German finance minister attacks banking secrecy

German Finance Minister Peer Steinbrück has attacked Switzerland's banking secrecy in order to raise additional funds for Germany's budget deficit, the conservative daily Frankfurter Allgemeine Zeitung writes: "Switzerland is an important financial centre. However, even the Swiss authorities cannot just ask for banking records when they suspect citizens of tax evasion. But Steinbrück cares little about national sovereignty when it comes to raising money for his budget, which is about to run into a huge deficit. ... The OECD's "blacklist" brings Switzerland close to the status of a banana republic. This makes it even easier to demand a comprehensive "exchange of information," the fully transparent citizen. If Switzerland falls, the EU states Belgium, Luxembourg and Austria will have to give in as well."

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