It's a rich man's/woman's world
They have an armed bicycle unit, knives, milk chocolate, cow bells, mountains, cheese fondu and cuckoo clocks. They are also very wealthy. It's one of the few places where I have seen a used Rolls Royce Silver Cloud for sale in a used car lot.
Both admired and criticized for their long held position of neutrality in world affairs , the Swiss however, have been unable to avoid being dragged into the wild and whacky world of international finance.
This week, the Board of the Swiss Central Bank effectively muttered a collective "Bugger it!" and unpegged the Euro from it's Swiss Franc 1.20 counter value where it had been since 2011.
Briefly, investors have been looking for security and have been buying U.S.Government Bonds and Swiss Francs. The incoming tidal surge of Euros put the country in an intolerable position according to economists, Switzerland's currency reserves accumulating to 70% of its GDP.
Panic set in and as well as banks being unable to handle the demand for Euro as the Swiss went on a buying spree (the value dropped to parity eg 1 on 1 a twenty percent appreciation against the Euro ) a number of hedge funds went belly up. In Freiburg , just across the border from Basle, locals vented their spleen on talkback radio at the hundreds of Swiss citizens whose cars filled all available parking spaces while they frolicked through department stores buying, buying, buying.
Long criticised by many, amongst them the Pope himself, for its inertia and sluggish approach to their economies, the Eurozone is beginning to see the light and talk of stimuli is rife in thousands of classy Michelin star restaurants ( over bottle of red ) not just any old plonk but Chateau stuff .
With the Greek elections and much marking time as the reforms are considered, it would seem the Euro is in for another rough trot.
