ECONOMY

Bank of Greece chief to stress need for gov’t to abandon tax hikes

Bank of Greece governor Giorgos Provopoulos is expected to emphasize the need for the country to overhaul its tax system when he presents the central bank’s 2012 report at its shareholders’ annual general assembly on Monday.

Provopoulos is expected to warn that Greek taxpayers cannot bear any more tax hikes and that revenues will fall this year.

The central bank chief will reportedly call for a fairer tax system and greater efforts to tackle tax evasion.

The Bank of Greece forecasts that the economy will contract by 4.5 percent of GDP this year but will begin to grow next year.