Varoufakis encourages Greeks to declare overseas bank deposits or face repercussions

Greek Minister of Finance Yanis Varoufakis and Minister of State Panagiotis Nikoloudis met with a delegation from Switzerland on Tuesday which was headed by Deputy Minister for International Financial Affairs Jacques de Watteville. According to various press reports, the meeting was held to discuss the exchange of banking information, in relation to tax evasion and other criminal activities.

The Minister of Finance said that Greece is prepared to introduce legislation to make it easier for overseas account-holders to voluntarily declare the fund they have outside of Greece. According to one report in the To Vima newspaper, the government plans on taxing “hidden funds” with a 15% rate and allowing the account-holders to keep the funds abroad, however, should depositors decide to return the funds to Greece, then the tax rate will be less.

(Common sense and reasonable)

There are going to be repercussions, however, to all of those who do not respond to the government’s call to voluntarily reveal what funds they have in overseas (or even domestic) accounts, since they will be faced with a full-fledged audit.