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This paper discusses the negative impact of shadow economy on Small and Medium Enterprises (SMEs) in Tourism Industry, where SMEs constitute 98 percent of the national economy. Our findings indicate that shadow economy widens the gap between SMEs and large enterprises, and presents the biggest obstacle for the development of SMEs. Moreover, our research confirms that the shadow economy has the potential of destroying national economies in smaller countries, like Greece. Our research was based on a questionnaire su...