Just 10% of Greece’s €60bn in unpaid taxes recoverable

LITTLE more than 10% of the €60 billion in unpaid tax in Greece is likely to be collected, although negotiations are ongoing with Switzerland in a bid to retrieve some of what has been stashed in secret bank accounts there.

Work is ongoing too with the help of a task force of European Commission experts to spend the €20.4bn in EU funds the country was granted four years ago to help create jobs and develop the infrastructure.

The scale of the country’s problems was highlighted in the first quarterly report of the task force that is in the country since August at the request of the government to help overhaul an out-of-date and ineffective system. Greece is due to get a second bailout worth a total of €230bn and has close to a million people unemployed.