Zurich: Switzerland’s tax treaty with Germany may finish banking secrecy in Europe and prompt withdrawals as Swiss banks will no longer guarantee client confidentiality.

Libya is refusing to issue visas for visitors from nearly every European country in an escalation of a dispute that began when Swiss authorities arrested the son of Muammar Gaddafi.

Switzerland today announced it would abandon its long-standing tradition of near-total banking secrecy.

THE eircom takeover plot thickened yesterday when potential buyer Swisscom was linked with a joint bid for a Danish company and the Swiss government announced plans to cut its stakeholding in Swisscom from 66% to 50%.