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World

Greece mulling 15 percent levy for Greeks to legalize undeclared bank deposits abroad

Associated Press
Published | Updated
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    A man lowers the Greek flag on the roof of an office block, as an ornamental lamppost base from the neoclassical National Library building in central Athens is seen in the foreground, on Tuesday, May 26, 2015. Greece's finance minister insisted Tuesday that the cash-strapped country will soon reach an agreement with bailout creditors, that will enable it to make a debt payment to the International Monetary Fund on June 5 _ which it would be otherwise unable to pay. (AP Photo/Petros Giannakouris) (The Associated Press)

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    An elderly woman climbs up ancient stone steps leading to the church of Panaghia Theotokos, in the archaeological site of Elefsina west of Athens, on Tuesday, May 26, 2015. Greece's finance minister insisted Tuesday that the cash-strapped country will soon reach an agreement with bailout creditors, that will enable it to make a debt payment to the International Monetary Fund on June 5 _ which it would be otherwise unable to pay. (AP Photo/Petros Giannakouris) (The Associated Press)

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    Visitors looks at the archaeological site of Elefsina west of Athens, on Tuesday, May 26, 2015. Greece's finance minister insisted Tuesday that the cash-strapped country will soon reach an agreement with bailout creditors, that will enable it to make a debt payment to the International Monetary Fund on June 5 _ which it would be otherwise unable to pay. (AP Photo/Petros Giannakouris) (The Associated Press)

ATHENS, Greece – Greece is considering a 15 percent levy on undeclared foreign deposits, and double that rate on undeclared deposits in domestic banks, as an enticement for tax-dodgers to legalize assets.

Finance Minister Yanis Varoufakis says he is also thinking of imposing a charge on cash withdrawals from bank ATMs and on over-the-counter transactions, to encourage electronic banking and fight widespread tax evasion.

Greece's radical left-led government is locked in negotiations with bailout creditors over reforms demanded in return for a vital rescue loan payment — without which the government says it can't make a debt payment to the International Monetary Fund on June 5.

Speaking at a press conference Tuesday, Varoufakis insisted that the payment will be made because a deal will be struck by then.