Why Greece is in trouble.

Position:Off the News - Economy - Brief article
 
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"According to a remarkable presentation that a member of Greece's central bank gave last fall, the gap between what Greek taxpayers owed last year and what they paid was about a third of total tax revenue, roughly the size of the country's budget deficit. The 'shadow economy'--business that's legal but off the books--is larger in Greece than in almost any other European country, accounting for an estimated 27.5 percent of its GDP On the United States, by contrast, that number is closer to 9 percent.) And the culture of evasion has negative consequences beyond the current crisis. It...

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