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Europe's 20 biggest banks registered €25 billion in tax havens in 2015. (Photo: Burning Robot Factory)

European banks stashing billions in tax havens

Europe's largest banks are draining public coffers by stashing billions of profits offshore.

A 52-page report, by international aid agency Oxfam out on Monday (27 March), estimates €25 billion of banker money ended up in tax havens in 2015.

It means fewer funds are going into national budgets to pay for things like health care and education.

The report probed Europe's 20 largest banks and found that Luxembourg re...

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

Europe's 20 biggest banks registered €25 billion in tax havens in 2015. (Photo: Burning Robot Factory)

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

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