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Swiss Unions Enter SNB Debate as Franc Rumors Swirl
Just a month after the Swiss National Bank stunned currency markets by stepping in to set a ceiling for the franc/euro, and choking off demand for its currency, it’s being castigated for not doing enough. Swiss labor unions Tuesday voiced their concern at the lack of SNB follow-through action, claiming the 1.20 franc per euro level had merely “stabilized” but not “normalized” the franc’s over-valued status. The head of the Swiss trades union organization, Paul Rechsteiner, wants the SNB and government to lower the franc’s ceiling to 1.40 per euro to give Swiss exporters more breathing space as demand ... (full story)