“Switzerland and the United States have finally reached agreement,” announces Le Temps, in the wake of the green light given by the Federal Council to the solution proposed by Washington to enable Swiss banks to comply with US tax regulations.
The daily explains that —
The conditions that will have to be fulfilled by Swiss financial institutions, and in particular, the amount of fines they will have to pay will not be disclosed pending the imminent signature of a joint declaration by the two countries.
With regard to the response in the banking industry, Le Temps remarks that —
… the prospect of fines that will target certain banks has spoiled the sense of relief that might otherwise have been prompted by the outline of a solution to put an end to more than two years of tensions between the two countries.
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