By Susan Duclos
Switzerland has caved to the demands of the US and are handing over supposedly confidential information on their depositors, after threatens of fines and jail time for any bank that doesn't hand over information on American citizens that hold their money in Switzerland. This breaks centuries of total confidentiality that Switzerland has been famous for.
Via the RT report details:
A US ultimatum to Swiss banks has yielded results - with the first alpine hideaway giving up on centuries of total confidentiality. Washington is threatening fines and even jail time for any bank that doesn't share information on American citizens. But it's thought that some, will nevertheless stay defiant. RT's business presenter Katie Pilbeam speaks with Rory Suchet about the possible ramifications of it all.
Cross posted at Before It's News