Read the Special Report here.

SOMO's report reveals that Greece’s economic recovery is being undermined by large-scale tax avoidance – enabled by the Netherlands. At the same time, Greece endures harsh austerity measures imposed by the European Commission, European Central Bank and IMF which are supported by the Netherlands. 

The report looks into Canadian mining company Eldorado Gold's activity in Greece, showing that the multinational is using mailbox companies in the Netherlands to avoid taxes in Greece. This has led to tax losses of at least €1.7 million for Greece in the past two years. There are also serious environmental and human right concerns related to the company’s operations. 

The launch of the report was accompanied by a panel discussion about the issues raised. Moderated by Marica Frangakis, the panel consisted of: 

  • Eva Joly, Member of the European Parliament for the Group of the Greens/European Free Alliance and vice chair of the European Parliament Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect
  • Katrin McGauran, co-author of Fool’s Gold and senior researcher at SOMO (Netherlands)
  • Haris Golemis, Director of the Nicos Poulantzas Institute (Greece)
  • Maria Kadoglou, Hellenic Mining Watch (Greece)
  • Nikolas Leontopoulos, journalist, ThePressProject (Greece)

“The company is working frantically, trying to present their project as a 'fait accompli' to the new government,” noted Maria Kadoglou from Mining Watch. “At the same time we have proved that the company is violating their contract with the State, since the contract set a target to produce pure metals that will bring revenues, but this is not happening. The company instead exports concentrates to China for processing, and the proceeds will go to Barbados.”

 
“We must not tolerate hypocrisy in Europe,” said Eva Joly, Green MEP. “We ask ordinary Greeks to make sacrifices, while the corruption of big corporations goes unpunished. Multinationals are plundering countries, not offering revenue to the state, and then leaving. The empty mine, though, will live on and will continue to be a problem in your country.”
 
Haris Golemis of the Nicos Poulantzas Institute analyzed how multinationals are turning to land grabbing in heavily indebted poor countries, “the ministries of finance and development should consider the report and implement a cost-benefit analysis of the contract,” he said.

On the topic of politics and the media, journalist Nikolas Leontopoulos highlighted the way in which the media have targeted the small-scale evasion of citizens and not that of large companies.
 

SYRIZA MP Katerina Inglezi remarked that, “On April Fool's Day the lies of the company come crashing down…Last week reports from the Environmental Inspectorate showed that the products of Eldorado are hazardous to human health and the environment. Today the myth that “investment” helps the national economy collapses. The last remaining myth is job creation. The company says it has brought 1980 jobs although we know that the real number is 969. The lies are over. This company has no reason to exist in Greece .”