Greece's Shadow Economy Persists Despite Optimistic Claims

Of the €23 billion in property sales, only €1.5 billion was financed through mortgage loans. In other words, over 90% of these purchases occurred without bank financing, raising serious questions about the origin of the funds. Greece's National Economy and Finance Minister, Kyriakos Pierrakakis, announced on Monday that the country's shadow economy has shrunk to below 15% of GDP - a claim he attributed to a study by the International Monetary Fund. Yet this optimistic declaration appears at...

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