The principality of Liechtenstein is prepared to discuss an automatic exchange of bank client information with the European Union, says the Prime Minister Adrian Hasler. He also said that they will consider following the lead of Austria and Luxembourg, "we have signaled that we are ready for talks although we can't conceal that automatic exchange of information is not our favorite solution."
In an interview for the "Handelsblatt" a German business newspaper, the Prime Minister made a point of saying that there would be strings attached to a deal with the European Union.
The European Union is trying to crack down tax evaders, due to the fact that hundreds of rich Germans, in particular, had hidden assets in Liechtenstein, prompting the government in Vaduz to promise Berlin and other EU capitals that it would help pursue tax dodgers from abroad. Finance Minister of the 27 European Union gave their officials approval to start formal negotiations with Switzerland and the tax-haven microstates like San Marino, Andorra and Monaco. Liechtenstein is not a member of the EU.