Originally published on Tue January 8, 2013 3:24 pm
In the European Union, unemployment rates in the region that uses the euro currency are at their highest ever, as a returned recession, falling income levels and persistent debt concerns trouble the region's economy, as its latest statistics show.
After nearly five years of economic crises, the European Union is also seeing more divergence between its member nations, particularly in the north, where economies have resilience, as opposed to the south, where unemployment rates are an average of more than 7 points higher.
Originally published on Fri January 11, 2013 7:43 am
Time was that a Swiss bank account was synonymous with confidentiality and keeping assets from prying eyes. No more.
Last week, Switzerland's oldest bank, Wegelin & Co., pleaded guilty in a New York court to helping Americans hide $1.2 billion from the Internal Revenue Service over a decade-long period. Wegelin's plea, and a $57.8 million fine, forced the bank to shut its doors. It follows a $780 million settlement with UBS in 2009 that forced the Swiss banking giant to identify the names of its U.S. account holders.