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EUROGEDDON! Why the shocking new price of Swiss cheese and chocolate means Europe’s single currency dream is heading for disaster
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EUROGEDDON! Why the shocking new price of Swiss cheese and chocolate means Europe’s single currency dream is heading for disaster
Swiss government banker’s unhinged their franc from euro last week
Instantly franc took off and saw prices rising to crippling levels
Ski rental prices rose by 20 per cent and a ski pass went up by £167
Not pegging the franc to euro will cause economic difficulty in Switzerland
The decision is a nightmare for the perilously weak euro
By IAN BIRRELL FOR THE MAIL ON SUNDAY
Yesterday, in a McDonald’s in Switzerland, I saw people paying nearly £8 for a Big Mac and fries. For anyone unfamiliar with their prices, that’s more than double the cost of the same meal in the UK: £3.88. The ten-minute taxi ride to get from my hotel – £123 for B&B in a chain establishment – to the fast food restaurant was £25.
Like thousands of British holidaymakers here for a skiing break, the crippling prices mean that for every second I’m here, my bank balance is falling as fast as the snow around me.
Switzerland always was pricey. But last week, for complex reasons, the government’s bankers unhinged their Swiss franc from the euro. Instantly, the franc took off like a hot air balloon.
Now it’s the only point of conversation. One young Spanish couple spoke with amazement at paying the equivalent of £68.70 for two posh burgers and beers. British dental surgeon Alyn Morgan was sipping a £15 Margarita cocktail in a ski bar in Verbier in the early hours of yesterday morning. Three days earlier, it would have cost £12.
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Steep: the price of ski rentals and chocolate in Switzerland shot up overnight
Steep: the price of ski rentals and chocolate in Switzerland shot up overnight
‘I was crying on Thursday, the day we came on holiday,’ he said. ‘Our trip was costing at one stage 30 per cent more. When news broke about the franc, I was watching this weekend’s trip getting more expensive by the minute.’
Mr Morgan, 43, and his wife Emma travelled from their home in London for an annual January skiing break with five friends. The group had just spent £700 on a sushi meal at the Nevai Hotel that would have cost £579 before the central bank’s intervention.
TOURISM is now in real peril. Exports will cost more. The decision to stop pegging the franc to the euro will cause economic difficulties in Switzerland. So why on earth did these safety-first, boring Swiss bankers decide to break away and cause such convulsions to the currency markets last week?
The answer is that, however bad it might be for the Swiss, it’s a nightmare for the euro. And it is precisely because of the euro’s perilous weakness that these seismic events are happening…..More Here
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