Annual tax evasion in Greece exceeds $65B, reveals country’s top banker

The annual tax evasion in Greece exceeds €60 billion ($65 billion), revealed the country’s top banker, local media reported on Monday.

While the annual consumption officially declared totaled €140 billion ($151 billion), declared income was only €80 billion ($86 billion), Yannis Stournaras, governor of the Bank of Greece said in an interview with In.gr news outlet.

As the gap between consumption and income, which is more than €60 billion, is not accompanied by a decline in savings, this means only one thing; a mammoth amount of tax evasion, he said.

Stournaras remarked that Greece is regarded champion of tax evasion in Europe despite the progress made in raising tax revenue as a percentage of GDP.

He said Greece needs a stable and strong government to reform and improve the country's economy.