European commissioner Pierre Moscovici is on the warpath, demanding ‘action’. The reason: IVA fraud is robbing the EU of billions. In Portugal, the €11.3 billion ‘lost’ to state coffers since 2011 would have paid for the resolutions of BES, CGD and Banif put together, explains RTP news. Portugal’s level of fraud is “above the EU average”, adds Antena 1 radio. It is a situation Moscovici dubs “unacceptable”.