The Swiss cabinet held an extraordinary meeting Monday on UBS AG’s (UBS) legal problems with U.S. tax authorities, a move analysts say could signal Switzerland is close to bowing to the U.S. on demands to hand over data.
A spokeswoman for the government didn’t comment on details of the meeting, but analysts say Switzerland is presumably scrambling to make arrangements ensuring any concessions made to U.S. authorities as part of the settlement can be met. Those might include swifter administrative assistance – the most probable method of obtaining the data – as well as a faster process should clients appeal to the courts.
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