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    Hochtief, a German construction company

    German Construction Company Avoided Paying Tax in Greece

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    Financial crisis in Greece (197)
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    While the world's media turned towards Greece in one of the most dramatic economic wrangles since World War II, a story published in 2014 about Germany being the biggest tax evader in Greece went untold.

    In September last year, a court in Athens found that Hochtief, a German construction company running Athens International airport had avoided paying VAT for 20 years. The article appeared in New Europe and was republished by the Greek Reporter.

    According to New Europe, who reported on it at the time:

    "It is estimated that Hochtief, will have to pay more than $545 million (€500m) for VAT arrears. Together with other outstanding payments, like those to social security funds, it might have to pay more than $1.1 billion (€1bn)."

    The article notes that "under the Troika austerity program, Greek employees lost around $436 million (400m) from cuts to their salaries".

    The same Troika that have just forced Greek Prime Minister Alexis Tsipras to sign up to more austerity measures in return for money.

    In a country where the banks are still shut, violent protests continue to erupt, and crowds are displeased following the Greek government's acceptance of the creditors' measures — including an increase in VAT — the resurfacing of a year old news story about a German company avoiding paying VAT in Greece is at Aristotelian levels of dramatic irony, in what has ultimately become a tragedy for the Greek people.

    Topic:
    Financial crisis in Greece (197)

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    creditors, Greek economy, tax evasion, bailout, tax, European Union, Alexis Tsipras, Germany, Europe, Athens, Greece
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