Brexit to Result in 'Catastrophe' for Swiss Economy - Swiss Lawmaker
The possible exit of
the United Kingdom from the European Union would have a negative impact
on the Swiss economy as it would further strengthened the national
currency, thus hitting Swiss exporters, a Swiss lawmaker from the
Christian Democratic People's Party told Sputnik on Thursday.
MOSCOW (Sputnik) — She added that Britain's potential exit from the bloc
is also complicating the negotiation proceedings between Bern and
Brussels, as Brussels has put all bilateral negotiations on hold
until after the UK referendum.
"Brexit would be a catastrophe for Switzerland. The Swiss franc will
grow stronger and stronger. That would be very bad for our economy,"
Elisabeth Schneider-Schneiter, who is also a member of the National
Council's Foreign Affairs Committee, said.
Earlier in the day, head of the Swiss National Bank Thomas Jordan
told reporters that the Swiss economy could face turbulence if Britain
opts to exit the bloc, vowing to "take measures if required."
The Swiss franc, long considered a safe haven currency and already
overvalued, has seen its value surge again following the publication
at the weekend of polls suggesting that Brexit could win the day in the
June 23 vote.
A stronger franc negatively affects Swiss exporters, as it forces
them to squeeze costs and lower prices to remain competitive on an