Greece pursuing Swiss tax deal but sees complications, says minister

Finance Minister Yannis Stournaras has told MPs Greece is looking to strike an agreement with Swiss authorities on the taxation of its citizens who have deposited money in Switzerland.

However, Stournaras added that there are some weak points in similar agreements that Switzerland has reached with the UK and Germany.

In response to a question from New Democracy MP Lefteris Avgenakis, Stournaras said the Finance Ministry is seeking to reach a deal with Switzerland that would allow it to tax the undeclared bank deposits and other assets Greeks have in the central European country.

The UK and Germany have already secured such agreements but Stournaras said these deals “are not without problems.”

He pointed out that the names of the depositors cannot be made public and that it is up to Swiss authorities to calculate the penalty that each account holder should pay.

Stournaras said that some legal entities, such as trusts, are excluded from the deal. He added that there is a limit on the information provided by Swiss authorities.