Central banker: Tax evasion exceeds 60 billion euros annually

“We are considered European champions” in tax evasion despite the progress made in raising tax revenue as a percentage of GDP, Stournaras said.

Incomes officially declared in the country totalled 80 billion euros, while consumption totalled 140 billion euros, he said, adding that this consumption was not accompanied by a decline in savings, which in fact, continued to rise.

“We are considered European champions” in tax evasion despite the progress made in raising tax revenue as a percentage of GDP, Stournaras said.

Commenting on non-performing loans, he said that a legislative initiative was ready to be sent to the next finance minister to implement a common code of ethics for funds servicing NPLs.

On asset auctions, the central banker said vulnerable borrowers should be protected. He also said that to reduce the high-interest rate spread between deposits and loans, Greece must improve competition in the banking system, helping smaller banks and asking the government to offer equal competition terms.

Stournaras expressed his confidence that the country will regain the investment grade this year and reiterated that Greece needs a government with a long-term horizon.