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.
Reporting by John Revill; Editing by Elaine Hardcastle