Italy's amnesty for tax evaders has uncovered more than €80bn in funds and assets held abroad, a record haul for the government, Giulio Tremonti, finance minister, has revealed.
“I want my money back,” Mr Tremonti said yesterday, breaking into English at his year-end press conference. His comments recalled what he recently told Hans-Rudolph Merz, his Swiss counterpart, to the anger of Swiss banks who hold the majority of Italian funds and have accused Rome of intimidating their clients.
The haul, equal to about 5 per cent of Italy's gross domestic product, sets a record for a tax amnesty for funds and assets held abroad. Applicants were offered generous terms and anonymity. Most of the money declared is likely to remain outside the country as Italians are not obliged to repatriate their funds.