Meathead
Diamond Member
- Jan 6, 2012
- 42,647
- 16,586
Ah, thanks for bringing up the government-owned railway system in Greece. Mountainous and with a very highly indented coast, Greece is about the last place anyone would build a railway system. Build they did many years ago. Naturally, the government would not relinquish it so they kept it running even though they found that the transport of four passengers from Athens to Thessaloniki cost the government more than if it paid for one taxi to do the same. An almost completely useless enterprise which continued to exist because of government ownership.the Greeks wanted a piece of the American housing pie, and invested their asses off on allll the bad loan bundle packages the banks were passing out like gumdrops ... well, they got some bad candy didn't they ..
oooooopsie
Cool story, bro.
They invested in their own little bubble. All kinds of public works and other government projects.
There was one particularly bad investment in a railroad scheme.
Beware of Greeks Bearing Bonds Vanity Fair
The national carrier, Olympic was largely phased out and then privatized because of the obscene waste and union strikes. At least they managed that.