Italians Forced To Go Farther Afield To Hide Money

The Swiss are helping their neighbors fight tax evasion. (Which is kind of rich.)

All may not be well in Italo-Swiss relations, what with the latter’s new monetary policy destroying the economy of small, gambling-based exclaves of the former, and with the Swiss taste for German pizza over the genuine article. Sometimes, however, the Swiss can be downright neighborly regarding things that they are somewhat more reticent about with countries with whom they do not share a mountainous border.

Switzerland signed an agreement with Italy on Monday to share tax information to help Rome combat tax evasion that costs the government 90 billion euros ($100 billion) a year….

The Bank of Italy estimates that around 70 percent of the cash that Italians have hidden abroad is in Switzerland and Italian government sources said last month the deal could yield up to 6.5 billion euros in additional tax revenues.

Swiss, Italian ministers sign deal to fight tax evasion [Reuters]