Archived IMT (2009.04.25)

by Ashraf Laidi

Apr 25, 2009 20:09

Swiss President asked US Trsy Sec Geithner for the US to drop its case against UBS on tax fraud. If the US accepts, the condition may be to force Switzerland to change its accounting standars and bank secrecy laws, which would be a negative for the franc. Switzerland will have to hold referendum for such changes to take place. Tough choices ahead.

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