Greek Authorities, EU Probe Fraud in Contracts Worth 2.5 Billion Euros

In what could be another scandal, Greece’s Competition Commission and the European Public Prosecutor’s Office (EPPO) are reportedly looking into 2.5 billion euros ($2.67 billion) in EU funded contracts given to 10 companies to see if there was fraud.

Those include three telecommunications firms – Cosmote, Vodafone and Nova – as well as five Information Technology (IT) companies and two consulting companies raided by Greek investigators in March, said the news site POLITICO.

'No more tourism!' Greece fury as pretty city overrun with British tourists
Furious protests have broken out in the Greek capital of Athens amid growing outrage over overtourism in the city.

Residents in Athens are taking to the streets as an influx of tourism engulfs the Greek capital and pushes many locals out.

The backlash against tourists has included graffiti disparaging foreigners, protests to "mourn the death" of neighbourhoods, and even vandalism and arson.
At one rally last week, protesters chanted: "They are taking our houses while they live in the Maldives".

Around 6.4 million tourists visit Athens every year, the majority travelling to see the Acropolis and other ancient wonders.

Greece relies heavily on tourism to prop up its economy, accounting for almost one-fifth of the nation's GDP in 2022. However, the reliance has sparked a major housing crisis in the capital city.

More than 40 percent of disposable income in Greece is spent on housing – more than in any other European country. Meanwhile, seven in ten Greeks under the age of 34 still live with their parents.

Many Greeks are forced to move out of the city as real estate companies turn their homes into co-working spaces and Airbnbs for tourists and digital nomads.

Short-term holiday rentals have surged by 500 percent in less than a decade.