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By Geoff Filipiak on June 6, 2012
Filed in Big Stories
Contributors: CNBC

Many government programs will run dry later this summer if more bailouts aren't given.

Greece is waiting on the IMF and the EU for another 1 billion euros as its creditors look to see whether new leaders elected June 17 will honor Greece’s commitments.

The recession climate has been bad for tax collecting. Business and people have nothing more to tax, they are broke.

Many including myself are critical of the bailouts. They don’t seem to be working. Another fix is needed and it has to do with a culture of tax evasion ravaging the country.

Greece has a culture of not paying taxes

The Greek government is owed now 45 billion euros in back taxes, tax officials in Athens said, only a fraction of which will ever be recovered.

Wealthy shipping merchants in Greece are hiding their money in overseas bank account throughout Europe.

During a surveillance trip on the resort island of Santorini, a tax collector watched a gas station owner insisting on cash-only transactions to avoid declaring taxes. When confronted, the man lashed at them with a bullwhip while cursing the state for taking his money.

Greece is still waiting on its tax computing system to become computerized, a move many experts say will help with tax collecting accuracy.

Many wealthy tax evaders are becoming nervous when in April of this year a defense minister was arrested on charges of corruption and making false declarations related to his income and taxes.