Visa: Greek Black Market Costs $56.6B



visaWith Greece scrapping to find every cent it can during a crushing economic crisis, officials from Visa card estimate the country is losing 43.2 billion euros ($56.6 billion) a year to an underground economy that doesn’t pay taxes and trades in smuggled goods and other ways of avoiding government scrutiny or payment.

According to the credit card company, the loss to the underground economy has risen to 24 percent of Gross Domestic Product (GDP), far above the European average.

The main cause, according to the company, is the use of cash, undeclared work and undeclared sales with Greek tax offices understaffed and without the technical means to go after people who’ve averted payments.

The black market in Europe amounts so some 2.1 trillion euros, about $2.75 billion and is continuing to proliferate with some critics contending that harsh tax policies, along with austerity measures in Greece that’s included big pay cuts and slashed pensions, has forced otherwise ethical people to find ways to get around paying what is due.

 


6 COMMENTS

  1. Greece’s worst problems are the Greeks themselves. Bred to be dishonest, conniving, and sneaky for hundreds of years. Meanwhile, XA is blaming the “migrants” for Greece’s problems.

  2. You confuse things, George.
    Even XA members don’t say that the illegals are responsibles for the economic crisis but they say that they contribute to make the situation more difficult and particularly regarding the high unemployement, especially since the slavers (the bosses) prefer to hire vulnerable peoples so they can exploit them instead of hiring Greeks.
    There are 2 problems in Hellas : The Economic problem and the invasion.

  3. Like Adde said, XA is not blaming the illegal immigrants for the economic problems, but they are a problem. Without a doubt Greece is flooded with illegal immigrants and many of them resort to crime. We don’t want them, we don’t need them. Get them out.

  4. Well t hen, just use Visa to go into debt and everything will be fine.

    Oh what irony. The crazy interest debt sellers are whining about a cash economy.

  5. I would never hire a greek in greece when i built my house in greece i would not hire a greek they were dishonest conniving and yes sneaky and they think they are smarter then any one else that is why they are in the position they are in now””””””

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