UBS deal: Ceding sovereignty or necessary move?Thursday, 3 June, 2010
The Council of States today is debating the controversial UBS accord signed between Switzerland and the United States last August. Switzerland agreed to hand over details of some 4,500 UBS clients suspected of tax evasion. In return, the U.S. agreed to lift the threat of legal action against the bank. Three of the country’s main parties have now rallied behind the deal, but the centre-left Social Democrats are still threatening to call a referendum on the issue.
To examine both sides of the issue WRS called on Martin Naville, president of the Swiss-American Chamber of Commerce, who believes the UBS deal should be approved, and lawyer Michel Halpérin, a fierce opponent of the accord: