Greeks Work Hard, So Why Is There a Debt Crisis?

[haele]

4. The major industry in Greece is shipping. The Greek shipping corporations don't pay their taxes.

I heard on NPR that more than a quarter of Greece's GDP is in the shipping business - especially in managing and flagging foriegn corporate vessals under the Greek flag - and the various businesses that are involved in shipping intentionally have gotten away with not paying corporate taxes - some of it is loopholes, but mostly, they have just decided not to pay and to live as if they - the owners and shareholders - were Pelliponesian Kinglets.
If they were paying them at the rate other Greek corporations are paying, it is estimated that those taxes would knock the Greek debt down by close to 1/3.
But, hey - these are the job creators and the funders of Greek policy. They're the ones providing an international tax shelter for multi-national corporations with Greek infrastructure. It's not like they were some lowly pensioner. They aren't supposed to be touched, right?


Haele