Rejecting US threats, the National Counsil tossed “Lex USA”. The big question now is if the US will follow through with its threats of destroying 18 banks, and how many innocent people will be harmed in the process. Yesterday, Postfinance expressed great fear that it might be the target of US wrath since it is one of the last banks which still accepts US clients living in Switzerland. My best guess is that the US needs to use Switzerland as a scape goat to scare the world into joining FATCA, since FATCA would otherwise fail.
The general view in Switzerland seems to be that if some banks did wrong, then they should be held responsible for their actions without the parliament being involved, while those in favor of Lex USA generally feared the American blackmail.
A lot of commentary that I have read so far in the US seemed to lean more in favor of Switzerland. There were a few calls for war, kicking Swiss out of the US or prohibiting Americans living in Switzerland from having a local bank account, but otherwise many individuals showed an interested in respecting personal privacy and resisting foreign powers.
The votes can be seen here.
This new American chocolate which does not melt is a bit like #LexUSA, containing inside secret materials.
— Marie P Bender (@mariebender) June 19, 2013