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OMG, Tax Evasion In Switzerland! By Rich Swiss! But At Least It’s “Officially Silenced To Death”

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Wolf Richter   www.testosteronepit.com

The arm-wrestling between the US, Switzerland, and Swiss banks over funds that US citizens have stashed away in Swiss bank accounts has been going on for years to the point where the Swiss are now actually cracking down on US citizens, or at least aide them in circumnavigating the reporting requirements. In Germany, a similar fight has broken out, albeit with more consideration for the rich. Other governments, desperate for moolah, are also going after their own with funds in Switzerland. Turns out the Swiss themselves, long praised by their politicians for their tax compliance, do what others do: evade taxes—which is part of the human DNA. In Switzerland, however, it’s “officially silenced to death.”

Now Margret Kiener Nellen, Swiss National Council member, former President of the Finance Commission, and member of the center-left Social Democratic Party, has thrown down the gauntlet when she declared with some bravado, “The Federal Government, cantons, and municipalities are deprived annually of 18 billion.”

With bravado, because there aren’t any real numbers. And that’s part of the problem. To arrive at a number at all, she had to do her own calculations; neither the Federal Tax Administration (ESTV) nor the Finance Directors of the cantons have current estimates, laments Kiener Nellen. They purposefully don’t have them.

“The extent of tax fraud by the Swiss has no numbers,” declared ESTV boss Urs Ursprung before a parliamentary commission when some politicians wanted to find out. In June, however, Finance Minister Eveline Widmer-Schlumpf fired him for his involvement in a scandal over the acquisition of a data system.

So Kiener Nellen did her own math, as inadequate as that might appear. The basis was a 2006 study, “Tax Evasion in Switzerland,” by economists Lars P. Feld und Bruno S. Frey, that concluded that 23.5% of gross household income remained underground. She applied an annual tax rate of 20%, a “conservative” estimate, to the household income of 2009 as published by the Federal Statistics Agency. Hence her 18 billion Swiss francs.

Other countries aren’t that shy about studying the extent of tax evasion. In France, it costs the state €50 billion annually, according to an inquiry by a Senate commission. Another study estimated that €600 billion in French assets were hidden in tax havens. And so France is half-heartedly trying to get its hands on some of that dough.

Germany’s planned tax agreement with Switzerland would allow Germans to declare their hidden assets, pay taxes on them at a relatively low rate, and avoid prosecution. Recalcitrant tax evaders have six months to move their assets out of Switzerland, and thus beyond the scope of the agreement. The deal caused a ruckus in some corners due to its leniency.

Germany also acquired five CDs for €8.9 million. They contain, it is said, data of German clients at Swiss banks. The CDs became a casus belli in Switzerland and scared the bejesus out of tax evaders. Despite rumors that they didn’t actually exist, they allowed the government to collect €2.5 billion—a Google-esque return on investment—at least in part from people who turned themselves in. Fear is a strong motivator, along with greed. But it’s just a rounding error: €500 billion in German assets are estimated to be hidden in Swiss banks.

The Swiss bank secrecy laws were “designed for dictators” and the upper crust, “not for normal mortals,” a commenter pointed out. Workers “get paystubs, and every rappen is declared and taxed.”

Hence the unfairness of tax evasion. When Kiener Nellen demanded some answers in 2010, the Federal Council said that tax ethics in Switzerland had deteriorated significantly between 1988 and 1996, but because there have been no studies since then, it was unknown if the trend continued. Then the topic was pushed aside because “rich tax evaders are part of their voter base”—the reason why crackdowns in the US, Germany, and other countries took decades before they began to grow fangs. Politicians don’t want to step on the toes of rich donors voters.

But Kiener Nellen doesn’t mind stepping on toes, apparently. She is demanding new measures from the Federal Council and from the ESTV to fight tax evasion by the Swiss. “Tax fraud is theft from the people,” she said. Upon which a commenters replied, “The only theft from the people is executed by the state itself. Through overly high taxes without compensation.” Priceless.

And so it goes. Switzerland, surrounded by the over-taxed Eurozone and its debt crisis, is keeping a wary eye on it. So they listened with some anxiety as Jean-Claude Juncker, head of the Eurogroup, was jabbering on TV about Greece’s exit when suddenly dark pessimistic floodgates opened. Read.... Top Euro Honcho Juncker: “Europeans are dwarfs.”

And here is.... The Eurozone Crisis Between Euro-Morons And Zombie-Bankers, by George Dorgan.

 

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Sun, 08/26/2012 - 20:29 | 2739670 masterinchancery
masterinchancery's picture

You are forgetting about all the weapons, ammo(2 billion hollow points!) and hardware we buy for "civilian" agencies and other "peaceful" law enforcement.

Sun, 08/26/2012 - 12:36 | 2738627 etresoi
etresoi's picture

No, enlightenment is your own responsibility.

Sun, 08/26/2012 - 12:05 | 2738575 holgerdanske
holgerdanske's picture

I have just returned from a visit to Switzerland. You are normally treated with respect, the officials are usually polite, the bankers treat you as if they would like your business, the people are friendly, but reserved. It is a place I will most likely make part of my future life.

And yes, you get something for your money, when you pay tax, and it is not a kick in the backside.

It was like a breath of fresh air.

Sun, 08/26/2012 - 11:36 | 2738523 dapper_dan
dapper_dan's picture

I just returned from Switzerland. If I was Swiss I'd happily pay taxes (which are low by European standards), the infrastructure is the BEST in the world, and if you think that's not worth anything, you should try driving into northern Italy from Switzerland through the Alps... You will quickly want to turn around for fear of your life...

My thought when in Switzerland was that when WWIII comes, or a meteor strikes, or some other apocalyptic event hits... I'm betting if anyone survives (hidden deep in their mountains hideouts) and rebuilds afterwards (cause they are mechanical geniuses), it'll be the Swiss.

It also struck me hat the Swiss mentality towards freedom and democrqcy is more like what America's forefathers thought - all the power is in the cantons (as in states rights, something we used to know about), this article is just smoke and mirrors, I doubt the Swiss are worried about this at all...

Sun, 08/26/2012 - 11:44 | 2738537 hannah
hannah's picture

i couldnt live in switzerland because of the lack of diversity. no ex-ex-ex-ex-ex-slave descendants, no welfare, no islamist, no magic underwear.......it is just a huge homogeneous group of people living peacefully together building a clean and peaceful society....who the fuck wants that...?

Sun, 08/26/2012 - 21:49 | 2739881 dapper_dan
dapper_dan's picture

No welfare?  no ex-slaves?  no diversity?  

Those aren't usually on the top of my "must-haves" for where to live...   as opposed to freedom (especially financial), economic opportunity, quality of education, and many great outdoor pursuits.  

I guess you define diversity by the color of skin, so a bunch of white people are "just homogeneous", as opposed to diversity in actual languages and cultural backgrounds (Italian, Romansch, French, German ...), something the Swiss have plenty of.

 

 

Sun, 08/26/2012 - 12:25 | 2738605 etresoi
etresoi's picture

Génève, my adopted home town, is the most polyglot place on earth, with four hundred languages spoken.

I admit that it somestimes gets boring... no police have ever shot ten people in the street on a Friday morning, in the past eight centuries.

Sun, 08/26/2012 - 13:22 | 2738718 hannah
hannah's picture

by polygot do you mean section8 housing...? i realize that many many of those 400 languages are probably on food stamps and wic and welfare the same as the usa. you also have 25million illegal aliens getting free healthcare and zero down mortgages and also free 4 door gm full size trucks for zero down and zero interest....../sarc

funny...ALL OF THOSE 400 LANGUAGES SPEAK ONE FUCKING LANGUAGE....AND THAT IS 'RICH'. THERE ARENT 400 LANGUAGES THERE IS ONE LANGUAGE....!

Tue, 08/28/2012 - 05:23 | 2742933 Ar-Pharazôn
Ar-Pharazôn's picture

Hannah, the guy was speaking about Geneve............. which is not in USA!

 

jesus christ do americans really think geneve is in the USA?

Sun, 08/26/2012 - 11:42 | 2738533 etresoi
etresoi's picture

Thank you; I could not have said it better.

Sun, 08/26/2012 - 11:38 | 2738509 falak pema
falak pema's picture

that is a model to follow; except that Swiss finance is a tax haven for citizens from other lands who are often Mafioso; like government and private Oligarchs who have run away with other people's money. 

If the Swiss model respected the citizen's rights of other countries I would believe your definition of people's democracy better. 

The golden rule does not apply is Swiss land. All foreign thieves are welcome.

A country cannot be an island to itself, however irreprochable be its conduct to its own people. Thats an invitation to  justify belligerence from outside; of those whose stolen money is parked without impunity in swiss banks. 

Fascist is a word that shoes all sorts of feet...

As for private incomes being private and reporting being voluntary : If you are proven to cheat on your declarations you get fined heavily. So what is private becomes public when you cheat on your private income...not so private as you make it out to be. The tax authorities in Swiss CAN investigate people's incomes, if there is visible proof contrary to what is declared.

Sun, 08/26/2012 - 11:38 | 2738530 etresoi
etresoi's picture

Within Switzerland, the Swiss government can only enforce Swiss laws, which have been enacted by the Swiss people.

It s only the fascist states of america, who feel entitled to enforce their laws on the people of other countries.

Before making statements about Switzerland hiding money for thieves, I suggest you look at your own money havens... Delaware, for example.

I call your country fascist because the government works not for the people but for the corporations, while it hides under the rubrics of democracy and capitalism.

 

 

Sun, 08/26/2012 - 11:54 | 2738548 falak pema
falak pema's picture

Good points about USA. I'm french citizen and I don't like the fiscal policy in France; But I do not like how the west helps third world oligarchs to embezzle their own people on arms purchases or RM pilfering, notably Oil, for a bribe parked in Swiss or Caymans, so that the corporate empire rules the world.

If the swiss were not part of that corporate cum crony statist world wide scam it would be even better! 

But undoubtedly your own relation between government and people is better than what we have in the larger "gunpowder" nations of the world. 

BTW  : the Swiss have some large multinationals on their shores like Glencore and Vitol who are the scum bags of the world in commodity capture and speculation. Plus big Pharma and food combines.

Sun, 08/26/2012 - 12:33 | 2738623 etresoi
etresoi's picture

Of course there are scum bag multinational corporations in Switzerland (you forgot to mention Nestle). The difference lies in the influence on government.  In the fascist states corporation money rules government.  In Switzerland, though they try to influence, they have less influence than the people.

... and there is no revolving door.  High level elected politicians will continue to receive their salary for life, in order to prevent the revolving door tendency.

 

Mon, 08/27/2012 - 03:30 | 2740227 honestann
honestann's picture

I like a lot about Switzerland, and a lot of what you say.  However, it is clearly not ethical to pay people for not working, which is what you're doing when you pay politicians for life after they work for only a couple to few years.

Oh, I understand your supposed justification all right.  But there must be some way to find inherently honest, ethical people and/or utterly and completely cut off all avenues of communications and influence between fictions (corporations) and those individuals who call themselves part of the fiction known as "state" or "government".

Anything "democratic" is sure to "go very wrong" unless there is something absolutely foolproof to prevent "the people" from voting for things that are good for any majority at the expense of any minority.

This is one way to describe the major flaw in the USSA, where government started doing anything and everything because "they voted us in", and completely ignored the fact the governments were not authorized to do all those things.  But who will stop them?  Good question, because nobody could.

So it might be better in Switzerland for now, which is great.  But you better find a way to impose vastly stronger limitations on what predators-DBA-government can get away with implementing... or your relative haven will spiral down the toilet of history soon after everywhere else.

Mon, 08/27/2012 - 05:05 | 2740351 Ar-Pharazôn
Ar-Pharazôn's picture

mate they earn something like 300k CHF per year after retirement.... just look for numbers in Italy.

 

wanna know something funny? I M HAPPY with 300k CHF

Mon, 08/27/2012 - 04:28 | 2740310 etresoi
etresoi's picture

Anything "democratic" is sure to "go very wrong" unless there is something absolutely foolproof to prevent "the people" from voting for things that are good for any majority at the expense of any minority."

One of my critiques of the Swiss system is the feeling that what is not prohibited is required.  This is due to the fact that any citizen can propose a law, which will be put up for vote, after the proposal gains a certain amount of support. Swiss citizens are required to vote four times each year and will regard the situation as scandalous if the voter participation rate is less than 80%.  In contrast to what you are accustomed, there is no supreme court to decide on the constitutionality of any law.  By definition, all laws are constitutionally valid because they arise from the people.

Depending on one's point of view this can be positive or negative.  For example, my wife is responsible for changing the entire social welfare system.  Some think she is heroic, others demonic.

Mon, 08/27/2012 - 21:52 | 2742535 honestann
honestann's picture

BTW, what happens when the people vote for laws, regulations or whatever that blatantly contradict each other?

Mon, 08/27/2012 - 21:50 | 2741987 honestann
honestann's picture

BTW, thank you for informing us how Switzerland works.  That's a valuable service for us.

I think you understand why I believe the scheme you described is very dangerous.  It is only the current "good sense" of the Swiss people that prevents everyone from quitting their work and voting in a law that taxes the crap out of everyone who works to pay for the new (unemployed) majority.

I don't know how you will ever manage to keep the ethics and honor of the majority of Swiss people at a high enough level, given the endless BS spewed around by the world media and various predators-DBA-governments.

All I can say at this point to the Swiss is "congrats for not-yet suckering for the horrific ideas that destroy everywhere else", and "keep up your guard, and forever keep promoting the notions of individualism".  Once you accept just a little notion of collectivism (like any social welfare system), it will almost always grow like a cancer until it destroys everything else.

BEWARE and be good.

Tue, 08/28/2012 - 05:24 | 2742934 Ar-Pharazôn
Ar-Pharazôn's picture

Honestann, i can just say 2 words: DIRECT DEMOCRACY.

 

POWER TO THE PEOPLE!

Wed, 08/29/2012 - 01:51 | 2745137 honestann
honestann's picture

DEMOCRACY IS A FORM OF SLAVERY.
And that is a first-order blatant fact.
Democracy is slavery of minorities to majorities.

I do NOT accept, sanction or support slavery... EVEN WHEN the majority might be the smartest most benevolent people on earth.  Already Switzerland is going down the tubes in some ways (note the recent tendency of Swiss banks to violate their trust with some of their account holders).  The rest of the spiral down the tubes is only a matter of time... UNLESS you reject government (vote it away), or have something absolutely solid and foolproof that prevents majorities from stealing-from or violating the rights of minorities.

As the USSA proves in spades, the character of a nation is NOT carved in stone for all time!

As for "power to the people", I say "power to control you OWN life, sure --- but ZERO power to control mine".  Anyone who thinks otherwise is a predator and/or parasite, and they can suck their own vapors.

Sun, 08/26/2012 - 10:16 | 2738406 Nachdenken
Nachdenken's picture

"Switzerland, surrounded by the over-taxed Eurozone..."

Ditto Luxemburg, Lichtenstein, Andorra, San Marino.  The Channel Islands, Manx. And further away, Bermuda, the Caribbean isles, and a cluster in the Far east.

Where tax regimes are inappropriate, money is rerouted through havens.  It does not sit there in some vault.

Dictator and Head of State accounts are sheltered as well, that is another category.  But the pay stub earner has always been the mule on whose back fiscal policy is tied.

Sun, 08/26/2012 - 10:09 | 2738393 saycheeeese
saycheeeese's picture

One thing.... If you live in switzerland you do not pay capital gain taxes on profit on shares you may buy and sell ( only if you are a professional living out of that). On the other hand... You pay a wealth tax, small but still relevant since interest rates are very low.

Sun, 08/26/2012 - 09:51 | 2738371 Widowmaker
Widowmaker's picture

Pesky problems like truth and taxes go away completely with eyes wide shut.

The rule of law is trendy at best, nothing more than mere assurity that things can't be much worse for those without money to buy access to said "rule."

Sun, 08/26/2012 - 08:58 | 2738316 nmewn
nmewn's picture

Here we go again...

"Other countries aren’t that shy about studying the extent of tax evasion. In France, it costs the state €50 billion annually, according to an inquiry by a Senate commission. Another study estimated that €600 billion in French assets were hidden in tax havens. And so France is half-heartedly trying to get its hands on some of that dough."

It doesn't cost the state anything. The word "cost" implies they have X already and some expense has taken away from X. They never had it for a cost to occur in the first place.

I live in a world where increased taxation is called "investment" by government officials, who habitually, annually, decrease my purchasing power (and devalue everyones labor) by digitally transferring trillions to banker friends, for in kind campaign contributions, junkets to Bali for shrimp cocktails and propping up welfare states the world over that should be in fucking default and I'm supposed to fret over already taxed principle accruing interest in someones personal account in Switzerland?

Cry me a river.

Sun, 08/26/2012 - 14:18 | 2738835 mick_richfield
mick_richfield's picture

The first thing the Bad Guys do is corrupt the language.

Sun, 08/26/2012 - 15:53 | 2738963 akak
akak's picture

"Undocumented workers" for "illegal aliens".

"Progressive" for "Regressively Statist".

"Peace Officer" for "Policeman" (or "thug", as the case may be)

"Support the Troops" for "Blindly upport Aggressive War"

And last but not least, "Terrorist" for, well, anybody who threatens the sociopaths in power.

 

Sun, 08/26/2012 - 15:48 | 2738956 nmewn
nmewn's picture

Absolutely correct mick.

They call those on welfare "customers & clients" now...I shit you not. The roll-out of calling wage earners "gullible" has been postponed for further study.

Sun, 08/26/2012 - 09:21 | 2738343 I am on to you
I am on to you's picture

Very wise words,it computes nicely!

We all are suffering ,from The tax excempted!

 

Sun, 08/26/2012 - 11:52 | 2738551 mkhs
mkhs's picture

No, it is the gov "boot on the neck" that causes the suffering.

Sun, 08/26/2012 - 08:55 | 2738310 apberusdisvet
apberusdisvet's picture
Even wonder why the emphasis re tax evasion, especially by the IRS, is always on Switzerland rather than the Carribbean?  Could it be that our 525 corruptocrats have accounts in the Caymans, Aruba, St Kitts, et al?
Mon, 08/27/2012 - 07:44 | 2740466 AvoidingTaxation
AvoidingTaxation's picture

Because Switzerland has an army and an history, so you have to corrupt it morally and drag it down in the MSM in order to destroy it.

Carribbean Islands can be all conquered in one day.

Sun, 08/26/2012 - 08:39 | 2738290 supermaxedout
supermaxedout's picture

The really rich pople from England have the best. They have their own private tax haven in front of their doors. The Channel Islands (Isle of Man, Guernsey. But there is also Gibraltar. Cyprus is also very high on the ranking list.   Plus other small spots on the map of this world. Since the Brits traveled this world like no other nation before and conquered a huge part of it. They know quite a lot of these places. This is were the money sits.

The trick is more or less always the same. In these places holding companies have their fiscal residence.  These companies  hold a lot of the wealth and production capacity of this world. The income or corporate tax in these place is moderate but the trick is, that it taxes only the income directly generated in these islands. Since this is close to nothing the holdings do pay nothing. 

 This is the dirty little secret of the ruling class in the UK. On these islands there is the wealth of the world buried. Government and high finance hand in hand working in a very perfect way. UK provides the soldiers and the blood to conquer the world but the robbs of the past centuries accumulated in these wealth hot spots of the world is none of UK populations  business.  Socialize the hardships but do not touch the money of the rich.

This is an an open secret but nothing has changed since many many years. This shows  the 0.1% of this world do sit very firm in their saddle. And this is not going to change anytime soon.

 

 

Sun, 08/26/2012 - 09:26 | 2738352 I am on to you
I am on to you's picture

Excately,and if you have your own private Jet,you fly out of the frontiers for a few minuts,and then you left the contry,and it counts to excemept tax,Fantastic:

Wonder if the guys on the ISS pays tax,since they are in orbit so long!.>I<.!

Sun, 08/26/2012 - 09:26 | 2738351 CharlieSDT
CharlieSDT's picture

it just might.

Sun, 08/26/2012 - 08:20 | 2738270 eddiebe
eddiebe's picture

Ironically the Swiss went to battle and defeated the mighty Hapsburgs over 700 years ago over taxation, and so did the the fledgling US defeat the Brits over the same issue. Now those governments are doing the same thing to their people.

I guess it's really true: Death and Taxes are for certain.

Mon, 08/27/2012 - 05:09 | 2740358 Ar-Pharazôn
Ar-Pharazôn's picture

"Now those governments are doing the same thing to their people."

 

i didnt know swiss army was around the world killing MILIONS of innocent civilians....

Sun, 08/26/2012 - 08:08 | 2738265 orangegeek
orangegeek's picture

If Switzerland is forced to open up (good luck with that), African and Middle East dictators are out of business.  These vermin may actually have to build rather than pilfer their countries.

Sun, 08/26/2012 - 10:59 | 2738468 agent default
agent default's picture

You want to talk about opening up, start by auditing the FED. 

Mon, 08/27/2012 - 03:29 | 2740232 honestann
honestann's picture

Yeah, no freaking kidding!  +200e12

Then exterminate the fed!  +200e300

Sun, 08/26/2012 - 07:56 | 2738248 WTFx10
WTFx10's picture

The Swiss bank secrecy laws were “designed for dictators” and the upper crust, “not for normal mortals,” a commenter pointed out. Workers “get paystubs, and every rappen is declared and taxed.”

Isn't the BIS headquartered in Switzerland? Switzerland needs a tumor removed? Chemotherapy or surgery to remove the infestation would start the healing process.

The USA can't do it our heathcare sucks.

Mon, 08/27/2012 - 08:19 | 2740506 Ar-Pharazôn
Ar-Pharazôn's picture

every swiss citizien got benefits from those laws, not only dictators.

 

you just showed as many here, your poor knowledge of our country.

 

we are reserved people who like privacy, and that's why many famous people come here to live, they dont get stopped by fans and paparazzi at every corner in the street. Not only for banks and low taxes.

 

this is the perfect place if you want to grow a family. really hard to find another place like Switzerland

Sun, 08/26/2012 - 06:56 | 2738201 bank guy in Brussels
bank guy in Brussels's picture

Article above says

« ... every rappen is declared ... »

For readers wondering, 'rappen' is the German language name for the 100 'penny' or 'cent' units in each Swiss franc - French 'centime', Italian 'centesimo' ... also 'rap' in Romansch, the minor local but 4th official Swiss language.

The Swiss 1000 franc note - worth about 830 euros, or over 1000 Yankee Bernanke Bux - is actually the world's premium paper fiat currency, almost a proxy for gold. As Bruce Krasting noted on ZeroHedge recently, about half the Swiss franc bank note production is 1000-franc notes

Pretty money, in many ways ... my own fiat favourite as well ... Pictures of the Swiss money here on the Swiss national bank website - What we Europeans are holding as well as our quiet stashes of gold:

http://www.snb.ch/en/iabout/cash/current/design/id/cash_current_design_1000

Mon, 08/27/2012 - 05:11 | 2740360 Ar-Pharazôn
Ar-Pharazôn's picture

mate............ i agree but you deserve thumbs up even just for that:

 

"1000 Yankee Bernanke Bux"

 

hahhahahaah you made my day

 

Mon, 08/27/2012 - 02:25 | 2740239 Gavrikon
Gavrikon's picture

One might argue that the CHF is a good investment, for in the case of a Euro devaluation, it seems that there is no way that the SNB could keep propping up the common currency.  The CHF could then revert back to its original value (or even higher) before the SNB started monkeying with it.

Sun, 08/26/2012 - 10:57 | 2738465 agent default
agent default's picture

What do they mean by "costs the sate". The state produces nothing, and acts as if it is entitled to everything you make.  The state is the ultimate entitlement whore.

Sun, 08/26/2012 - 12:29 | 2738613 GeezerGeek
GeezerGeek's picture

Whores render a service for remuneration. The state is more like an abusive husband who promises to stop beating you so much if you just put out whenever asked.

Sun, 08/26/2012 - 13:43 | 2738267 eddiebe
eddiebe's picture

Pretty paper is still paper, Swiss or otherwise, and when the mighty US flexes its muscle, the Swiss grudgingly accede. My guess is that if there is a link of fiat to something tangible it will be to the dollar, forced or pre-empted possibly by a BRIC pact.

Sun, 08/26/2012 - 04:51 | 2738138 Kimo
Kimo's picture

Are they still funding their currency peg with negative interest rates?

Sun, 08/26/2012 - 06:59 | 2738205 bank guy in Brussels
bank guy in Brussels's picture

Indeed you pay the Swiss government for the privilege of lending them money

But people think it is a good play, if the peg breaks could be a big upside for Swiss francs

Though if there is a euro-zone break up, and it ends up Germany and the Germanic - northern countries who keep the euro, Swiss franc would logically and more easily peg to the newly much stronger euro

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