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Alternative Market Briefing

Currencies` devaluation and protective banking were reasons why capital ran to Switzerland last century, not tax evasion
Friday, April 03, 2009

From the Opalesque team: Constant and rapid currencies' devaluations were the first impetus for capital to escape to Switzerland, not tax evasion, wrote Bernard Reymond, Bale Pension fund's advisor in Swiss daily paper Le Temps this week.

  Indeed, European currencies, especially in the first half of the 20th century, were often on a roller-coaster ride. Some countries had such high taxation levels and taxes on inheritance rights that even the pope said he understood why so much capital was being diverted. With the current Euro's strength, this reason does not exist anymore. Today Eur1 gets CHF1.52 (and US$1.34).  

  As for the Swiss bank secrecy code,......................

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