Economic Crisis: Flow Euros To Switzerland

By Author: Luciano Barile
Total Articles: 62
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The euro crisis favors the revival of the Swiss financial center. It's been only a few months from when Swiss banks were still pilloried and held them up to contempt of international public opinion as accomplices in a detestable system of tax evasion that was absolutely crushed. Finished, forgot. Now foreign investors are looking again the way to the safe haven of the Alpine country. Forget the controversy over banking secrecy, those who have money to be secured by the devaluation seeking a safe haven from storms money and no one else seems to give better guarantees of the Swiss. If the first problem was to save taxes, and now the danger not only in the eyes of the Germans is greater and that is a crisis of European monetary union. "Dear Swiss, we can go?" Not later than one week the weekly Welt am Sonntag newspaper headlined an article on the escape of German euros for safety and security in the Swiss franc. It is not yet clear how many Germans decide to autodenunciarsi following the CDs purchased by the German authorities with lists of illegal deposits in Switzerland (until end of May according to official German sources are ...
... left uncovered 20,000 tax evaders), but meanwhile already sets a new stream of euros from Germany but also from other European countries, Switzerland rediscovered as a safe haven from the devaluation of money and the greed of money of dangerous states in debt. Despite the smear campaign against the German Confederation Square and the Instrument of banking secrecy, the myth of a Switzerland-based conservative values such as legal certainty, stability, discretion and reliability is still very alive. In fact, it is not yet finished the reflux of money taken by Switzerland to the German tax authorities, but already beyond the Alps comes a new wave of money. This time however it is clean money tax, money that have already paid taxes in the country of provenance, or so it provides. Especially the Swiss banks in areas bordering Germany and Austria confirm that the trend is clearly discernible. A spokesman for the Raiffeisen Banking Group (cooperative banks) actually refers to a flow record in the first quarter of the issue and ensure that money held regularly. Reto Giudicetti, spokesman for the bank Vontobel, stresses the positive that foreign investors will return to discover the Swiss financial center as a safe haven for their money and in a statement to the German business daily Handelsblatt said that mainly German clientele is very numerous. Other sources speak of several billion euros that would have sought safety in Swiss banks. In a study of BNP Paribas about a daily flow of around seven billion euros, but the figure has not been confirmed. Meanwhile, the Swiss National Bank (SNB) with mixed feelings to see renewed interest in the franc and the Swiss financial center, because, as he said recently its President Philipp Hildebrand, "escape the euro increases the pressure of revaluation the franc and thus endangering the stability and economic recovery in Switzerland. " Even if long-term revaluation ensures a constant effort to improve and strengthen international competitiveness. Remains to be seen whether the new love of Germans to Switzerland is just feeling a passenger. Depend very dall'incisività measures to be adopted for the solution of the indebtedness of euro area countries. Switzerland also in this respect can be model. Indeed, the federal budget of 2009 presented a surplus of 2.7 billion Swiss francs, while the total indebtedness of the country does not exceed 40% of GDP. Germany is also very very happy to present such data.
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