Media: Tax breaks behind the Greek global fleet

According to Der Spiegel, Greece's shipowners benefit from the most advantageous tax rules in the world. A survey shows that the shipowners have received Greek tax breaks for a sum that equals the country's first EU financial aid package.

Photo: Gorm Olesen

At first glance things are going great for the Greek shipowners. Even though the country since 2010 has been forced to navigate in an economy constantly on the verge of collapse, and having had to accept a series of financial aid packages from the EU, the Greek shipowners placed new ship orders for more than EUR 10 billion in 2012, and they have purchased ships for half of this sum in just the first few weeks of 2014.

Observers have had a hard time trying to explain the Greek desire for investment in light of the general crisis in the sector, but now German news magazine Der Spiegel believes to have found an explanation.

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