Greek-Swiss Bank Tax Deal Hits Snags

Greek-Swiss Bank Tax Deal Hits Snags

Although Prime Minister Antonis Samaras’ government has yet to check a list of 2,059 Greeks with $1.95 billion in the Geneva, Switzerland branch of HSBC for possible tax evasion, Finance Minister Yiannis Stournaras said Greece is still hoping to reach agreement to tax Greeks who put money in Swiss banks.

Stournaras said, however, that there are difficulties to be surmounted. Greece has been trying to reach a deal with Swiss authorities and banks there so that Greeks with deposits there can be taxed, but Swiss banks have refused to provide any information, adhering to their infamous secrecy.

The United Kingdom and Germany have struck deals with Swiss authorities but he said they had weak points and acknowledged that talks are going slow. In response to a question from New Democracy Member of Parliament Lefteris Avgenakis, Stournaras said the Finance Ministry is in negotiations with Swiss officials.

Chief among the problems is that the names of depositors will not be revealed and it would be up to Swiss officials, not those in Greece, to decide the penalty that each account should pay, providing further secrecy for possible tax evaders who already have largely escaped sacrifice during Greece’s economic crisis, leaving workers, pensioners and the poor to pay the price.

Stournaras also said that some legal entities, such as trusts, will be excluded from the deal, providing another loophole and incentive for punishment-proof evasion. He also said Swiss officials are not fully cooperating.

(Source: Kathimerini)

 

 

 

 

 

 

 

 

 

  • The maverik

    How come the Germans and the British struck a deal with the Swiss authorities and the Greeks still haven’t done anything yet??? Is the Greek government covering up for someone??? It’s about time for the corrupt Greek government and past politicians to come clean…Enough looting Greece’s wealth…The country is already bankrupt and the people are struggling in their daily life and all politicians are doing is covering up for each other…”Scratch my back I scratch yours” It seems that slogan still exist in our government…

  • mathematics

    “…tax evaders who already have largely escaped sacrifice during Greece’s
    economic crisis, leaving workers, pensioners and the poor to pay the
    price…”

    Tax evaders are criminals.  So – catch them – if necessary – with the help of the secret service.