Switzerland, US Strike Deal on Tax Evasions

Country presented with "take it or leave it offer" for Swiss banks to cough up money

Switzerland has accepted a United States demand to settle a dispute over the alleged complicity of Swiss banks in tax evasion by Americans, Finance Minister Eveline Widmer-Schlumpf announced Wednesday.

"This is both a good and a practical solution," Widmer-Schlumpf told reporters after a cabinet meeting approved the draft accord.

She indicated that the Swiss government had been presented with a take it or leave it offer by Washington.