It’s either all or nothing when you’re the SPD and it comes to German tax evaders with Swiss bank accounts. So, uh, we’ll take nothing.

It has to do with principle or something. Rejecting the deal that would have allowed Germans with “undeclared assets in Switzerland to avoid punishment by making a one-off payment” was absolutely essential for Germany’s opposition Social Democrats. Because, well, because why was that again? Oh yeah, now I remember. Because by passing the Swiss tax deal, the Genossen (comrades) explain, this would have made “honest taxpayers feel like fools.”

So now the honest taxpayers the SPD is so concerned about lose out on roughly 180-200bn euros that they will have come up with themselves (because the SPD would never in their wildest dreams ever even consider cutting spending – reducing taxes – on the other side of the equation). But at least they won’t have to feel like they’re fools while doing so.

“The German upper house has missed a major opportunity to reach a fair, optimum and sustainable solution for all parties to definitively settle the bilateral tax issues.”