“Following parliament’s rejection of a deal to solve the United States tax evasion dispute, there are grave doubts in both Switzerland and the US that serious damage to the Swiss financial system can be prevented. Switzerland’s lead negotiator, Michael Ambühl, already painted a bleak picture of life without a US agreement during an address back in February. ‘Whether we like it or not, the US has the ability to destabilize the entire Swiss financial centre by taking measures against Swiss banks,’ he said. It is believed that the DoJ already has some 14 other Swiss or Swiss-based banks in its legal cross hairs, including Credit Suisse, Pictet and several cantonal banks.”
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