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Greece’s reforms target €7.3 bn in revenues; €404mln already seized from bank accounts

While the Three Institutions – the ex Troika – evaluate the draft list of reform proposals sent to them Sunday evening, Greek government sources told populist German Bild, how they have calculated the cost of reforms.

“Greece draws up a €7.3 billion tax hit list. Crackdown on tycoons and the smuggling industry is part of fiscal reforms to be presented to creditors on Monday,” tabloid Bild wrote.

Greece aims to collect:

€2.5 billion from taxing the wealth of Greek “tycoons” [sic! Bild]

€2.5 billion from individuals and businesses with debts to the state.

€1.5 billion from crack down to illegal fuel trading

€800 million from crack down to illegal tobacco trading

Total: €7.3 billion

This revenues target will only be possible in connection with other measures to combat tax evasion and corruption.

Matter of political will

How will Greece manage to collect this money? It is mainly a matter of political will. But also a ‘technical’ issue: therefore the government plans a new settlement for debtors to the state. By increasing the number of debt repayment installments (currently 100) to tax office and insurance funds and give incentives to the honest taxpayers.

Daily To Ethnos reported yesterday that Anti-Corruption Minister Panagiotis Nikoloudis already took the “first decisive step against tax evasion and money laundering” and seized €404 million from the bank accounts of 17 people who could not justify their assets of several millions with their tax declarations.

“The action was possible once the Ministry and the economic prosecutors took under the magnifying glass checked the files with the lists of owners  of bank accounts in Greek banks and also those who sent money abroad.

Top priority of the anti-corruption ministry is to close monitor the assets of another 33 people, suspect of big scale evasion and money laundering.

The date files are in 44 CDs, the newspaper notes” (via

Based on the Eurogroup decisions of February 20th, Greece has a deadline until midnight today to send a list of proposals with the reforms it plans to implement during the “bridge-program” that runs until the end of April.


After submitted the final reform list today, a teleconference will follow, with Finance Minister Yanis Varoufakis on one side and Christine Lagarde (IMF), Mario Draghi (ECB) and Pierre Moscovici (EU Commissioner for Monetary Affairs.) on the other. The Eurogroupp is not involved at this stage. Depending on the time Greece will be ready to send its proposals, the teleconference with the three may be take place on Tuesday morning.

The representatives of the former Troika – now “Institutions” –  will be expected to say YEY or NEY.

A Yes will mean that the Greek proposals have been accepted as such, the Eurogroup agreement of last Friday is sealed.

A No will call the Eurogroup finance ministers for a meeting in Brussels, and thus as soon as possible.

Greece is confident to hear a YES, as the reform list is being worked out in permanent consultations with the Three.

reforms list cost – sources: guardian,

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  1. institutions or three’s nothing has changed

    • José Luiz Ferreira

      Athen’s main issue with the Troika has changed. Ministers will not have to deal with civil servants, no matter how high-level. They will deal instead with the principals, who have the power to decide and truly negotiate.

  2. 7.3bn from “tax evasion and fuel and cigarette smuggling”???????
    Sorry to say so but as far as I know Greece, good luck on that…..

  3. “cracks down of tycoon & smuggling industries”

    What does this mean ?
    * That Greece need to take serious action to stop tycoon & smuggling persons from pursuing their trade.

    – remember the Mafia movies where they had shoot outs in the street & assassinations of big Mafia bosses – there will also be bombs.
    * Also Greece spending BILLIONS more on border security & policing & a larger & more modern prisons system –
    * Goods & services which will be purchased from foreign sellers.
    * Law reform will come hand in hand with these new acquasitions.
    GOOD LUCK Greece !

    There is a movie clip on youtube titled
    The Italian Job The Alpine Highway ‘Accident’
    Have a look at & know that it will not be easy –

  4. Motivated by GREED
    The EU wants to take over the LUCRATIVE Black Markets of Europe.
    Hell will freeze over first.
    Such is the nature of the beast.