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Schwab, Florian

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Weltwoche - Switzerland | 02/02/2012

Weak Switzerland bows to US in tax dispute

Since the tax dispute with the US over US tax evaders began, Swiss banks have handed over thousands of documents to the US authorities. Switzerland hasn't shown enough backbone in this dispute, writes the national-conservative Weltwoche: "Behind the apparently friendly ideologies that have found many fans here in Switzerland lie rock-hard special interest politics and the double standards that they entail. This is evident in the way Switzerland as a comparatively rich country is being targeted while in the US and the UK foundation and trust constructions are available as perfectly legal means for concealing private wealth. Until recently the principle that democratic states do not interfere in each other's legal systems was applied. But that is a thing of the past now: on an international level it's the a 'might is right' codex that applies nowadays. ... The Swiss political leadership is obviously too weak to resist this trend and preserve Switzerland's strengths."

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