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S U B S C R I B E
Tuesday, 5 June, 2012
Eurozone crisis could prompt exchange controls on Swiss franc, says expert
So far the Swiss National Bank has contented itself with buying euros and other currencies to keep the 1.20 franc peg in place but at least one commentator believes that capital controls are coming with all the bad news coming out of the eurozone. Bruce Krasting, a Swiss citizen living in the U.S., formerly of Wall Street, has worked for Credit Suisse and is a prominent commentator on the euro for Business Insider. He thinks that measures like taxing Swiss franc accounts for non-residents and frustrating the setting up of new accounts in this country are imminent. WRS’s Pete Forster asks him what might trigger the bank to institute capital controls:
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Very interesting perspective, can manipulation of exchange rates or currency controls work in the long term? How long is long term?
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