Photo Gallery Fear and Loathing in Switzerland
The end of Switzerland's famous banking secrecy seems inevitable as US and German authorities crack down on tax evaders. Many Swiss are asking themselves whether their prosperity will survive if the country abandons its status as a tax haven. Here, downtown Zurich, where many Swiss banks have their headquarters.
Switzerland is rich because "the financial sector is subsidizing the economy with low interest rates," argues Oswald Grübel, the former head of two major Swiss banks, Credit Suisse and UBS.
But some economists argue that the financial industry is not as important for the Swiss economy as is generally believed, and that small and medium-sized firms play a large role in the country's success. Here, a watch and jewelry trade fair in Basel.
Swiss author Jean Ziegler is an outspoken critic of his own country. "Switzerland is a wonderful country, but it's been colonized by the oligarchy of banks," he says.
