Europe's black market economy is booming

CNBC reports on IEA research

Punitive tax regimes, increased labour market regulation and a growing lack of trust in governments are causing many Europeans to abandon formal employment and enter into the murky, illicit world of shadow economies worth billions of dollars, according to a pan-European study published on Tuesday.

Research by the UK based think tank, the Institute of Economic Affairs (IEA), revealed on Tuesday that Europe's shadow economy employs up to 30 million people across the European Union and that illicit economic activity constitutes up to 20 percent of national income in countries such as Spain, Italy and Greece.

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