The end of Swiss banking secrecy?

Since last week the Swiss bank UBS has been providing client data to the US tax authorities. The daily Le Temps comments in dissatisfaction: "All Uncle Sam had to do was swing his baton, and our country promptly complied and discarded its tradition of banking secrecy. ... Only blind pride can lure us into thinking that tiny Switzerland is strong enough to stand up to the world's major players. In forcing our country to violate its own laws, the US wanted to show who calls the shots. It behaved like an imperial power that honours its agreements with Switzerland just as it sees fit. This is all the more telling if it is true - as official sources have it - that the US would have received the same information if it had awaited the outcome of the proceedings that were already underway."

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