Greece’s former finance minister should be prosecuted, lawmakers say
In a communique after a meeting that ended Saturday, they note that although there are signs of stronger economies in the United States and Japan, the eurozone continues to suffer from recession and that economic growth in emerging markets is comparatively slow. The ministers also said they were “mindful of the risks and unintended negative side effects of extended periods of monetary easing.” They did not directly address the situation in the United States, where speculation that the Federal Reserve may soon wind down its monetary easing efforts has roiled markets. The communique reiterated G-20 support for reforming the country quota system used by the International Monetary Fund. on Twitter, become a fan on Facebook Join the Discussion You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three. Seventeen deputies were absent. Addressing lawmakers before the vote, Papaconstantinou denied wrongdoing and said he was being targeted “for one simple reason, being the finance minister who put the country in the bailout process.” A council of judges will convene, probably later this week, to decide whether Papaconstantinou should face the criminal charges outlined in Parliament. While it is not illegal to hold a Swiss bank account, and there is no evidence that anyone broke the law, suspicions are high in Greece that some of those named in the list may have opened the accounts to avoid paying taxes to the Greek state.
G-20 finance ministers plan to close tax loopholes for Google, others
It was unveiled at a meeting of the Group of 20 finance ministers in Moscow. The Paris-based OECD said the new 15-point plan includes ways to close loopholes and allow countries to tax profits held in offshore subsidiaries. If it is adopted, the measures would be implemented over the next two years and target such practices as deducting the same expense more than once, in more than one country. The plan also has a special focus on the online economy, where commerce flows across borders constantly and it’s harder to tie revenue and profit to a single country. U.S.