20 July 2010

EUROZONE: Greece's Railway...Its Hidden Finances Are Debt Ridden.

NYTIMES/ LANDON THOMAS/     Another almost unbelievable story about hidden Greek debt.
    Greece's Hellenic Railways loses about $3.8 million USD per day...with a total debt of $13 billion, or about 5% of Greece’s gross domestic product. Some of its routes are manned by drivers making much as $130,000 a year on runs that are frequently empty and often take more than two times as long than by auto. Greece's sovereign debt has long backed the railway and allowed it to borrow billions from foreigners even though it pays three times as much on interest expenses than it collects in revenue. In the latest annual figures available, Hellenic Railways reported a loss of more than $1 billion in 2008, on sales of about $253 million.