EU Helps Greece Recover $81B of Unpaid Taxes From Swiss Banks

By:  Bruce Walker
11/21/2011
       
EU Helps Greece Recover $81B of Unpaid Taxes From Swiss Banks

According to the Swiss newspaper The Local, last week "[t]he European Union said ... it is helping Greece negotiate with Switzerland in a bid to claw back some of the €60 billion [$81 billion] in unpaid taxes believed to be hidden in Swiss banks."

Horst Reinchenbach, the German head of a task force advising Greece on its economy, acknowledged that the group of European Union experts had made "few concrete steps" forward, adding, "Solutions are being explored to provide Greece with an adequate way to increase tax revenue....

Another EU official, speaking on condition of anonymity, stated, "We want Greece to get the best deal possible using EU and IMF [International Monetary Fund] experience and legal support." The official commented that of the missing €60 billion in taxes, just half is "theoretically collectible" and only €8 billion is likely to be recovered "sooner or later."

 

According to the Swiss newspaper The Local, last week "[t]he European Union said ... it is helping Greece negotiate with Switzerland in a bid to claw back some of the €60 billion [$81 billion] in unpaid taxes believed to be hidden in Swiss banks."

Horst Reinchenbach, the German head of a task force advising Greece on its economy, acknowledged that the group of European Union experts had made "few concrete steps" forward, adding, "Solutions are being explored to provide Greece with an adequate way to increase tax revenue....

Another EU official, speaking on condition of anonymity, stated, "We want Greece to get the best deal possible using EU and IMF [International Monetary Fund] experience and legal support." The official commented that of the missing €60 billion in taxes, just half is "theoretically collectible" and only €8 billion is likely to be recovered "sooner or later."

The European Commission report states:

Click here to read the entire article.

Photo: Credit Suisse headquarters in Zurich

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