Greek Black Market Causes Huge Loss
Officials from Visa have estimated that Greece is losing €43.2 billion each year because of the black market economy, reports Budapest Business Journal. Companies who are paying with cash, and operating with undeclared work and sales are avoiding several government regulations. They are smuggling goods into the country and not paying taxes. According to Visa, the black market has caused a rise in losses that amount to about 24 percent, which exceeds the European average.
