Cable Viewer

Currently released so far... 12522 / 251,287

### Browse latest releases

2010/11 2010/12 2011/01 2011/02 2011/03 2011/04 2011/05
2010/11/28 2010/11/29 2010/11/30
2010/12/01 2010/12/02 2010/12/03 2010/12/04 2010/12/05 2010/12/06 2010/12/07 2010/12/08 2010/12/09 2010/12/10 2010/12/11 2010/12/12 2010/12/13 2010/12/14 2010/12/15 2010/12/16 2010/12/17 2010/12/18 2010/12/19 2010/12/20 2010/12/21 2010/12/22 2010/12/23 2010/12/24 2010/12/25 2010/12/26 2010/12/27 2010/12/28 2010/12/29 2010/12/30
2011/01/01 2011/01/02 2011/01/04 2011/01/05 2011/01/07 2011/01/09 2011/01/10 2011/01/11 2011/01/12 2011/01/13 2011/01/14 2011/01/15 2011/01/16 2011/01/17 2011/01/18 2011/01/19 2011/01/20 2011/01/21 2011/01/22 2011/01/23 2011/01/24 2011/01/25 2011/01/26 2011/01/27 2011/01/28 2011/01/29 2011/01/30 2011/01/31
2011/02/01 2011/02/02 2011/02/03 2011/02/04 2011/02/05 2011/02/06 2011/02/07 2011/02/08 2011/02/09 2011/02/10 2011/02/11 2011/02/12 2011/02/13 2011/02/14 2011/02/15 2011/02/16 2011/02/17 2011/02/18 2011/02/19 2011/02/20 2011/02/21 2011/02/22 2011/02/23 2011/02/24 2011/02/25 2011/02/26 2011/02/27 2011/02/28
2011/03/01 2011/03/02 2011/03/03 2011/03/04 2011/03/05 2011/03/06 2011/03/07 2011/03/08 2011/03/09 2011/03/10 2011/03/11 2011/03/13 2011/03/14 2011/03/15 2011/03/16 2011/03/17 2011/03/18 2011/03/19 2011/03/20 2011/03/21 2011/03/22 2011/03/23 2011/03/24 2011/03/25 2011/03/26 2011/03/27 2011/03/28 2011/03/29 2011/03/30 2011/03/31
2011/04/01 2011/04/02 2011/04/03 2011/04/04 2011/04/05 2011/04/06 2011/04/07 2011/04/08 2011/04/09 2011/04/10 2011/04/11 2011/04/12 2011/04/13 2011/04/14 2011/04/15 2011/04/16 2011/04/17 2011/04/18 2011/04/19 2011/04/20 2011/04/21 2011/04/22 2011/04/23 2011/04/24 2011/04/25 2011/04/26 2011/04/27 2011/04/28 2011/04/29 2011/04/30
2011/05/01 2011/05/02 2011/05/03 2011/05/04 2011/05/05 2011/05/06 2011/05/07 2011/05/08 2011/05/09 2011/05/10

### Browse by creation date

66 72 73 75 79 85 86 87 88 89 90 91 92 93 96 97 00 01 02 03 04 05 06 07 08 09 10
1966/12
1972/02 1972/08
1973/04
1975/03
1979/08
1985/03 1985/06
1986/05
1987/06
1988/01
1989/12
1990/01 1990/07 1990/08 1990/10
1991/05
1992/01 1992/06 1992/12
1993/10
1996/11
1997/12
2000/05 2000/06 2000/09 2000/11
2001/02 2001/03 2001/06 2001/07 2001/09 2001/10 2001/11
2002/01 2002/02 2002/03 2002/04 2002/07 2002/08 2002/09 2002/11
2003/01 2003/02 2003/03 2003/04 2003/05 2003/06 2003/07 2003/08 2003/09 2003/10 2003/11 2003/12
2004/01 2004/02 2004/03 2004/04 2004/05 2004/06 2004/07 2004/08 2004/09 2004/10 2004/11 2004/12
2005/01 2005/02 2005/03 2005/04 2005/05 2005/06 2005/07 2005/08 2005/09 2005/10 2005/11 2005/12
2006/01 2006/02 2006/03 2006/04 2006/05 2006/06 2006/07 2006/08 2006/09 2006/10 2006/11 2006/12
2007/01 2007/02 2007/03 2007/04 2007/05 2007/06 2007/07 2007/08 2007/09 2007/10 2007/11 2007/12
2008/01 2008/02 2008/03 2008/04 2008/05 2008/06 2008/07 2008/08 2008/09 2008/10 2008/11 2008/12
2009/01 2009/02 2009/03 2009/04 2009/05 2009/06 2009/07 2009/08 2009/09 2009/10 2009/11 2009/12
2010/01 2010/02

### Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z
Embassy Athens Embassy Asuncion Embassy Astana Embassy Asmara Embassy Ashgabat Embassy Apia Embassy Ankara Embassy Amman Embassy Algiers Embassy Addis Ababa Embassy Accra Embassy Abuja Embassy Abu Dhabi Embassy Abidjan Consulate Auckland Consulate Amsterdam Consulate Adana American Institute Taiwan, Taipei
Embassy Bujumbura Embassy Buenos Aires Embassy Budapest Embassy Bucharest Embassy Brussels Embassy Bridgetown Embassy Bratislava Embassy Brasilia Embassy Bogota Embassy Bishkek Embassy Bern Embassy Berlin Embassy Belmopan Embassy Belgrade Embassy Beirut Embassy Beijing Embassy Banjul Embassy Bangkok Embassy Bandar Seri Begawan Embassy Bamako Embassy Baku Embassy Baghdad Consulate Barcelona
Embassy Copenhagen Embassy Conakry Embassy Colombo Embassy Chisinau Embassy Caracas Embassy Canberra Embassy Cairo Consulate Curacao Consulate Ciudad Juarez Consulate Chennai Consulate Casablanca Consulate Cape Town Consulate Calgary
Embassy Dushanbe Embassy Dublin Embassy Doha Embassy Djibouti Embassy Dili Embassy Dhaka Embassy Dar Es Salaam Embassy Damascus Embassy Dakar Consulate Dubai
Embassy Freetown Consulate Fukuoka
Embassy Guatemala Embassy Gaborone Consulate Guayaquil Consulate Guadalajara
Embassy Helsinki Embassy Harare Embassy Hanoi Consulate Ho Chi Minh City Consulate Hermosillo Consulate Hamilton Consulate Hamburg Consulate Halifax
Iran RPO Dubai Embassy Islamabad Consulate Istanbul
Embassy Jakarta Consulate Jerusalem Consulate Jeddah
Embassy Kyiv Embassy Kuwait Embassy Kuala Lumpur Embassy Kinshasa Embassy Kingston Embassy Kigali Embassy Khartoum Embassy Kathmandu Embassy Kampala Embassy Kabul Consulate Kolkata
Embassy Luxembourg Embassy Luanda Embassy London Embassy Ljubljana Embassy Lisbon Embassy Lima Embassy Lilongwe Embassy La Paz Consulate Lahore Consulate Lagos
Mission USOSCE Mission USNATO Mission UNESCO Embassy Muscat Embassy Moscow Embassy Montevideo Embassy Monrovia Embassy Minsk Embassy Mexico Embassy Mbabane Embassy Maputo Embassy Manila Embassy Manama Embassy Managua Embassy Malabo Embassy Madrid Consulate Munich Consulate Mumbai Consulate Montreal Consulate Monterrey Consulate Milan Consulate Melbourne
Embassy Nicosia Embassy Niamey Embassy New Delhi Embassy Ndjamena Embassy Nassau Embassy Nairobi Consulate Naples Consulate Naha
Embassy Ouagadougou Embassy Ottawa Embassy Oslo
Embassy Pristina Embassy Pretoria Embassy Prague Embassy Port Of Spain Embassy Port Louis Embassy Port Au Prince Embassy Phnom Penh Embassy Paris Embassy Paramaribo Embassy Panama Consulate Peshawar
Embassy Quito Consulate Quebec
REO Basrah Embassy Rome Embassy Riyadh Embassy Riga Embassy Reykjavik Embassy Rangoon Embassy Rabat Consulate Rio De Janeiro Consulate Recife
Secretary of State Embassy Suva Embassy Stockholm Embassy Sofia Embassy Skopje Embassy Singapore Embassy Seoul Embassy Sarajevo Embassy Santo Domingo Embassy Santiago Embassy Sanaa Embassy San Salvador Embassy San Jose Consulate Strasbourg Consulate St Petersburg Consulate Shenyang Consulate Shanghai Consulate Sapporo Consulate Sao Paulo
Embassy Tunis Embassy Tripoli Embassy Tokyo Embassy The Hague Embassy Tel Aviv Embassy Tehran Embassy Tegucigalpa Embassy Tbilisi Embassy Tashkent Embassy Tallinn Consulate Toronto Consulate Tijuana
USUN New York USEU Brussels US Office Almaty US Mission Geneva US Interests Section Havana US Delegation, Secretary UNVIE Embassy Ulaanbaatar
Embassy Vilnius Embassy Vienna Embassy Vatican Embassy Valletta Consulate Vladivostok Consulate Vancouver
Embassy Windhoek Embassy Wellington Embassy Warsaw
Embassy Yerevan Embassy Yaounde
Embassy Zagreb

### Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
AMED AF ASEC AMGT AFIN AG ABLD AJ AL ASUP AR AID AORC AS AE APER ACOA ANET AU ASECKFRDCVISKIRFPHUMSMIGEG ARF APECO AEMR ATRN AA AADP ACS AM APCS AFFAIRS ADANA ADPM ADCO AECL ACAO AY APEC AORG ASEAN ABUD AGAO AFSI AFSN AINF AGR AROC AO AODE ACABQ AGMT AORL AX AMEX ADM AFGHANISTAN AZ AND ARM AQ ATFN AMBASSADOR ASIG ASCH ACBAQ AIT AMCHAMS AC AUC ASEX AER AVERY AGRICULTURE AMG AFU AN ALOW
BR BA BL BTIO BH BEXP BO BG BU BK BRUSSELS BD BM BT BC BX BIDEN BE BY BBSR BB BP BN BILAT BF BTIU BWC BMGT
CS CO CASC CA CU CH CN CONS CBW CI CE CVIS CW CLINTON COE CMGT CG CJAN CR CWC CD CPAS CT CONDOLEEZZA COUNTER CDG CIDA CM CICTE COUNTRY CY CBSA CEUDA CAC CODEL CBE CHR CTM CDC CFED COM CIS CKGR CVR CIA COUNTERTERRORISM CITEL CLEARANCE CSW CARICOM CB CL CF CJUS CROS CLMT CIC CAPC COPUOS CTR CACS CAN CITT CARSON CACM CDB CV CBC CNARC
DHS DAO DCM DR DOD DOMESTIC DO DA DK DTRA DJ DEA DPRK DEPT DISENGAGEMENT DE DOE DS DEFENSE DEAX
ES EC ECON EFIN EAID ETRD EAGR ENRG EINV EIND ETTC ECIN EG ELTN EPET ELAB EU ECPS EUREM ET EWWT ELN EAIR EFIS EUN ER EINT ENVR EMIN ENERG ETRDEINVECINPGOVCS ELECTIONS EFTA EN ECA EPA ENGR ETRC EXTERNAL EZ EI ENVI ETRO ETRN EK EINVEFIN ECINECONCS ERD EUR ETC EAP ENIV ECONOMY EINN ECONOMIC EXBS ECUN EURN EAIG ECONCS ENGY ECONOMICS ETRDEINVTINTCS EFINECONCS EEPET ESA EIAR ENNP EDU EXIM EINDETRD EREL EUC ESENV ECONEFIN ECIP EFIM EAIDS ETRDECONWTOCS EUNCH EINVETC EINVECONSENVCSJA EUMEM ETRA ERNG
FR FBI FAC FARC FI FDA FAO FJ FTA FTAA FREEDOM FISO FOR FOREIGN FAS FM FINR FINANCE FOI FMLN FO
GG GM GV GT GOV GTMO GH GOI GL GY GAERC GA GR GF GCC GE GZ GAZA GANGS GERARD GTIP GLOBAL
HO HK HILLARY HA HR HU HUMAN HI HURI HSTC HYMPSK HUMOR HEBRON
IR IN IS IZ IT IC IAEA IEFIN ICAO IRS INTELSAT IO ILC IMO IRAQI IV ILO ITALY IBRD ITU ID ICRC IPR ISRAELI IIP INMARSAT IAHRC IWC INTERNAL INDO ITPHUM ITPGOV ITALIAN IBET INR ICJ ICTY IA INTERPOL IEA IACI INRB IL IMF ITRA IDA ISLAMISTS IQ IRC IZPREL IRAJ ITF IF ISRAEL ICTR IDP IGAD INRA INRO
JO JA JUS JM JP JOSEPH JAMES JOHN JOHNNIE
KNNP KTFN KFLU KPAO KMDR KWBG KTER KBCT KPAL KDEM KTIA KOLY KJUS KCRM KV KSUM KWMN KS KRVC KGHG KE KGIC KPRP KTIP KUNR KPKO KRIM KSCA KOMC KHLS KCOR KWAC KISL KZ KG KIRF KMPI KVPR KIPR KOMS KSPR KIRC KN KFRD KAWC KFIN KCRCM KR KBTS KSEP KFLO KSEO KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KSTC KICC KMCA KHDP KSAF KACT KSTH KOCI KNUP KPRV KTDB KMIG KIDE KU KPAONZ KNUC KNNPMNUC KNPP KERG KSCI KDRG KBIO KCFE KCIP KTLA KTEX KPLS KHIV KCSY KTRD KID KSAC KNAR KMRS KJUST KPWR KCRS KRCM KREC KNEI KTBT KCFC KRAD KCHG KAWK KGCC KREL KMFO KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KFTFN KVRP KGIT KBTR KCOM KO KLIG KAID KDEMAF KFSC KOM KMOC KRGY KVIR KX KPOA KWMM KPAI KHSA KICA KNSD KHUM KSEC KCMR KPIN KESS KDEV KCGC KWWMN KPAK KWNM KWMNCS KRFD KDDG KIFR
LY LE LG LI LH LTTE LU LO LAB LOG LA LT LABOR
MOPS MARR MCAP MEPN MNUC MO MASS MX MD MZ MRCRE MI MTCRE MAS MU MR MC MY MTCR MAPP MUCN MIL ML MEDIA MA MPOS MP MERCOSUR MG MK MV MOPPS MASC MTS MLS MILI MAR MEPI MEETINGS MCC MIK MW MT MTRE MDC MQADHAFI MAPS MARAD MEPP MILITARY MASSMNUC
NATO NZ NSF NPG NSG NA NL NU NPT NSFO NS NE NK NI NSSP NATIONAL NO NDP NP NASA NAFTA NIPP NG NEW NZUS NR NH NSC NPA NC NRR NGO NT NAR NV NORAD NATOPREL NW
OTRA OIIP OPRC OREP OVIP ODIP OPAD OPDC OAS OVP OSCE OIE OECD OPCW OEXC OCS OPIC OFDP OMIG OBSP OSCI OTR OFFICIALS OSAC ON OFDA OHUM OCII OES OIC
PGOV PREL PINR PINS PM PO PHUM PK PTER PREF PARM PBTS PE PAS POL PHSA PNAT PL PAK PA PSI POLITICS PROP PAIGH POLITICAL PARTIES POSTS PMIL PALESTINIAN PARMS PROG PBIO PTBS POLICY PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PBT PG PTERE PRGOV PORG PP PS PGOF PU PKFK PSOE PEPR PPA PINT PMAR PRELP PSEPC PREFA PGOVE PINF PNG POGOV PRL PFOR PUNE PDOV PGOVLO PAO PGOC PINL PF PY POV PHUMBA PNR PCI PREO PAHO PCUL PLN POLINT PGGV PHALANAGE PARTY PHUS PDEM PECON PROV PHUMPREL PGIV PRAM PHUH PSA PHUMPGOV PEL
QA
RU RS RSO RICE RP REACTION REPORT RIGHTS RO RCMP RW RM REGION RSP RF RUPREL RFE ROOD RIGHTSPOLMIL ROBERT RELATIONS
SY SMIG SNAR SENV SCUL SW SA SOCI SO SP SN SU SR SH SCRS SC SZ SF SL SENVKGHG SYRIA SI SWE SARS SAN SHI STEINBERG SG ST SNARN SEVN SHUM SPCE SIPDIS SYR SIPRS SNARCS SAARC SNARIZ SSA SK SPCVIS SOFA SANC SEN
TR TRGY TBIO TPHY TSPA TP TW TU TSPL TS TT TX TZ TI TN TF TERRORISM TD TK TH TIP TC TNGD THPY TL TV TO TFIN TRSY TINT TURKEY TBID TAGS
UK UZ UP US UN UNMIK USTR UNCSD UNHRC UNGA UNSC UNCHR UNESCO UNDC USNC UNO UY UG USEU UV USUN UNEP USPS USAID UNAUS UNHCR UE UNVIE UAE UNDP UNC USOAS UNFICYP UNPUOS UNODC UNCHS UNIDROIT UNDESCO UNCHC UNCND UNICEF
VE VZ VT VTIZ VTEG VTPREL VM VI VN VAT VC
WBG WTRO WHO WIPO WTO WHTI WS WTRQ WI WZ WWARD WB WHA WITH WFP WMD WMO WEU WA
XL XM XW XF XG XT XK XTAG XS XE XR XA XZ XY XX XV XB XU XH XD XI XC XQ
YM YI YE YMCS
ZI ZP ZR ZO ZL ZF ZB ZU ZJ ZEALAND ZK ZN ZANU ZA ZOELLICK

### Browse by classification

CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

### Community resources

Follow us on Twitter Check our Reddit Twitter this Digg this page Contact us on IRC

courage is contagious

### Viewing cable 09BERN350, SWISS REACTION TO UBS AGREEMENT \

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:

- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.

To understand the justification used for the classification of each cable, please use this WikiSource article as reference.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09BERN350.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
09BERN350 | 2009-08-20 15:10 | 2011-03-14 06:00 | CONFIDENTIAL | Embassy Bern
Appears in these articles: http://www.letemps.ch/swiss_papers

`

    VZCZCXYZ0000
    RR RUEHWEB

    DE RUEHSW #0350/01 2321510
    ZNY CCCCC ZZH
    R 201510Z AUG 09
    FM AMEMBASSY BERN
    TO RUEHC/SECSTATE WASHDC 6015
    INFO RHMFISS/DEPT OF JUSTICE WASHINGTON DC
    RUEATRS/DEPT OF TREASURY WASHINGTON DC

` `

    2009-08-20 15:10:00	09BERN350	Embassy Bern	CONFIDENTIAL	09BERN68	VZCZCXYZ0000\
    RR RUEHWEB\
    \
    DE RUEHSW #0350/01 2321510\
    ZNY CCCCC ZZH\
    R 201510Z AUG 09\
    FM AMEMBASSY BERN\
    TO RUEHC/SECSTATE WASHDC 6015\
    INFO RHMFISS/DEPT OF JUSTICE WASHINGTON DC\
    RUEATRS/DEPT OF TREASURY WASHINGTON DC\
    	C O N F I D E N T I A L BERN 000350 \
     \
    SIPDIS \
     \
    DEPT OF JUSTICE FOR B.SWARTZ, \
    L/EB FOR K.KIZER AND W.TEEL \
     \
    E.O. 12958: DECL: 08/19/2019 \
    TAGS: ECON EFIN PREL SZ
    SUBJECT: SWISS REACTION TO UBS AGREEMENT \
     \
    REF: BERN 68 \
     \
    Classified By: DCM L.Carter for reasons 1.4(b) and (d). \
     \
    ¶1.  (C) Summary.  President and Finance Minister Hans-Rudolf \
    Merz, Justice Minister Eveline Widmer-Schlumpf, and Foreign \
    Affairs Minister Micheline Calmy-Rey in an August 19 press \
    conference praised the UBS agreement as the only possible \
    solution and a "Peace Treaty."  The Ministers were quick to \
    limit the reach of the agreement to UBS only, although the \
    Justice Minister recognized the agreement could open the door \
    for similar requests from other Swiss banks if those banks \
    committed similar egregious acts like UBS.  Media \
    commentators and political pundits covered a range of \
    opinions from declaring the agreement a true victory for the \
    U.S. to an absolute win for Switzerland.  Unlike the media, \
    local business leaders and the Swiss Bankers Association \
    universally expressed relief that the UBS case was resolved. \
    The UBS case had been a dark cloud over bilateral relations, \
    with concerns it could escalate to a seriously damaging event \
    similar to the Holocaust asset case a decade ago.  Current \
    Swiss opinion indicates, however, that the agreement will \
    mollify all but the most anti-American voices and leave our \
    bilateral relations relatively unscathed. End Summary. \
     \
    ------------------------------------- \
    FEDERAL COUNCILLORS PRAISE RESOLUTION, GOOD BILATERAL \
    RELATIONS \
    ------------------------------------- \
     \
    ¶2. (U) President and Finance Minister Hans-Rudolf Merz, \
    Justice Minister Eveline Widmer-Schlumpf, and Foreign Affairs \
    Minister Micheline Calmy-Rey discussed the resolution of the \
    UBS case in a press conference on August 19.  Widmer-Schlumpf \
    touted the bilateral agreement as the only possible solution. \
     She commented that it was necessary to preserve the Swiss \
    legal system against the unilateral enforcement of US \
    regulations, which could include freezing UBS' US-based \
    assets.  Calmy-Rey called the agreement a "Peace Treaty" and \
    praised the good Swiss connections with the US for making the \
    agreement possible.  While President Merz emphasized that the \
    agreement only applied to the specific case of UBS, Widmer- \
    Schlumpf countered that the tax treaty language "tax fraud \
    and the like" coupled with the recently adopted OECD \
    standards for administrative assistance could open the door \
    for similar requests for information from other Swiss banks \
    if those banks had committed similar egregious acts like UBS. \
     President Merz, who previously expressed regret at UBS' \
    unacceptable actions (reftel), appealed to Swiss banks to \
    respect U.S. laws and the Qualified Intermediary regulations. \
     \
    -------------------------------- \
    NO CLEAR TREND IN MEDIA OPINIONS \
    -------------------------------- \
     \
    ¶3. (U) Media commentators and political pundits covered a \
    range of opinions from declaring the agreement a true victory \
    for the U.S. to an absolute win for Switzerland.  Neither the \
    political persuasion of the papers nor the region of the \
    country defined a clear Swiss opinion about the effects of \
    the agreement.  Newspaper articles ranged from claiming the \
    broader interpretation of "tax fraud and the like" in the tax \
    agreement was the "last nail in the coffin of banking \
    secrecy" to citing legal experts that announced Switzerland \
    had been the clear winner because Switzerland's legal \
    procedures had not been compromised.  Another paper took a \
    completely different approach arguing that even though the \
    agreement was the only tenable solution, it placed undue \
    pressure on Switzerland's governmental system of separation \
    of powers between the Federal Council and the Tax \
    Administration Court. \
     \
    ------------------------------ \
    BUSINESS RELIEVED BY AGREEMENT \
    ------------------------------ \
     \
    ¶4. (C) Unlike the media, business leaders universally \
    expressed relief that the UBS case was resolved.  Swiss \
    American Chamber of Commerce CEO Martin Naville told econoff \
    that the agreement was a positive outcome for two reasons: 1) \
    the agreement was signed under a partnership spirit without \
    the adversarial tone expressed in previous months; and 2) the \
    exchange of information will be in accordance with the double \
    taxation treaty.  He highlighted that political will to \
    ratify the recently revised treaty would not exist if the IRS \
    did not conform to the requirements of the original treaty. \
    Naville expected there to be some domestic policy noise about \
    Switzerland relinquishing its sovereignty and its tradition \
    of bank secrecy, but these opinions would not cloud the \
    positive impact of the resolution. \
     \
    ¶5. (C) Thomas Pletscher, Executive Board Member of \
    EconomieSuisse, Switzerland's largest umbrella organization \
    for Swiss business and industry, echoed Naville's sentiments \
    calling the agreement a "relief."  Pletscher stated that the \
    overall industry response had been positive.  He told econoff \
    that a long drawn out court case posed "a danger of \
    overshadowing" and "seriously damaging" otherwise good \
    bilateral relations.  In addition, the agreement established \
    a procedure to avoid a clash of the two countries' legal \
    frameworks.  Pletscher was not concerned about the agreement \
    breaching Switzerland's banking secrecy.  He stated that the \
    agreement marked the "end of Hollywood's version of banking \
    secrecy" which was always an inaccurate portrayal.  Banking \
    secrecy was designed to protect individual privacy, not to \
    hide criminal conduct. \
     \
    ¶6.  (C) The Swiss Bankers Association's Head of U.S. Affairs \
    Heinreich Siegmann reiterated the relief that the complicated \
    matter had been resolved amicably and within the Swiss legal \
    framework.  Siegmann informed econoff that maintaining the \
    stability of Swiss law was crucial to the continuing success \
    of the Swiss financial center. \
     \
    ------- \
    COMMENT \
    ------- \
     \
    ¶7.  (C)  Post expects that the UBS case will provide the \
    Swiss media fodder for claiming the U.S. bullied Switzerland \
    into an agreement that marks the demise of banking secrecy, a \
    national heritage.  However, Swiss government and business \
    leaders generally view the agreement as a mutual compromise \
    that protects Swiss sovereignty while enabling the U.S. to \
    enforce its tax laws.  The UBS case was a dark cloud over \
    bilateral relations, with concerns it could escalate to a \
    seriously damaging event similar to the Holocaust asset case \
    a decade ago.  Current Swiss opinion indicates, however, that \
    the agreement will mollify all but the most anti-American \
    voices and leave our bilateral relations relatively unscathed. \
    BEYER \

`