According to an announcement issued on February 14 by the Ministry of Finance, in 2012 the state confiscated a total of €1.5 billion from individuals with large overdue tax debts both in assets and in bank deposits.

 €1.4 billion were seized by competent tax agencies and the remaining sum by the Greek Financial Intelligence Units. Major tax debtors -with debts exceeding €100,000- were targeted, with confiscations amounting to €1.16 billion.

Finance minister Yannis Stournaras stressed that "major tax evaders will pay their share [...] tax evasion must end. It is inconceivable that wage and pension earners should continue bearing the burden of fiscal adjustment, while others avoid paying their taxes. I repeat that large-scale tax evaders will pay, while authorities will show greater flexibility for those unable to service their debt obligations".

Ministry of Finance: Announcement on assets  confiscated and seized ( in Greek)

Unemployment in Greece reached a staggering 27% in November 2012, from 26.6% in October and 20.8% in the same month last year, with the number of the unemployed soaring to more than 1,350,181, according to a Hellenic Statistics Authority (ELSTAT) monthly report. The hardest hit were again those under-24 and women, with unemployment in this age group jumping to 61.7% compared to 50.1% in 2011 and among women to 31.1% from 24.6% last year.

By region, the highest unemployment was recorded in Attica (29%) followed by Epirus & Western Macedonia at 28.2%, and Macedonia-Thrace at 27.2%.

• PM Addresses Stavros Niarchos Foundation Event

Addressing an event at the Stavros Niarchos Foundation yesterday, on the occasion of the first anniversary since the launch of €100 million fundraising initiative to address the consequences of the socioeconomic crisis in Greece, Prime Minister Antonis Samaras noted the importance of maintaining social cohesion to relieve social groups mostly affected by the crisis.

The premier bemoaned the rise of youth unemployment to 60%, but expressed faith that the country will rise again due to the Greek heart, inspiration and work.

MSN Videos: Samaras addresses the Stavros Niarchos Foundation Event [VIDEO] & Kathimerini: More gloom for Greece as unemployment, GDP figures released