The people potentially in the best position to help shore up Greek’s tattered finances are keeping a low profile.
They are among the wealthiest Greeks—whether shipping magnates, whose tax-free status is enshrined in the constitution, or the so-called oligarchs, who have accumulated vast wealth in core areas like oil, gas, media, banking and even cement.
Astute investors, they have been reluctant to lend a hand to the Greek treasury through the risky proposition of buying government bonds. But they have also been slow to dispense funds to philanthropies, trying to combat mounting social ills. Mainly, though, they have done what Greeks have traditionally done: pay as little as they can in taxes.
Many economists say the oligarchs are a big part of Greece’s economic problem, because they have capitalized on the insular, quasi-monopolistic approach to business that is one reason their nation has long lagged the far more competitive economies of many other euro zone nations. Assessing the ultimate value of Greek private sector wealth is a nearly impossible task, because much of the money exists offshore, secreted away in Swiss bank accounts or invested in real estate in London and Monaco. Now, with the country’s top vote-getter, the leftist firebrand Alexis Tsipras, talking about nationalizing companies and, in the words of his top economic adviser, “taxing the rich,” there is even more incentive for the oligarchs to lie low. 【題組】49. What is the best title for this passage?
(A) Magnates and Oligarchs Lie Low in Greek Crisis
(B) The Left Wins Greek Election
(C) Magnates and Oligarchs Go Bankrupt in Greece
(D) “Taxing the Rich”—A Successful Policy
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