U.S. Trade rep ron kirk in #davos: “We have swapped jobs for I-pads and cheaper T-shirts”
DAVOS, Switzerland (Reuters) – The break-up of Switzerland’s oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.
“It is very regrettable,” Eveline Widmer-Schlumpf told journalists at the World Economic Forum of the decision by Wegelin to break itself up in the face of possible indictment on charges the bank helped wealthy Americans to evade taxes.
DAVOS, Switzerland (Reuters) – International Monetary Fund chief Christine Lagarde led a global push on Saturday for the euro zone to boost its financial firewall, saying “if it is big enough it will not get used.”
Lagarde, supported by the British finance minister, George Osborne, said the IMF could boost its support for the euro zone but pressed its leaders to act first. Some attendees at the Davos Forum still doubted the viability of the currency union.