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.
Popular Posts
- RUSSIA : Putin's Police Make Preemptive Strike On Leading Protest Opponents.
- BOLIVIA: Morales Continues Verbal Assault On USA's "Meddling"; USAID Expulsion Threatened.
- USA / PANAMA / MIDEAST : Oil Tanker Hits Destroyer In Straits Of Hormuz...Leaving Huge Gash.
- URUGUAY: Prez. Mujica Popularity At Record High After 100 Days.
- CZECH REPUBLIC: Poll Shows Czechs Finicky About Tolerance.
- MEXICO: Narcos "Force Down" Police Helicopter In Michoacan.
- ARGENTINA : Ex-President De La Rua Tried For Corruption.
- BRASIL: CBank Lowers SELIC 8th Time...To Historic 8%.
- UKRAINE / EU : Kyiv Cancels Yalta Summit...After 13 Leaders Bail; Yulia Ends Hunger Strike, Accepts Medical Treatment.
- SLOVENIA : 100,000 Public Workers Strike Over Wage Cuts; PM Jansa Under Pressure.