Swiss Banks: The Noose Tightens
In an issue as explosive as Switzerland's ill-gotten gains from Holocaust victims during World War II, there are bound to be more than two sides. These days, it seems there are at least four. In the U.S., a vocal group of state and city finance officials has announced escalating sanctions against Swiss commercial banks, beginning on Sept. 1. Washington says sanctions are a terrible idea. Meanwhile, across the Atlantic, Switzerland's commercial banks have proposed a settlement. But Swiss President Flavio Cotti and the central bank don't want to open federal coffers.
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