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Economists using data from Greek banks estimate the tax evasion in 2009 through unreported income at 28 billion euros. Using a tax rate of 40% 11.2 billion euros of taxes were evaded by Greek taxpayers. This is one third of the Greek deficit in 2009. The economists say doctors and engineers were prominent in the tax evasion list and find that these groups have large representation in Greece's parliament. Italy has taken steps under the Monti government to crackdown on tax evasion, but Greece is still to take action in this area, which is particularly glaring considering that the previous Greek government agreed to cut the minimum wage in Greece.
Italy's culture of tax evasion and the cost to the economy
11/25/2011
One estimate of the loss to the Italian Treasury from tax evasion- through underreporting of income from plumbers to real estate agents and large property owners and other forms of tax evasion- is $340 billion. With the deepening economic crisis the sense of what this is costing the country is beginning to sink in. About 73% of Italians now support the fight against tax evasion being led by the new government of Mario Monti, the former European commissioner. The loss is not only to the Treasury and ability to balance the budget without deficits, this also burdens companies and reduces capital needed for investments in plant, new equipment, and R&D, which create jobs.
Grouped Articles
Amid crisis, Italy confronts a culture of tax evasion - The Washington Post
Washington Post 11/25/2011
Italy Plan Opens Pivotal Week for Euro
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BusinessWeek 12/08/2011
Italy Tries to Raise the Social Stigma on Tax Evasion
New York Times 12/24/2011
Italy’s uphill financial fight - The Washington Post
Washington Post 12/27/2011
Deepening Crisis Over Euro Pits Leader Against Leader
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The steps towards renegotiating the March 2012 bailout deal for Greece by the coalition governmment of Antonis Samaras
07/01/2011
Participation by the ECB, the IMF and the EC in negotiations with the new Greek government of Antonis Samaras to come up with a revised loan agreement for Greece. New Democracy's Samaras, the new prime minister of Greece in June 2012, has insisted that the terms should include ways in which Greece can return to growth, and the Democratic Left party, the third coalition partner, has insisted that the timetable for the deficit targets needs to be extended and the harshest austerity measures such as cutting the minimum wage be cancelled.
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Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
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A Warning Light to Alert the I.M.F.
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EU Dismisses IMF's Criticism On Greek Bailout
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Policy âTroikaâ for Europe Financial Woes at Odds
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New York Times 06/23/2013
Greek Draft Budget Sees Primary Surplus, Return to Growth
Wall Street Journal 10/14/2013
Greece, debt and the new austerity budgets 2011-2013
12/10/2009
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Greek Draft Budget Sees Primary Surplus, Return to Growth
Wall Street Journal 10/14/2013
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Greece: Austerity Budget Passed
New York Times 12/25/2009
Greece's austerity measures, politics and the 2012 elections
07/26/2011
The prospects of combined vote of 30-35% for the two major political parties of Samaras and Venizelos with the rest of the vote splintered among extreme right and left wing parties, in the the 2012 Greece elections.
Grouped Articles
Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
Wall Street Journal 07/26/2011
New York Times 06/23/2013
Fractious Greek Government Splits
Wall Street Journal 06/25/2013
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Greece's Fringe Parties Surge Amid Bailout Ire
Wall Street Journal 03/28/2012
In Greece, austerity kindles deep discontent - The Washington Post
Washington Post 03/31/2012
Greece's culture of tax evasion and the cost to the economy
06/24/2010
Economists using data from Greek banks estimate the tax evasion in Greece at $11 billion based on a 40% tax rate, or about one third of the deficit for 2009. Unreported income is 28 billion euros.
Grouped Articles
Greek Tax Crackdown Yields Little Revenue
New York Times 05/12/2013
BusinessWeek 06/24/2010
Greek Ship Owners Fear Syriza Tax Plan
Wall Street Journal 01/28/2015
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
Economist 07/12/2015
Wall Street Journal 07/09/2012
Faces of recession battered Greece as new austerity programs are adopted by the government
06/28/2011
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EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
New York Times 11/03/2013
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Across Athens, Graffiti Worth a Thousand Words of Malaise
New York Times 04/15/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Greece's austerity measures and why the cuts hit lower paid workers the most
02/13/2012
Grouped Articles
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Greek leaders’ priorities questioned - The Washington Post
Washington Post 02/19/2012
New York Times 02/13/2012
The austerity spending cuts and new taxes in Greece- 2011-2012
06/28/2011
Grouped Articles
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greek Ship Owners Fear Syriza Tax Plan
Wall Street Journal 01/28/2015
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Wall Street Journal 06/29/2011
Two-Day Strike in Greece Ahead of Austerity Vote
New York Times 06/28/2011
Failure to tackle tax evasion in Greece estimated at one third of the deficit for 2009
02/19/2012
The implementation of austerity measures in Greece including cuts to the minimum wage hit people with lower wages the hardest. This takes place even as Greece fails to tackle tax evasion by higher income groups such as doctors and engineers. This is estimated by a group of economists who looked at Greek bank records at 11.2 billion euros in 2009.
Linked Articles
Wall Street Journal 07/09/2012
Greek leaders’ priorities questioned - The Washington Post
Washington Post 02/19/2012
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