There are NOT more Porsche Cayennes in Greece than taxpayers who can afford them


Earlier this week there was a controversial report in The Telegraph, which seemed to confirm the worst about the way Greeks avoid paying taxes:

Jubilation about the German deal to save the euro could prove short-lived if fresh news of Greek tax evasion gains wider currency. There are more Porsche Cayennes registered in Greece than taxpayers declaring an income of 50,000 euros (£43,800) or more, according to research by Professor Herakles Polemarchakis, former head of the Greek prime minister's economic department.


That seemed incredibly hard to believe, but the story got reported over and over again.

So we emailed Polemarchakis for the source of this factoid.

Here's what he said:

My remark was casual, based on what I had heard in economic policy circles in Greece a few years back.

So yeah, Herakles doesn't know, and it was just something he overheard.

But in case you want more, he adds...

Someone who researched the matter recently, and whom I trust, tells me that the per capita number of Porsche in Larissa (1 per 2627) is twice that of Porsche Cayenne in the OECD countries (1 per 4555).


This story was written by Joe Weisenthal and originally appeared on Business Insider on November 4, 2011, and was republished with permission.


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