Between $6.2 Billion to $12.5 Billion (5 to 10 Billion Euros) is illegally lent to consumers in Greece each year. The loan shark industry quadrupled in size between 2009 and 2012, with some lenders charging customers annualized interest rates starting at 60 percent.
The Ministry of Finance in Greece stated that most of the illegal lending syndicates are connected to organized crime groups in the Balkans and Eastern Europe.
Source: Robert Saviano, “Where the Mob Keeps Its Money,” New York Times, August 25, 2012.
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