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EU envious of US Swiss secrecy success

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EU envious of US Swiss secrecy success
Päivi Tiittanen (File)
12:40 CET+01:00

The EU has been watching the success of the US attacks on Swiss banking secrecy with envy and hopes now to make progress on its own tax deal with Switzerland.

Inspired by the Americans’ achievement, the Danish EU Presidency has said it is putting an EU tax agreement with Switzerland back on the agenda when EU finance ministers meet on February 21st, newspaper Tages Anzeiger reports.

The EU Commission has long wanted to close taxation loopholes with Switzerland and enter into new bilateral agreements for mutual assistance.

“Switzerland’s European partners should be treated as well as or better than the United States," the EU Danish Presidency said.

A deal with Switzerland at the European level could end up replacing separate Swiss bilateral agreements currently under negotiation with Germany and the United Kingdom. The Swiss announcement of the British and German negotiations divided opinion in Europe over how to tackle Switzerland’s stance on banking secrecy.

But many in Germany have not been pleased with the deal struck with Switzerland, believing that its terms do not go far enough.

"We naturally ask ourselves why the United States achieves more with its threats than we do," Lothar Binding, German Social Democrat and finance expert told Tages Anzeiger. “We feel badly treated by Switzerland,” he said.

See also:

Credit Suisse hands US millions of emails: report

Oldest Swiss bank sold amid US tax dispute

US offers Switzerland tax row deal: report

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