Legislators Block Ubs Tax Treaty ; Measure Crucial to Deal with U.S.

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GENEVA (AP) -- Switzerland's efforts to calm a banking furor hit a major setback today as nationalist and left-wing lawmakers blocked a treaty with the United States that would have allowed UBS to hand over thousands more files on its American clients to U.S. tax authorities.

The Swiss government and Washington had painstakingly crafted the treaty in August to resolve a long-standing dispute over the bank's alleged role in aiding tax evasion, but 104 lawmakers in Switzerland's lower house voted against the deal today, compared to 76 in favor. Sixteen lawmakers abstained.

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Legislators Block Ubs Tax Treaty ; Measure Crucial to Deal with U.S.

The government had urged lawmakers to approve the deal to avert harm to the Swiss economy, which ...

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