As The World Turns

As The World Turns

Greeks storm Acropolis in protest

Photos coming out of Greece show a debt-ridden nation spiraling into civil unrest.

Images of chaos 

Also: 

• IMF to approve loan
• The Greek crisis
• European stocks slide

Satellite photos catch Greek tax-evaders

As the nation of Greece teeters on the edge of bankruptcy, its tax authorities are taking aim at Greece's notorious tax-evading rich elite. Using satellite photos, the tax authority examined the claim of the residents of Athens's wealthy suburbs and discovered that, rather than the 324 swimming pools claimed by the locals, there were 16,974 of them.

The cheating is often quite bold. When tax authorities recently surveyed the returns of 150 doctors with offices in the trendy Athens neighborhood of Kolonaki, where Prada and Chanel stores can be found, more than half had claimed an income of less than $40,000. Thirty-four of them claimed less than $13,300, a figure that exempted them from paying any taxes at all. Such incomes defy belief, said Ilias Plaskovitis, the general secretary of the Finance Ministry, who has been in charge of revamping the country's tax laws. "You need more than that to pay your rent in that neighborhood," he said.
He said there were only a few thousand citizens in this country of 11 million who last year declared an income of more than $132,000. Yet signs of wealth abound.
"There are many people with a house, with a cottage in the country, with two cars and maybe a small boat who claim they are earning 12,000 euros a year," Mr. Plaskovitis said, which is about $15,900. "You cannot heat this house or buy the gas for the car with that kind of income."

Greek Wealth Is Everywhere but Tax Forms