Greece To Get Tax Evader’s Info But No Lost Revenue From Switzerland

Switzerland agreed to share information on Greek accounts held in Swiss banks on Tuesday, but declined to compensate Greece for tax income lost in the past from undisclosed accounts.
The two countries remained divided on how to solve the problem of untaxed Greek money held in secret Swiss accounts, even after Tuesday’s meeting between Swiss Finance Minister Eveline Widmer-Schlumpf and her Greek counterpart Yannis Stournaras in Athens

Greece wants to levy taxes on Greeks’ holdings in Swiss banks, and wants the Swiss government to pay a deposit towards these taxes. The Greek government also wants Switzerland to pay a deposit towards taxes Greece did not receive in the past.

Widmer-Schlumpf said Greece’s request to receive taxes for past funds was outdated – despite Switzerland having struck an arrangement to that effect with the U.K.

“We should be moving towards a different direction,” Widmer-Schlumpf said. However, Stournaras insisted: “We would like to have a similar model to the British one.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza