Nearly three quarters vote against Swiss sovereign money scheme: SRF

ZURICH (Reuters) – A radical plan to upend Switzerland’s financial landscape by barring commercial banks from creating money when they lend was heading for defeat, according to early projections on Sunday.

Some 74 percent of voters had rejected the so-called Sovereign Money initiative according to initial forecasts from Swiss broadcaster SRF. A final result is expected around 1500 GMT.

Concerns about the potential risks to the Swiss economy from introducing the system appear to have convinced voters to reject the proposals.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.