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

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Even so, it is not certain that Swiss banks will apply FATCA for long, as it is doubtful that this American law will be implemented at all, unless a vast majority of countries agree to participate--if anything, because the costs are unsustainable: up to 3 billion dollars for the United Kingdom, according to an official estimate and perhaps 1 billion in Switzerland (although to date there are no reliable figures). All this in order to net  $892 million for the IRS if the whole world were to play the game, which very likely it will not.

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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Jim Jatras is a former U.S. diplomat and foreign policy adviser to the U.S. Senate GOP leadership. He is pro-life, pro-gun, pro-traditional marriage, pro-immigration control, anti-war, pro-privacy, pro-tax reform, anti-phony 'free trade' deals. (more...)

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