The Bank of Greece has repeatedly pointed out this issue and has stressed that fiscal 6/7  BIS central bankers' speeches  adjustment should focus on reducing public spending rather than increasing tax rates. Equally important, though, are the adjustment gains to be achieved through a more effective use of public property and through privatisation.
If this happens, it will be easier to alleviate the tax burden by lowering the tax rates. This is essential for creating a business-friendly institutional environment and attracting new investment.