Leuthard criticises OECD role in bank row

Swiss Economics Minister Doris Leuthard has described the Organisation for Economic Co-operation and Development's handling of the black list row as "disreputable".

Speaking on Swiss radio, Leuthard said the organisation had not informed Switzerland beforehand of the planned nomination to the black list, although it had let non-members know of the move in advance.

Relaxing banking secrecy for foreign clients was the best path for Switzerland, Leuthard said, as the country could not have resisted the pressure to relax banking secrecy without being damaged.

The minister said she expected there would be a referendum on the new double taxation agreements, which would now have to be renegotiated.

The expert group now has the task to propose which accord should be tackled first. Germany would definitely be worth considering, she said.