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Why Privacy Matters to the Swiss

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The head of PR for the Swiss Bankers Association tries to explain: "Banking secrecy, therefore, is not some gimmick the Swiss devised to attract foreign clients to their banks. It reflects the very high degree of trust that exists between the Swiss state and its citizens and it has strong democratic foundations. The Swiss have worked out a neat balance between allowing maximum individual freedom on the one hand while, on the other, simultaneously protecting that degree of collective public provision which they believe necessary for a civilized life. The Swiss system thereby differs from that in states that prefer mandatory reporting requirements for their banks rather than the independent exercising of responsibility by the citizen."
SOURCE:   Dealbook