The Swiss cannot do anything else than snubbing the US on this matter, because without their Bank secrecy they will be a failed state very soon. The Swiss have been living a very good life thanks to their advantaged banking industry, which is totally incompetitive, if they wouldn't have that status of secrecy. Their economy has little to fall back on, except for tourism and some chemical industry in Basel. Tourism will most probably also be wiped out by the crisis, so the mere existence of Switzerland is at stake right now.

They do not have a choice, but to fight anything challenging their banking secrecy. Their Courts may be able to postpone hard decisions for a x number of years , but their banking industry's exposure to Eastern Europe bad debt, plus the toxic assets on their balance sheet may lead to the end of their banking industry within a much shorter time frame.

It is frigthening how fast things evolve.