Tax evasion exceeds 60 billion euros annually, Bank of Greece governor says

In interview with in.gr, the central banker said incomes officially declared in the country totaled 80 billion euros, while consumption totaled 140 billion euros, and noted that this consumption was not accompanied by a decline in savings. On the contrary, savings continued rising the country. "We are considered European champions," despite progress made in raising tax revenue as a percentage of GDP, Stournaras said.

Commenting on non-performing loans, he revealed that a legislative initiative was ready to be sent to the next Finance ministry after the June 25 elections to implement a common code of ethics for funds servicing NPLs. On asset auctions, Stournaras said politics should protect vulnerable borrowers, while commenting on a high interest rate spread between deposits and loans, the central banker said that in order to reduce this spread 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 needed a government with a long-term horizon.