Safe deposit boxes not so safe for tax dodgers
Greece’s tax authorities are now targeting safe deposit boxes, as a circular sent out by the Finance Ministry states that when a major case of corporate tax evasion is identified, inspectors will confiscate 50 percent of the cash held in safe deposit boxes at banks and the whole of their non-monetary contents,
The two binding bids for the Hellenic Sugar Industry, from York Capital Management and Sunoco of Serbia, have been under evaluation since yesterday, while the bidders’ meetings with Piraeus Bank are deemed crucial as the lender holds 130 million euros of the company’s debts and must agree to their arrangement.
Greece sold 1.625 billion euros of six-month treasury bills yesterday to roll over a maturing issue, the Public Debt Management Agency (PDMA) said. The T-bills were priced to yield 4.10 percent, down from 4.15 percent in a December auction. The sale’s bid-cover ratio was 2.07, down from 2.11 in the previous sale. The amount raised included 375 million euros in non-competitive bids. The settlement date for yesterday’s auction will be this Friday.
Uncertainty caused by Turkey’s corruption scandal could hit economic growth in the near term, Finance Minister Mehmet Simsek said yesterday, while ratings agency Fitch warned that a prolonged crisis could weaken the country’s creditworthiness. A wide-ranging graft investigation, cast by Prime Minister Recep Tayyip Erdogan as a plot to undermine his government, is shaking investor confidence in Turkey when the lira is languishing around record lows, inflation rising and growth slowing. “We are facing a significant challenge in the political arena but we think this will not be long-lived,” Simsek said in an interview on CNN Turk television. “There could be a slowdown to some extent in the first quarter. But according to our base scenario, I believe that as uncertainty lessens and the environment calms... growth could still be around 4 percent [this year].” Fitch said that while the crisis had no immediate impact on its BBB- sovereign rating for Turkey, prolonged uncertainty could prove more damaging.
according to legislation passed just before the Parliament in Athens shut down for the holiday season.