Greek railways – a wonderful story of stupidity, corruption and greed!

…[H]ere’s little tale of disaster and thievery that might entertain you while also helping cast some light on why Greece’s economy is such a total basket case and why the country is doubly or even triply bankrupt.

It’s the sorry story of Greece’s rail network – Hellenic Railways..

..Hellenic Railways operates at a loss of about $3.8m per day, having accumulated a total debt of $13bn, or about 5% of Greek GDP.

In 2008, the company managed to report a loss of more than $1bn, on sales of just $253 million, a truly incredible achievement that probably ought to go in the Guinness Book of Records as perhaps the worst example of managerial incompetence in human history.

Between 2000 and 2009, the cost of the company’s payroll soared by 50% even as overall personnel decreased by 30%.

The average salary of a rail employee is over $78,000. In the mountainous Peleponnese region, trains manned by drivers being paid as much as $130,000 a year frequently run empty…

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  • Drunk_by_Noon

    This is why corrupt countries must always be allowed to fail and their people starve if necessary.
    Anything else just continues the theft.

  • canminuteman

    So the Greek railway system is run like pretty much any Canadian Crown Corporation?

  • ontario john

    This is what Ontario will be like very soon.

  • Exile1981

    Even if German had agreed to pay reparations to Greece the greeks would have spent it like a drunken sailor on a 3 day pass and in 6 months they would have been back looking for more cash.

    • Frau Katze

      Yep.

    • Surele Surele

      That’s pretty much how it is.

    • JoKeR

      Don’t insult drunken sailors with that comparison!

      At least drunken sailors are spending their own money that they worked hard for not other people’s money. 🙂

      • Exile1981

        Sorry, as an air force brat I was raised on drunken sailor jokes.

  • Socialist policies at their best.

  • Rosenmops

    Greece never recovered from being invaded by arselifters.
    Sicily was also invaded by arselifters and they ruled there for several centuries. The Mafia arose in Sicily. Coincidence? Islam and the Mafia have a lot in common.

  • BillyHW

    Boy am I a sucker.