The Swiss government has been thriving only on zero cost or low cost deposits worth trillions of dollars, made by tainted politicians and businessmen from across the world. The US government has sought the account transaction details of over 52000 US citizens , from the Swiss banking giant UBS.

While the Swiss government initially cited confidentiality agreements, it could not maintain the same , because US threatened it with black listing.  Now the Swiss government has agreed to share details of confirmed tainted people, with the US government which is expected to raise suspicion in the minds of millions of investors.

Already over the last one year or so, Swiss banks have lost over 1.5 billion of their deposits, which has lead to a tailspin of its economy. The latest commitment to share select information is most likely to instill fear in the minds of millions of investors from across the globe, who might start withdrawing their funds with Swiss banks.

This can further accentuate the recession in Swiss economy, and the entire Swiss banking system might be heading for trouble in the near future. US looks determined to cull out the data from Swiss banks, because it strongly feels that it can trace a few billions of evaded tax in those accounts. Such a drastic revealation could also mean reduction in further tax evasions by its citiznes, which can augment the government revenue collection.

So the loss of Swiss bank might be the gain of US and other countries. Countries like India with a huge tainted list of politicians and businessmen could be heading for an unexpected windfall, because all the billions of dollars to be withdrawn by its “great” citizens, could be forcibly ploughed back into the Indian economy, which could have a marvelous effect for the economy as a whole.  Overall, it could also reveal the link between businessmen and politicians and also the terrorist network, if any.