Europe

Disgraced French budget minister lied to Swiss bank over taxes

"Disgraced former French budget minister Jerome Cahuzac lied to a Swiss bank when it accepted his assertion that funds paid into his account had been declared to tax authorities, a newspaper report said Saturday. The Zurich-based Tages Anzeiger said the politician presented a 'bogus tax certificate' to the Julius Baer bank. Cahuzac — the minister responsible for cracking down on tax evasion until he resigned in mid-March — was charged Tuesday with 'laundering the proceeds of tax fraud' after he admitted to having the foreign bank account, following weeks of denials." Continue reading →

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French foreign minister denies Swiss account ‘rumour’

"France's Foreign Affairs Minister Laurent Fabius on Sunday denied a 'rumour' in a newspaper report claiming that he may have a Swiss bank account, as the French government struggles to deal with a scandal over undeclared foreign bank holdings. 'I absolutely deny the rumour, published in the Monday April 8 edition of Libération, claiming I have a bank account in Switzerland,' Fabius wrote in a statement. It was Médiapart that broke the story about former budget minister Jérôme Cahuzac having an undeclared bank account in Switzerland." Continue reading →

Continue ReadingFrench foreign minister denies Swiss account ‘rumour’

Italian-Switzerland border checks strike gold

"Italian finance police had a lucky find on Easter Sunday during a routine check of a family car crossing into Switzerland: they discovered gold ingots worth about €4.5 million concealed in false compartments. The car was driven by a 53-year-old Italian resident of the Swiss canton of Ticino, described by the police as the legal representative of a Swiss company. He was travelling with his wife and three children, apparently going for an Easter trip. The man was immediately charged with money laundering. The ingots and the car were seized. There has been an upsurge in the smuggling of gold from Italy to Switzerland in the past few months." Continue reading →

Continue ReadingItalian-Switzerland border checks strike gold

The Fuse Is Burning Brightly on France’s Fiscal Time Bomb

"The public sector in France is more bloated than the ones that exist in Italy, Sweden, and Greece! That’s quite an achievement. And then remember that the new French President is imposing a new top income tax rate of 75 percent. Though, to be fair, President Hollande generously says he doesn’t the overall tax burden on any taxpayer to exceed 80 percent. All hail Francois the Merciful! Notwithstanding this magnanimous gesture, some taxpayers have the gall (no pun intended) to object to this level of fleecing. Famous actors and successful entrepreneurs are among those saying Au Revoir and moving to jurisdictions that have less punitive tax laws." Continue reading →

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Cypriot Chaos Assists EU Centralization

"Today, major bank runs happen for the most part not on the street, but electronically and often within minutes. They attract minimal public attention, are easily kept quiet, and the aggregate amounts transferred are known only to finance ministries and central banks. The true magnitude of any run on Cypriot or eurozone banks is hard for outsiders to clearly ascertain. This can be used as a major weapon in cajoling EU leaders into accepting greater banking 'unity' in both the eurozone and the greater EU. Should the Cypriot crisis prove an inadequate threat to further centralize the EU banking system, then there are a number of brewing crises that might do the trick." Continue reading →

Continue ReadingCypriot Chaos Assists EU Centralization

The Real Cyprus Template (the one you’re not supposed to notice)

"So it is expected (and a bit sad) that households and businesses don't leave their banks readily, so its not surprising they stayed on board right up until the end. What is fascinating to me is that the banks that were NOT in the eurozone clearly had no idea what was coming, and the banks actually ON Cyprus only had an inkling, and that only at the last minute. Given both the timing and the form of the Cyprus bank resolution was in the hands of the ECB, as well as French and German politicians, is this astounding ability of the Eurozone banks to avoid losses truly a surprise?" Continue reading →

Continue ReadingThe Real Cyprus Template (the one you’re not supposed to notice)

Cyprus – A wake-up call: Rethinking money

"In this documentary we have tried to capture the thoughts and feelings of ordinary Cypriots after their bank accounts got frozen in March of 2013. We've also asked them to think about alternative ways to see and use money. We'd like to thank them for their participation. We believe everyone should have the right to choose their own currency." Continue reading →

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World War II bomb found near Berlin’s main train station

"An unexploded World War II bomb has been unearthed near Berlin’s main train station, risking possible disruptions to rail and road traffic, authorities said Wednesday. 'The bomb was found yesterday afternoon on property belonging to the rail company,' a police spokesman told AFP, adding that the 100-kilogramme (220-pound) explosive was dropped by the Allies during the Second World War. More than six decades after the war, authorities believe there are still some 3,000 bombs buried beneath Berlin alone, and unexploded devices are regularly discovered in construction work." Continue reading →

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Irish county officials vote to allow some citizens to drink and drive

"County officials in southwest Ireland have voted to loosen drunk driving restrictions for certain older, rural constituents. The BBC reported that county councilors in Kerry County, Ireland have backed legislation that would allow police to issue citations exempting certain drivers from normal restrictions on driving under the influence. Councillor Danny Healy-Rae, the motion’s sponsor, said the law is intended to apply to 'older people' who 'are being isolated now at home, and a lot of them falling into depression.'" Continue reading →

Continue ReadingIrish county officials vote to allow some citizens to drink and drive