The search for a deal to save the euro seems futile. George Papandreou introduced some drama into the staid business of banks and governments lending money to each other by calling for a referendum to approve a bailout plan. This maneuver sent Germany and France back to their tents on the French Riveira to sulk, from where they then summonsed the embattled premier to come and explain himself. However, there is more bad news ahead if the extent of Greek tax evasion becomes known.
Here’s the startling fact: there are more Porsche Cayennes registered in Greece than taxpayers declaring an income of 50,000 euros ($68,500) or more, according to research by Professor Herakles Polemarchakis, former head of the Greek prime minister’s economic department.