The French have passed the information to the Spanish tax authorities, and it is believed that they have sent a polite letter to the three thousand concerned, whose monies deposited amount to about ten billion Euros, asking them to put their situation in order by next Wednesday. The details handed over to the French authorities are believed to include details of every transaction on these accounts from 2005 to 2009. 

Two theories abound over the leaking of the documents: either it was an act of revenge by a disgruntled employee or the person was paid a considerable sum in exchange. According to sources, panic has been ensuing in the corridors of power and wealth in Spain, and HSBC has hired a prestigious Madrid law firm to help them out, but they all appear to have three alternatives: simply pay up, but this could cost them dearly; pay a portion and see if they can avoid paying the rest, or most risky of all take a stance and do nothing, alleging that the documents were obtained illegally. 

If they decide to use the first option, they stand to loose as much as 43%, but others have compared the current case to a similar case involving Liechtenstein, when similar allegations were made.  At that time, about 20% of the Spaniards involved paid the taxman and the rest were allowed to simply carry on, whereas some of the Germans caught up in the scandal actually went to jail. 

In a reaction to these actions, some sectors of the Finance Ministry have criticised as scandalous the action of the tax authorities of merely sending a letter to the rich and powerful, when in their opinion, more effective action should be undertaken.

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