NY Times: Greek government’s $38,000 bills for office curtains

Today’s NY Times piece on the failure of Greece to cut its bureaucracy is a must read for anyone trying to understand one of the major forces driving global markets.   It also gives context to why Germany and other core eurozone countries are so conflicted over bailing out Greece and the banks who financed such a bloated bureaucracy.    The Times writes,

ATHENS — Stories of eye-popping waste and abuse of power among Greece’s bureaucrats are legion, including officials who hire their wives, and managers who submit $38,000 bills for office curtains.

The work force in Greece’s Parliament is so bloated, according to a local press investigation, that some employees do not even bother to come to work because there are not enough places for all of them to sit.

But as Europe looks for any sign of hope that Greece is on the road to reform, there are growing concerns about its ability — and willingness — to trim its payroll, a crucial element in bringing expenses under control enough to win continued international financing.

It’s going to be interesting.


This entry was posted in Black Swan Watch, Euro, PIIGS, Sovereign Debt, Sovereign Risk and tagged , , , . Bookmark the permalink.

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