The "Tositsas Square" is located in the center of Metsovo between City Hall and "fortress". It owes its name to the Benefactor of Metsovo Baron Michael Tositsas. A marble statue of the benefactor by John Pappas (1913-2005) can be found on the upper side of the square (placed in 1955). The inauguration of the square was made in the presence of the then royal couple King Paul and Queen Frederika of Greece.

Baron Michael An. Tositsas was born in 1885 in Paris. He was the grandson of Baron Constantine Tositsas, brother of Michael Tositsas (1787-1856) - the benefactor of the National Technical University of Athens.

Born into a family of bankers, well educated and cultured, a successful businessman, a solitary person and conscious of the origin of his family, he responded to a letter of the Embelishment Association of Metsovo in 1937. Motivated through his relation with Evangelos Averoff he became interested in the birthplace of his ancestors. In his testament Tositsas founded the institution named "Baron Michael Tositsas Foundation" to be based in Athens, with its general aim being the execution of works of public utility. The Foundation was approved in 1947. For Metsovo, its aims were the reconstruction of the Tositsas family mansion, the establishment of a sawmill and woodworking factory, a hospital, a cheese making creamery with its own herds, the execution of works and public utility projects within the discretion of the Board of Direcotrs – which led to projects such as the cable car, gardens, roads, and schools. Michael Tositsas endowed the Foundation with the staggering amount of $1,700,000!, and Evangelos Averoff was appointed as lifetime president. , who saw him last time in August 1950 . He was gravely ill and was hospitalized in a clinic . He died after a few months in Switzerland on October 18, 1950 . The austere tomb in Montreux , Switzerland, in his desire , was written in French " Michael Tositsas - Child of Greece ."