Italy: Monti starts hunting informal economy and “black” market.
Europe Security News.- San Lorenzo Market, Florence, Italy.
With Italy fighting to emerge from a debt crisis that could sink the euro zone, Prime Minister Mario Monti is taking aim at the informal economy and the black market in the hope of netting at least part of the 120 billion euros in unpaid taxes of which tax evaders deprives the state each year.
The new premier has already promised EU, that the Italian state will closely monitor wealth accumulated by its citizens to crack down on fraud and lower the limit of payments that can be made in cash.
History, however, is not on Monti’s side. Successive governments in Italy have promised, tried and…READ MORE HERE
According to Havoscope the Black Market Value of Italy is around $111.05 Billion, while the Average Country Black Market is $21.16 Billion. Five times the average. READ MORE HERE
Counterfeiting and piracy goods has become so widespread in Italy that it anchors some local economies. According to analysts, its prevalence helps explain why some areas with high official unemployment, like Naples, have escaped social unrest: Many jobs exist that are not on anybody’s books. READ MORE HERE.