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Switzerland Is In Big Financial Trouble!
Posted
April 22, 2023
Views
142
Likes
6
Engagement
4.23%
April 22, 2023
142
6
4.23%
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1:08Now PlayingSwitzerland is in big financial trouble. The quaint Alpine country, known for its chocolate, multiple languages, and sketch banking, is finally getting a heaping dose of comeuppance. Switzerland has been the underworld's favorite place to park their money for generations.
From Nazis to Russian oligarchs and horrific third-world dictators, Switzerland was a "sehr gut" destination for banking secrecy, but now their whole model is in trouble. After the last crisis, their banking became not-so-secret.
And now their second biggest bank, Credit Suisse, failed, meaning they only have one big national bank left; UBS. And UBS is twice the size of their economy. If UBS fails, no one knows what would happen.
Today, many are wondering if parking your money in Switzerland is worth the trouble. The country is, of course, beautiful and stable and has many famous multinational companies like Nestle, but that's about it. We may be seeing the end of Swiss economic dominance and their fame for secret global banking.
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