The Phaserl


Austria’s Last Stand Against EU Assault On Bank Secrecy

by Wolf Richter, Testosterone

Austria would fight to maintain bank secrecy, declared uppity Finance Minster Maria Fekter. She is worried. After squashing Cyprus, gutting its offshore financial and money laundering center, and destroying its main resource, the EU has now trained its big guns on Austria and Luxembourg.

The big guns: German Finance Minister Wolfgang Schäuble and, for a change, French President François Hollande, who is spiraling into utter unpopularity at home, and whose budget minister had been sacked after being accused of committing “tax fraud laundering” via bank accounts abroad. Other countries have jumped on the band wagon. Even the UK is willing to negotiate. It’s getting serious. They want automatic transfer of bank data of foreign clients to their respective governments.

Germany has already singled out Luxembourg, a small country with an outsized, murky banking sector that has long been accused of “tax dumping.” It’s in a similar category as Cyprus used to be.

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