A major tax agreement between the US and Switzerland has been rejected by the Swiss parliament.
The deal would have paved the way for Swiss banking giant UBS to disclose account details to US tax authorities.
The late vote by Switzerland’s lower house of parliament is unlikely to kill off the deal, but may mean weeks of delay.
In the mean time, UBS mgt will have to limp on, with the threat of US legal action that could destroy the bank continuing. It will be a long hot summer for both mgt and GIC.
