Posted on 07/21/2010 10:34:55 AM PDT by george76
Losses at Hellenic Railways... continue to mount — at the rate of 3 million euros ($3.8 million) a day. Its total debt has increased to $13 billion, or about 5 percent of Greece’s gross domestic product.
Some have argued that Hellenic Railways should shut down the majority of its routes, especially in the mountainous Peloponnese region where trains manned by drivers being paid as much as $130,000 a year frequently run empty.
The government, perhaps optimistically, is advocating the sale of a 49 percent stake to the French, who said this year that they would take a look. But it remains unclear how the French rail network, already burdened with its own high levels of debt, would be able to assume Hellenic’s liabilities and losses.
For the better part of a decade, Greece has provided sovereign backing to Hellenic Railways, thus allowing it to borrow billions from accommodating foreigners even though the company’s finances are so skewed that it pays three times as much on interest expenses than it collects in revenue.
Until now, Greece has been able to use its rail system as a means to support employment while not adding to its official debt number.
“This was an accounting trick, another good way for the government to hide its debt...
a trip from Athens to Diakopto, a seaside town on the northern coast of the Peloponnese, took more than four hours...
The same trip by car would take less than two hours.
“It is crazy,” said Nikolaos Kioutsoukis, the union chief for the railway. “It’s not surprising that people prefer to go by car.”
(Excerpt) Read more at nytimes.com ...
Epic Fail.
Surprised ?
/s
This is what the Dems want here. Lots of trains for govt train jobs.
See VDHs A War Like No Other. Great book.
“Until now, Greece has been able to use its rail system as a means to support employment while not adding to its official debt number.
“This was an accounting trick, another good way for the government to hide its debt...”
You think our dummies understood this? Shoosh, when Greek commies can’t hide fraud, waste, and abuse, what are the odds that our home grown community organizers can?
And I thought Greeks had a reputation for being “cheap”. Oh the irony.
You cannot post a story about trains without pinging Willie Green.
It is a FR rule.
dangit.
in the mountainous Peloponnese region where trains manned by drivers being paid as much as $130,000 a year frequently run empty.
Sounds like the Port Authority of Allegheny County (PA).
But don’t expect rail pimp Willie to learn a thing from this article.
That's kinda harsh, dirtboy. This only the 10,000th article showing the failures of goobermint trains.
If the hundreds of wrecks, the businesses destroyed, the waste and theft of funds from the taxpayers in Willie's home town (Houston) don't faze him, why should 10,000 articles ?
As I'm a Houstonian also, they bother me.
The US’s rail business model just keeps looking better and better. Freight, almost no passengers and private enterprise. Heck, our railroads even pay taxes.
Those Greeks should try providing free Wi-Fi on their government subsidized rail. Free Wi-Fi makes everything work better. The only thing better than free Wi-Fi is Other People's Money (OPM).
Imagine how relaxing the unemployed Greeks would find riding on high speed passenger rail. They could sample the overpriced fare in the crowded dining car while surfing porn on the taxpayers dime.
Ping me if you want on or off the No High Speed Rail List!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.