The Watchdog

Keeping citizens in the loop

JANE BURGERMEISTER REPORT:’Switzerland says “No” to euro’

Switzerland says “No” to euro

Jane Burgermeister | May 13, 2011 at 11:25 am | Categories: Uncategorized | URL:

Switzerland’s Economic Minister Johann Schnider-Ammann has reaffirmed the country’s commitment to keeping the franc in an interview with Die Welt in spite of pressure from Brussels for Switzerland to adopt the euro .

The Swiss franc has gained 17%  against the euro since the beginning of 2010 as huge flows of money move into the safe haven Swiss currency at a time when the eurozone faces hyperinflation and financial meltdown.

The strong franc is, however, hitting Swiss exports, which make up one third of the country’s brutto inland product, as well as tourism, accounting for 3% of the BIP.

Nevertheless, Schneider-Ammann said the Swiss had no plans to join the euro  — and so become victims of the eurozone Ponzi scheme, as it was called by former Argentinan central bank governor Mario Blejer in a commentary in the Financial Times.

May 13, 2011 - Posted by | Internationally significant information, Jane Burgermeister Report

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