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Nobody will be surprised to know that one of the reasons of the current Greek crisis is the high level of tax evasion. The Organization for Economic Cooperation and Development (OECD) estimated in 2011 that tax evasion in Greece reached 30% of GDP, implying that public funds did not receive some 15 billion euros each year. Five years and three European bailouts after the start of the Greek debt ...Read full article...
Greek people are running into banks to get as much cash out of their accounts as possible fearing that their money may be confiscated. Even before the new government of Greece is able to sit to renegotiate the terms of any future bailouts or deals, as is the intention, the executive Alexis Tsipras may have to face an even more serious crisis. Greek banks are experiencing a series of ...Read full article...
By GEORGE GEORGIOPOULOS | REUTERS | APRIL 24, 2012 Greek GDP to slump 5 pct in 2012. Current account gap to shrink to 7.5 pct of GDP. Inflation seen at 1.2 pct in 2012. Strict adherence to reforms urged. Greece’s economy will contract a deeper than expected 5 percent this year, the country’s central bank chief said on Tuesday, piling more pressure on to a citizenry already battered by crippling austerity and ...Read full article...
An ‘orderly default’ of Greece means bankers will finally collect what they fraudulently acquired through indebtedness. By Jonathan Sibun UK Telegraph September 12, 2011 Philipp Roesler, Germany’s economy minister, said an “orderly default” for Greece could no longer be ruled out and branded the country’s deficit-reduction measures “insufficient”. The warning is likely to spook financial markets further and comes despite Greece yesterday announcing a fresh €2bn (£1.7bn) of budget ...Read full article...