The Danish EU presidency last night presented a compromise text to European Union finance ministers mounting a last-ditch bid here to agree a savings taxation.
Ministers are struggling to reach a year-end deadline on how to tax savings held by citizens of the EU in banks outside their native countries.
The main sticking point to date has been a refusal by Switzerland, which is not a member of the EU, to agree to the free exchange of information on funds held by EU nationals in its secret bank accounts.
Luxembourg, Austria and to a lesser extent Belgium, which also have protective banking systems, are demanding further concessions from the Swiss.
Wednesday's extraordinary meeting was called after ministers last week again failed to strike a deal.
They face a December 31st deadline to reach agreement on an entire EU tax harmonisation package, or it will collapse.
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