Ken MaguireNovember 22, 2011 17:55

Greece goes after big tax dodgers

Tax cheats cost $20b per year. Next up: a naming and shaming campaign.

Greece demonstration political reform urgent

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Demonstrators clash with police on Oct. 20, 2011 in Athens, Greece. Despite another massive bailout, experts are asking, is Greece ungovernable? (Milos Bicanski/Getty Images)

Athens – Making good on its vow to stop tax evasion, the Greek government has arrested several high-profile businesspeople alleged to owe millions of dollars to the state.

Tax dodging costs Greece more than $20 billion per year and is one of the reasons why the country is mired in debt and living month-to-month on international bailouts.

The government is also nearly ready to publish the names Greece’s biggest tax evaders. Finance Minister Evangelos Venizelos told parliament last week that the list should be posted online in coming weeks, after final clearance of privacy rights issues.

On Monday, Constantinos Giannikos was arrested for allegedly withholding $1.5 million in value-added tax (VAT), according to the independent Kathimerini newspaper. Giannikos is the president of the private television station Alter.

“This is the result of an outcry by the society that justice is not done,” said Costas Bakouris, chairman of the Greek chapter of Transparency International, an anti-corruption organization. “It’s a step in the right direction, no question about it.”

Where Greeks hide their savings

Ken MaguireNovember 23, 2011 07:23

ATHENS — Amid deepening anxiety, Greeks withdraw many billions from local banks.

Spain likely to oust Socialist party in Sunday's election

Catherine LyonsNovember 19, 2011 22:07

Spaniards are expected to throw the Socialist party out of government in Sunday's election.

Spain’s brain drain pain: young talent heads abroad for a better future

Guy HedgecoeNovember 19, 2011 08:39

MADRID — The problem raises uncertainty about Spain's future.

David CaseNovember 18, 2011 10:35

Another Oops! moment for Standard & Poor's ratings

Standard & Poor's "upgrades" Brazil to a credit level it already held.

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As John Stewart points out, Standard & Poor's means average and below average. (Screengrab)

BOSTON — Oh, my. It's been a rough last few months for Standard and Poor's.

First, in August the agency — alone among the big three ratings firms — downgraded US government debt, landing itself in the middle of a media firestorm (even though its analysis actually had some very good points).

Michael GoldfarbNovember 18, 2011 05:59

Merkel and Cameron meet: wonder what they will say

Britain wants Germany to loosen the apron strings around the European Central Bank,

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German Chancellor Angela Merkel and French President Nicolas Sarkozy are shown kissing in this advertisement. What are the chances of a photo of Merkel kissing David Cameron ever making it into a Benetton ad? (PATRICK KOVARIK/AFP/Getty Images)

Cameron and Merkel meet to discuss euro zone crisis

Can Mario Monti save Italy? (Updated)

Eric J. LymanNovember 18, 2011 07:00

ROME — Super Mario Monti faces his first major test today, with an austerity plan that's already sparking Greek-style protests.

Greek students protest against austerity measures

Lillian RizzoNovember 17, 2011 14:52

he march was dominated by left-wing groups and remained mostly peaceful. Police estimated a turnout of about 30,000 people who marched past closed shops, beating drums, waving red flags and chanting “EU, IMF OUT!” Reuters reported. An estimated 7,000 officers monitored the crowd.

Spain seeks lenders, finds few takers

Catherine LyonsNovember 17, 2011 12:36

Spain's financial situation took a turn for the worse Thursday as bond yields soared, overshadowing the positive economic numbers coming out the US.

David CaseNovember 16, 2011 10:27

Germans call UK "selfish" over Tobin tax

Merkel's euro crisis revenue initiative roils relations with Cameron

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The Bank of England lowered its growth forecast for next year to 1 percent. That's bad news for the record 1 million under 25's who are without work. (ADRIAN DENNIS/AFP/Getty Images)

As correspondent Siobhan Dowling wrote in GlobalPost yesterday, the creators of the European common market and monetary union hoped to infuse Europe’s historically-hostile nations with a shared destiny that would prevent future wars. That, of course, has largely worked.

But it’s easy to get along in good times.