Greece loses approximately $11 billion in tax evasion, which equates to about 3-4% of their annual GDP. Couple that with a Soviet-esque economy of protectionism, corruption, unionism and unsustainable welfare state, and you've got a serious disaster on your hands.
I would say that not only does the economy have to change, but so does the country's culture and perspectives on labor and respecting the law. I remember going their about 10 years ago and wondering how any work ever gets done around there.
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