Luxembourg and Austria are also resisting transparency schemes. They are vividly aware that picking fights with American corporations could mean losing business to other states, such as Switzerland, Monaco and Andorra. Unless the European Commission can get those other so-called safe haven states to agree to the proposed transparency standards, Luxembourg and Austria lack motivation to sign on either.
Even if European leaders overcome those hurdles and gather and swap information, then what? It is yet to be shown that any of these companies have violated any laws.
Investors can hold tight; it is appears there is only chatter and waves in the forecast for now.
Michelle Smith has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple.
The article Apple’s Testimony Creates Fodder For G8 Summit originally appeared on Fool.com.
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