The gloves are coming off in the European debate on financial regulation:
There is a hilarious escalation in the German/Austrian tax evasion dispute. Austria has promised a new law for 2010 to notify any foreign saver who might be guilty of tax evasion, as a result of which hoards of German customers are withdrawing their funds. To facilitate the “legal” withdrawal and repatriation of the funds, Austria is printing special silver coins, with a nominal value of €1.5, but a much higher market value, given the recent increase in the silver price. Now, savers can legally repatriate €10,000 during each cross-border trip, but when you transport silver coins, it is the nominal value that matters. So you can legally very large euro sums across the border, FT Deutschland reports. The only problem now is that the Austrian cannot meet the massive demand for these coins.
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