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Swiss tax row with US may spiral
Aggregated Source: Shanghai Daily: Business

CREDIT Suisse's chairman warned that a long-running tax dispute with the US over hidden Swiss bank accounts could easily escalate and spill over to rivals if not settled.

"What looks to be a painful solution at first glance is better for everyone than none at all," Urs Rohner was quoted as telling the Neue Zuercher Zeitung daily yesterday.

Rohner's comments come as the Swiss government said it hopes it is nearing a deal with US authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax.

Rohner suggested a settlement still hangs in the balance.

"Should the efforts to settle fail after nearly three years of intense negotiating, it could lead to an escalation of the fight. I can only warn of this," he said.

Credit Suisse is one of roughly a dozen banks being targeted directly by US authorities.

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