UBS settlement with US nothing to cheer about, says Swiss press...

Swiss newspapers have mixed feelings about Wednesday's accord to settle the tax case against UBS bank in the United States, but they all agree there is a price to pay.

Headlines include "Too early to rejoice", "UBS gets out of a tough spot" and "Agreement which avoids the worst". The international press said the deal would have far-reaching consequences.

They refer to the fact that the details worked out between Swiss and US negotiators are not yet known and therefore the consequences for Swiss banking and its prized customer confidentiality are not yet easy to assess. More...

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