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Cheats evade billions in taxes
Tax evasion in Greece exceeds 60 billion euros annually, governor of the Bank of
Greece, Yannis Stournaras, said on Monday.
In an interview with news website in.gr, the central banker said incomes officially
declared in the country totalled 80 billion euros, while consumption totalled 140
billion euros. He noted that this consumption was not accompanied by a decline
in savings. On the contrary, savings continued to rise in 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 (NPLs), 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
It is noted however, the tax evasion cheats in Greece, are local and international
multimillion dollar business.
Poverty is on the rise in Greece with more than 30 percent of the total population
at risk of poverty or social exclusion. According to “Poverty Watch Greece 2022”
19.6 percent of the Greek population is at risk of income poverty. Another 14.8
percent experiences material deprivation of basic goods. One in four children are
living in poverty or social exclusion. One in two households are struggling to pay
for their energy needs while hundreds of thousands of homes are being
auctioned by the banks as the owners are unable to meet their loan payments.
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