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HSBC scandal escalates, Argentina demands 3.5 bln USD

Argentina's tax chief said Monday that the country demands HSBC Holding PLC to repatriate 3.5 billion U.S. dollars as the bank's Argentine branch moved offshore to help clients evade taxes and move capital abroad.

Ricardo Echegaray, head of the Argentinian tax authority, said in London on Monday that HSBC's actions threatened the stability of the Argentine government.

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HSBC Holding PLC