Swiss banks believed to house Greek taxes

[NNN0LHI]

http://www.swissinfo.ch/eng/politics/foreign_affairs/Swiss_banks_believed_to_house_Greek_taxes.html?cid=30697236

Jul 17, 2011 - 18:38

Swiss banks believed to house Greek taxes

by Etienne Strebel, swissinfo.ch


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Greek Prime Minister George Papandreou believes many of the billions that have been withheld from the Greek taxman are lying in Switzerland.

This, however, is largely the fault of Athens, according to Swiss-Greek economist Spyridon Arvanitis.

Ultimately, the only people who know how much untaxed Greek money is in Switzerland are the banks.

“I’ve heard every amount possible – even up to the sum of the Greek debt,” Arvanitis, from the Swiss Economic Institute (KOF) at the Federal Institute of Technology Zurich (ETHZ), told swissinfo.ch.

[FLPanhandle]

1. Maybe this is part of the problem.

“Slapping on another two per cent would be fatal for the economy. And it’s not even guaranteed that you’d be able to collect the money because the attitude towards paying taxes there is poor,” he said.

[ProgressiveProfessor]

6. Tax evasion is a high art form in many nations, praticed at all levels

anything possible to be done off the books often is to avoid the VAT or other taxes. It quite literally is a way of life. Until that is changed as a culture, progressive taxes will not be possible.

[madrchsod]

2. there`s tons of it here in the usa....

the greeks,albanians,and macedonians here in the states have their own "banks" and pay in cash. money is moved by diplomatic couriers and government officials.

[discocrisco01]

3. Swiss Government

If Swiss Government, Caymen Inlands, and Bermuda got "honest" and started to chase down the bankers, than the billionaries will no place to escape. Money that is hidden overseas bank account will be forced to liquidated to US treasury and than you will see about 10-20% of the budget deficit disappear overnight.

[ProgressiveProfessor]

4. Why do you think that funds overseas would automatically be liquidated to the Treasury?

US citizens have to report the amount but there is no taxation of overseas capital, only income. There is no required reporting of foreign assets.

[hedgehog]

5. Earth - by David Brin

"It also includes a war pitting most of the Earth against Switzerland, fueled by outrage over the Swiss allowing generations of kleptocrats to hide their stolen wealth in the country's banks."

http://en.wikipedia.org/wiki/Earth_%28novel%29

[WatsonT]

7. So the banks are to blame for greeks hiding their money away from the taxman?

They brought this crises on themselves and are casting about for a scapegoat.