The End of Bank Secrecy in Switzerland

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One must wonder why Switzerland has been through so much pressure by the US to break its bank secrecy when we know that the US money “hidden” here is nothing compared to the Cayman Islands, Bahamas, Bermuda, and all the untaxed money flowing through Wall Street and the City.

Another interesting point is the obvious bias credit rating companies have, as soon as the US wants to put pressure on a country or is in competition with it, rating companies quickly downgrade the country. It happened for European countries in 2011, for Switzerland in 2014 and for “historical enemies” such as Venezuela whose rating is lower than normal for a country that ranks constantly among the top 10 oil exporters.

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