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The next two weeks will be tense ones for the Swiss government and UBS, with difficult negotiations underway with the US Justice Department over the Swiss bank providing information to IRS tax officials on 52,000 bank clients. The problem dates back to July 2008, and in the early months there appeared to be little US media understanding of, or support for, the Swiss position, but the tide may be turning. The New York Times ran a more balanced editorial last week on the issue after several earlier articles that seemed to show UBS and Switzerland in general as evil-doers. This week the Wall Street Journal and today Time magazine carry articles on the standoff, and show a better understanding of the Swiss argument that the US is playing bully, expecting to ride roughshod over an existing tax treaty.

Nevertheless, the clichés don’t die hard and as is too often the case Time starts out by mentioning chocolate, watches and neutrality, for American readers who would otherwise possibly mix us up with Sweden, that other cold Sw- country. The clock might be ticking for the negotiators but at least Time left out the enduring (Austrian) cuckoo clock myth.

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