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Radical Swiss financial reform campaign faces defeat

Reuters  |  ZURICH 

By John RevillZURICH (Reuters) - A radical plan to transform Switzerland's financial landscape by barring commercial banks from creating money when they lend looked set to fail, according to initial projections on Sunday.Some 75 percent of voters had rejected the so-called Sovereign Money initiative according to initial forecasts from pollsters gfs.Bern. A final result is expected around 1500 GMT.Concerns about the potential risks to the Swiss economy by introducing a "vollgeld" or "real money" system appear to have convinced voters to reject the proposals."We are pleased, this would have ...

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First Published: Sun, June 10 2018. 17:15 IST