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Switzerland's leading bank UBS could collapse if talks with the United States over a high-profile tax fraud investigation fall through, said Swiss justice minister Eveline Widmer-Schlumpf. Speaking in an interview with Le Matin Dimanche, Ms Widmer-Schlumpf said the Swiss economy and job market would suffer on a major scale if UBS fails as a result of its licence being revoked in the United States.

Switzerland and the US have negotiated an agreement under which UBS would hand over information on some 4,500 account holders to US tax police. Many in Switzerland have, however, accused the government of failing to protect the country's banking sector. "We have nothing to blame ourselves for. I don't think anyone could prove that we acted badly," Ms Widmer-Schlumpf said.

http://www.breitbart.com/article.php?id=CNG.44ec3a3581bd2b87b081a9614648ee11.c61