Problems pile up for Greek boat-builders as taxes rises

FILE - In this Tuesday, Jan. 14, 2014 file photo, a man holds his fishing rod upright near a passing yacht, in Faliro, southern Athens. In order to get its third bailout in five years, on July 2015, Greece’s government has had to introduce a series of economic reforms and austerity measures. One involves the extension of an annual luxury tax to all recreational boats over 16.4 feet (5 meters), so it’s not just your average Catamaran that’s a feature across the countless harbors in Greece. (AP Photo/Petros Giannakouris, File) FILE - In this Tuesday, Jan. 14, 2014 file photo, a man holds his fishing rod upright near a passing yacht, in Faliro, southern Athens. In order to get its third bailout in five years, on July 2015, Greece’s government has had to introduce a series of economic reforms and austerity measures. One involves the extension of an annual luxury tax to all recreational boats over 16.4 feet (5 meters), so it’s not just your average Catamaran that’s a feature across the countless harbors in Greece. (AP Photo/Petros Giannakouris, File)

By Associated Press July 27, 2015 4 min read

ATHENS, Greece (AP) – At its height eight years ago, George Kranitis’ 10,000 sq. foot family-owned shipyard Nireus in Patra, Greece’s third-largest city, employed some 35 people and sold around 340 boats annually.

But after years of biting recession, Kranitis has had to fire almost everyone.

And if that wasn’t enough, things just got a whole lot more taxing – literally.

In order to get its third financial bailout in five years, Greece’s government has had to introduce a series of economic reforms and austerity measures – just to get discussions started.

One involves the extension of an annual luxury tax to all recreational boats over 16.4 feet (5 meters), so it’s not just your average Catamaran that’s a feature across countless harbours in the Aegean Sea.