Swiss Could Follow Iceland
An interesting piece here about Switzerland and the possiblity that it could end up falling in a manner similar to the crush economic blow dealt to Iceland a month or two back. The Swiss are, as noted, as fiercely independent as the Icelandic and although its far stronger, its place a custodian for the wealth of the world could come under pressure as its bellwether banks, most notably UBS, make major missteps and become embroiled in the global financial crisis.
Personally, I can’t see it happening. Although the financial services market is vastly outsized in the country, the banks seem far more sensible and resilient to the downturn with the majority of the problems to have hit UBS and Credit Suisse now likely over.
