``The allegations have made it more difficult for Germany and Switzerland to finalize a proposed deal that would leave German account holders anonymous but under which the Swiss government would impose a retroactive withholding tax and would tax future interest income on the accounts.

A strategy of aiding tax dodgers is "economically stupid and morally unacceptable", Credit Suisse Chairman Urs Rohner told a conference.

"Some of the noise ... is clearly unfounded as far as I can check. For example, the accusation that a lot of clients funneled funds to other offshore centers like Singapore. Recent statistics on money flows will show you it's actually the other way around with regards to German money," he said.''

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