The European Union and Switzerland have signed a tax transparency agreement that will put an end to Swiss banking secrecy for EU residents. The sides will start automatically sharing data on residents’ financial accounts from 2018.
After inheriting years of poor economic performance, Greece’s new Syriza government can’t be blamed for being unable to pay June installments to the IMF, James Galbraith, economist and professor from the University of Texas, told RT’s In the Now show.
Western countries have withdrawn from BRICS countries more than $3.5 trillion over the last 10 years to suppress the group, said Russian Security Council Secretary Nikolay Patrushev, adding that nearly half of the sum was pulled out in the last 3 years.
The Vatican’s Institute for Religious Works (IOR), notorious for its money laundering and tax evasion, announced a €69.3-million profit in 2014, 24 times bigger than in 2013. Officials credit that to clearing up the bank’s finances.
Switzerland has reportedly published the names of foreigners wanted for tax frauds after requests from Russia, France, Germany, India and other countries. This may mark the end of Swiss bank privacy tradition, dating back to the 1930s.
Russia’s national payment card will come into operation by the end of the year, said Central Bank Deputy Chairman Olga Skorobogatova. It’s to ensure smooth electronic transactions in Russia hit by Western sanctions in 2014.
The new BRICS initiatives break the monopoly of existing western institutions over the financial order – a very important symbolic change, as it’s the first time a global financial institution is led by developing countries, said experts to RT.
The BRICS New Development Bank is not an alternative to the IMF and the World Bank but rather a complement, said Presidential aide Sergey Glazyev. It will address the challenges that Western institutions currently ignore.
The forecast for the eurozone economy is now the most favorable in the last seven years, European Central Bank president Mario Draghi said on Friday, adding though that this was not the end of the challenges for Europe.
Japan is going to provide $110 billion for infrastructure projects in Asia. The move is seen as an attempt to keep up with China that boosted its dominance in the region by establishing the Asian Infrastructure and Investment Bank.