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News from Switzerland: A Referendum To Overturn FATCA Breaks through Fears of U.S. Retaliation

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In the unlikely event that Swiss banks put up a fight, there is doubt that the United States would be in a position to put their threats into action. "If Swiss banks were barred from using US dollar transactions, then the commodity trading business in Switzerland would be disturbed; this might give even more arguments to those who are currently campaigning for the replacement of the Dollar with the Euro in international trade," says Laurent Franceschetti. As the American saying goes, the US Treasury Department would end up shooting itself in the foot.

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Managing Director, Global Strategic Communications Group; government and media relations specialist. Former US diplomat, US Senate staffer. JD Georgetown 1978, BA Penn State 1974.
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If people are sick and tired of being trod on by A... by Archie on Wednesday, Oct 23, 2013 at 10:52:48 PM