Switzerland, the world’s largest offshore financial centre, has pledged automatically to hand the details of foreign bank accounts to other countries in one of the most significant breakthroughs in the global crackdown on evasion.
So far as I know, banking secrecy was one of only two reasons for anyone to have anything to do with Switzerland, the other being the mountain climbing. And there are other mountains in the world. Screw Switzerland.
If anyone in the financial biz thinks this announcement is less damning than it seems, please chime in.