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Credit Suisse Deal Seen Paving Way for Other Swiss Banks

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Credit Suisse Group AG’s $2.6 billion in penalties for helping Americans dodge taxes clears the way for other Swiss banks to resolve their own quarrels with the U.S., ending years of deadlock and uncertainty.

The settlement provides “breathing space” for cutting deals, Swiss Finance Minister Eveline Widmer-Schlumpf told reporters in Bern yesterday. “We assume that a solution for the other banks can be found within the next few months.”