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http://marketsandbeyond.blogspot.com/ http://www.pcgwm.com/ About the need to reduce expenditures: closing down one or two money-losing state entities, such as the the Hellenic Railways Organization (OSE) This is a topical and typical subject: the Hellenic Railways. A few numbers tell you all; for 2009 consolidated accounts: Turnover - EUR 174 million Operating loss - EUR 359 million Total loss EUR 937 million Accumulated losses EUR 2.5 billion LT debt EUR - 7.8 billion Interest paid - EUR 388 million (2x the turnover!) Employees compensation - EUR 291 million (more than the turnover) The auditors commented that they could not conduct a tangible asset and inventories impairment test as well as updating the fair value of investment real estate assets. I could not find the same information for 2010. According to data released by the Ministry of Finance, on a non-consolidated basis, for the 5 months to May 2011, the situation has improved but remained catastrophic, the turnover is 3x less than personnel expenses (EUR 40,000 / employee / year as an average i.e. 4x the minimum wage, quite nice, and excluding various benefits EUR 48,000 in 2010), the net loss amounting to EUR 164 million. As a whole, during the same period, public entities had revenues of EUR 512 million personal costs of EUR 399 million and losses of EUR 534 millions (more than revenues). This tells you all, and the situation is better than in 2010 Greeces officials are willing to raise taxes and cash via privatizations; good luck! For example privatizations raised EUR 400 millions whilst EUR 5 billion was planned for 2011 3 months left However, I have no doubt that Greece will get its EUR 8 billion early next month. Hopeless.
http://marketsandbeyond.blogspot.com/ http://www.pcgwm.com/ Source: Ekathimerini: Investors sought for land registry http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_07/07/2011_397548 Ekathimerini: Land register invites private bids http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_04/08/2011_401150 Ekathimerini: Ministry rebuffs Schengen report http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_13/09/2011_406189 Ekathimerini: Civil servants in the firing line http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_18/09/2011_406931 Ministry of Finance: http://www.minfin.gr/contentapi/f/binaryChannel/minfin/datastore/bf/75/78/bf7578dec0e469420b8d6f742d5815d18 2d31eee/application/pdf/5-month+period+2011+comments+ENG.pdf Hellenic Railways Organization: Annual financial statements for 2009 http://www.ose.gr/LinkClick.aspx?fileticket=eVoOiPOHPnY%3d&tabid=541