Whether or not Swiss banking secrecy is dead depends to a large extent on what the Swiss government does next. The IRS and the US justice system was able to exert big pressure on UBS because UBS has business interests in America. You can argue whether UBS is a Swiss bank or not till the cows come home, so let's not. But the fact is that it's global presence leaves it exposed to the strong arm tactics of foreign governments. What I mean to say is that many private swiss banks do not have an offshore presence. It would be impossible for foreign governments to twist their arms if the Swiss government does not acquiesce and it is not clear that they would do this without evidence of actual tax fraud.

Has Swiss banking secrecy come through this intact? Clearly not, though I can understand why Merz wants the world to believe it has! Is it dead? I doubt it, though I can understand why the IRS wants to scare it's citizens into believing it is. As always, the truth lies somewhere in the middle.