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Radical Swiss financial reform campaign set for 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.The campaign appeared doomed after a majority of Switzerland's cantons also rejected the proposals, broadcaster SRF said. The measure needed the backing of a majority of Switzerland's 26 cantons as ...

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First Published: Sun, June 10 2018. 18:16 IST