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Swiss voters reject campaign to radically alter banking system

Reuters  |  ZURICH 

By John RevillZURICH (Reuters) - A radical plan to transform Switzerland's financial landscape by barring commercial banks from electronically creating money when they lend was resoundingly rejected by Swiss voters on Sunday.More than three quarters rejected the so-called Sovereign Money initiative, according to the official result released from the Swiss government. All of the country's self-governing cantons also voted against in the poll, which needed a majority from Switzerland's 26 cantons as well as a simple majority of voters to succeed. Concerns about the potential risks to the Swiss ...

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First Published: Sun, June 10 2018. 21:07 IST