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Old 12.01.2012, 03:33
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Treverus Treverus is offline
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Re: SNB chief resigns...

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I don't get your point. SVP is a tool. They act opportunistic. As Hildebrand act too.

The facts are: he lost many billions in 2010 trying to manipulate the swiss currency. In 2011 he spent billions to peg CHF to EUR. What would have happened if euro disappeared? He would have lost other many billions. I think he got away too easy.
I like your assesment. It reminds me how Germany turns into 80 Million football coaches who all know better than the one we have during world cups... I left Switzerland last year because I could foresee how bad my employer was doing - an export oriented software producer. Since 2008 did our prices go up compared to our EU competitors when billing in EUR or USD by what? 40-50%. We were simply not able to win any profitable business abroad anymore and it was entirely a currency problem. If it was not for the SNBs policy, I bet the company would have gone down completely by now costing some hundred Swiss their jobs. I know for a fact that we were not that special and that Switzerland has actually more than banks (they just make 5% of the jobs!). Export oriented niche producers are quite common in Switzerland and always had to justify the Swiss prices. going from 1.55 CHF per EUR to 1 is simply impossible for them and we would be talking mass firing and a steep incline of unemployment if the SNB had not reacted.
They for sure made some estimations what is worse for Switzerland: Lose some cash or lose the jobs...
But we of course all know better than them.
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