Very quickly: some of you will have seen that Greece’s tax revenue from VAT collapsed by 18.7pc in January from a year earlier. Nobody can seriously blame tax evasion for this. It has happened because 60,000 small firms and family businesses have gone bankrupt since the summer. The VAT rate for food and drink rose from 13pc to 23pc in September to comply with EU-IMF Troika demands. The revenue effect has been overwhelmed by the contraction of the economy. Overall tax receipts fell 7pc year-on-year. This is a damning indictment of the EU-imposed strategy. Greece is chasing its tail. The budget deficit is stuck near ... (full story)