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03 November 2011
"Wherever the olive tree grows, you won't find much tax being collected," says a Spanish mayor.
An Austrian economist reports that Italy's shadow economy was 22.3% of GDP; Spain...19.3%; Portugal...19.2% and Greece...25.1%.
In the USA...the shadow economy was 7.2% of GDP.
An Italian official estimates Italy's "phantom" or undeclared income at $320 billion.
Greece may be losing as much as $30bn annually to tax evasion.
Yet only Spain seems to be successful in going after tax cheaters.
Last year...Spain took in more than $13bn from evaders...23% more than in 2009.