EU criticises Austra over bank secrecy

It is unacceptable for Austria to refuse to reform its bank secrecy rules, the European Commission said Monday, after fellow holdout Luxembourg signalled it was ready to change amid growing uproar about tax evasion.

“It is unacceptable that a member state blocks this,” a spokeswoman for EU Tax Commissioner Algirdas Semeta said, adding: “It would appear very difficult for (Austria) to maintain its position … when all member states are ready” to agree the automatic exchange of bank account information.”