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Mid-day Update

Mid-day Extra: Greece’s uneven Porsche proportion

Marketplace Staff Nov 7, 2011
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Mid-day Update

Mid-day Extra: Greece’s uneven Porsche proportion

Marketplace Staff Nov 7, 2011
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Some rather interesting data has been revealed
by Greek economist Herakles Polemarchakis.

According to his research, as of a couple years back there were more Porsche Cayennes registered in the country than taxpayers declaring an income
of 50,000 euros or more — just a bit more than the price of the car.

In today’s Mid-day Extra, we ask: How are there so many Porsches in Greece?

We went to Costas Papachlimintzos, a reporter at Athens News, for an explanation.

First and foremost, he thinks the numbers might be a little bit off. But more importantly, he thinks the high number of luxury cars across Greece are the result of the combination of the easy lending that has been rampant over the last decade, and the desire to obtain the status that comes attached to such luxury items.

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