Switzerland’s 1.3 billion franc payment to EU proves divisive

by
Investec
My articles My siteAbout meMy videosMy books
Follow on:LinkedINTwitterAmazon

© Marko Bukorovic | Dreamstime - Click to enlarge

Switzerland’s deal with the EU involves a financial contribution. The sum announced by the Federal Council is CHF 1.3 billion over the next 10 years.The arrangement, announced on Thursday to coincide with a visit by european commission president Jean-Claude Juncker, extends a previous 10 year deal.

Not everyone is happy with the deal. Some, such as the Swiss People’s Party (UDC/SVP) think it is scandalous describing it as a 1.3 billion franc gift at the expense of taxpayers, an early Christmas present to gain favour with Jean-Claude Juncker. Céline Amaudruz said “We give 1.3 billion francs for nothing in return, without negotiating, it’s insane.”

Others, such as Roger Nordmann, a member of the Socialist Party, think it is in Switzerland’s best interests. He points out that it is CHF 130 million a year, and that “We should remember the billion francs moving between Switzerland and the EU everyday.”

The PLR/FDP thinks it’s a chance to do a stock take. It thinks it should be an opportunity to discuss and normalise bilateral relations and resolve political issues between Switzerland and the EU. It thinks Switzerland should be getting something in return.

About Investec

Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec’s strategic goals are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas.

My articlesMy siteAbout meMy books
Follow on:LinkedINTwitterAmazon