Oct 04

World’s Largest Shipowners To Abandon Greece Ahead Of Major Tax Hike:

Once again the reactions of desperate government policies looks like creating an even worse situation thanks to unintended (though entirely foreseeable) consequences. Amid the prospect of sharply higher shipping taxes in Greece – designed to increase revenues and ‘fix’ the debt-ridden nation, WSJ reports many of Greece’s world-leading shipowners are actively exploring options to leave their home country. With Greece controlling 20% of the world’s shipping fleet, the ‘quadriga’ of Greek creditors’ demands to raise taxes (because debt restructuring is out of the question) on such an ‘easy target’ as the world’s largest shipping industry appears likely to backfire as an entire industry’s revenues move out of reach of government taxers.

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One Response to “World’s Largest Shipowners To Abandon Greece Ahead Of Major Tax Hike”

  1. squodgy Says:

    Greece needs money & lots of it, and increasing Ship Registration Fees was a vain attempt, especially as the BDI indicates shipping activity is at record lows thanks to the world trade slump.

    It is being totally screwed by the EU Troika, IMF & World Bank as part of the re-financing deal forcing the ordinary Greeks into serfdom or even worse, total poverty.

    The debt, just like in at least six more EU countries, is unserviceable, meaning that the interest alone cannot be met by the country’s GDP.

    That can only lead to perpetual serfdom, or rebellion, as the only way out is by default, which Varoufakis said was inevitable anyway.

    Mat we live in interesting times! Indeed.

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