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"We hope that they will be able to follow Luxembourg," said Emer Traynor, a spokeswoman of the EU Commission, the 27-nation bloc's executive arm, referring to Austria. Switzerland, which is not an EU member, also takes pride in its culture of banking secrecy, but was pressured into negotiating bilateral tax agreements with the U.S., Germany and others. The publication of details on wealthy people's offshore bank accounts by several international media last week, some of which included references to shell companies based in Luxembourg, reinforced the calls for change
-- Finance Minister Luc Frieden first hinted at a change to Luxembourg's refusal on automatic information exchanges Sunday. Luxembourg's 141 banks -- many of which are subsidiaries of foreign banks
-- hold assets worth about 22 times the country's annual economic output of 44 billion euros. The country is also the world's second-largest center for investment funds, with about 3,800 funds holding assets worth 2.5 trillion euros ($3.2 trillion).
[Associated
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