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Pangalos: I feel the property tax pain

Deputy Prime Minister Theodoros Pangalos sought to empathise with homeowners facing an unpopular property tax passed by parliament this week as part of austerity measures

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Pangalos: I feel the property tax pain

Deputy Prime Minister Theodoros Pangalos.

3 Oct 2011

Deputy Prime Minister Theodoros Pangalos sought to empathise with homeowners facing an unpopular property tax passed by parliament this week as part of austerity measures, saying he personally did not have the cash to pay and would have to sell real estate.

"I've already paid 10,000 euros in real estate tax and will pay another 7,500 euros," Pangalos, one of two deputy prime ministers, told Mega TV. "Because I don't have 17,500 euros, I will have to sell one of the properties," he added.

Based on his wealth and income declaration in 2010, mandatory for members of parliament, Pangalos had income of more than 640,000 euros and property holdings that include three apartments in Athens, another five elsewhere and 11 land plots. But the Deputy Prime Minister was low on deposits with just over 17,000 euros in the bank, a figure just below the average annual income of about 20,000 euros.

"I have real estate property which was inherited. Personally, I never bought anything," Pangalos said. "I am trying to find a buyer, what else can I do." "All this property is real estate, much of which is not in use, closed, they are not rented. It is property that I have neglected," he said. Asked what would happen if he did not find a buyer, Pangalos joked: "Don't know, maybe [fellow Deputy Prime Minister and Finance Minister Evangelos] Venizelos will arrest me and put me behind bars."

Source: Athens News

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