Wonder if taxes and regulations might be a little too high in Spain;
Gestha’s [Finance Ministry] report calculates that the value of under-the-table business in 2012 amounted to 253 billion euros, equivalent to 24.6 percent of GDP – that’s 6.8 percentage points, or 60 billion euros, more than at the start of the crisis in 2008.
The report, entitled “The Underground Economy Takes Its Toll. The Increase in Fraud during the Crisis,” calculates that black market deals increased annually by 15 billion euros in the period 2008-2012.
....The report highlights that almost 70 percent of cash transactions in black market activity use 500-euro notes.