EU: 'Unacceptable' for Austria to block bank secrecy reforms

BRUSSELS (AFP) - It is unacceptable for Austria to refuse to reform its bank secrecy rules, the European Commission said on 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," said Ms Algirdas Semeta, a spokesman for EU Tax Commissioner.

She added: "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."