The Interpublic Group (NYSE: IPG), The Timberland Co. (NYSE: TBL), The Timken Co. (NYSE: TKR), Thoratec (Nasdaq: THOR), Time Warner Cable (NYSE: TWC), Tollgrade Communications (Nasdaq: TLGD), TranSwitch (Nasdaq: TXCCD), TriMas (NYSE: TRS), Trimble Navigation (Nasdaq: TRMB), Ultralife (Nasdaq: ULBI), Unifi (NYSE: UFI), Unilever (NYSE: UL), United Stationers (Nasdaq: USTR), United Therapeutics (Nasdaq: UTHR), Universal American (NYSE: UAM), Valassis Communications (NYSE: VCI), ValueClick (Nasdaq: VCLK), Varian Semi (Nasdaq: VSEA), Viacom (NYSE: VIA), VISTAPRINT (Nasdaq: VPRT), Volcom (Nasdaq: VLCM), Washington Real Estate Inv. Trust (NYSE: WRE), Waste Management (NYSE: WM), Wayside Technology (Nasdaq: WSTG), Wesbanco (Nasdaq: WSBC), West Bancorporation (Nasdaq: WTBA), West Pharmaceutical Services (NYSE: WST), Weyco (Nasdaq: WEYS), Weyerhaeuser (NYSE: WY), Wisdomtree Investments (OTC: WSDT.PK), World Acceptance (Nasdaq: WRLD), WSFS Fin'l (Nasdaq: WSFS), Wynn Resorts (Nasdaq: WYNN), Xcel Energy (NYSE: XEL) and Zoll Medical (Nasdaq: ZOLL).

This article should also interest investors in NYSE: EPV, NYSE: VEA, NYSE: DFE, NYSE: DEB, NYSE: IEV, NYSE: CEE, NYSE: RNE, Nasdaq: ADRU, AMEX: EKH, NYSE: PEF, NYSE: GUR, NYSE: NBG, NYSE: OTE, NYSE: CCH, NYSE: TNP, Nasdaq: DRYS, Nasdaq: TOPS, NYSE: GNK, NYSE: DSX, NYSE: NM, NYSE: NMM, Nasdaq: EGLE, NYSE: DAC, Nasdaq: PRGN, Nasdaq: ESEA, NYSE: PIZ, NYSE: PIE, NYSE: PDP, NYSE: DIA, NYSE: SPY, NYSE: NYX, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: IWM, NYSE: TWM, NYSE: IWD, NYSE: SDK, NYSE: ICE, Nasdaq: QQQQ, Nasdaq: HTOAX, Nasdaq: HTOTX, Nasdaq: HTOBX, Nasdaq: JTCIX, Nasdaq: JTCNX, Nasdaq: JTCAX.



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