{"id":348718,"date":"2015-01-20T00:00:00","date_gmt":"2015-01-20T00:00:00","guid":{"rendered":""},"modified":"2015-01-20T00:00:00","modified_gmt":"2015-01-20T00:00:00","slug":"the-swiss-franc-the-day-after-the-tsunami","status":"publish","type":"post","link":"https:\/\/staging.varesenews.it\/2015\/01\/the-swiss-franc-the-day-after-the-tsunami\/348718\/","title":{"rendered":"The Swiss franc, the day after the tsunami"},"content":{"rendered":"

The day after the tsunami, the Canton Ticino<\/b> has reacted as best it could, to what may be a defeat for the Swiss operators whose main customers are Italians.<\/o:p><\/span><\/p>\n

READ ALSO: FRANC EARTHQUAKE, THE SWISS NATIONAL BANK FREES THE EXCHANGE RATE<\/o:p><\/span><\/u><\/b><\/p>\n

From petrol to shopping centres, the sudden rise in costs for anyone paying in euros is in danger of having a tragic boomerang effect on Swiss businesses over the border, also at times of Italian sales.<\/o:p><\/span><\/p>\n

The result is that, in the Canton Ticino today, 16 January 2015, the franc-euro exchange rate seemed to be more a subjective commercial choice. Some decided to conform immediately to the new rates, some pretended that nothing had changed, and some stood somewhere between.<\/o:p><\/span><\/p>\n

Starting with the petrol stations<\/b> just across the border, which have made very different choices from each other; although the price in francs is similar among all of them, and almost identical to yesterday (between SF 1.36 and SF 1.38), the price in euros has changed significantly, depending on the exchange rate applied. For those who have applied the new exchange rate (which has now settled at about 1:1) the price is like in Italy. For others, the price does not exceed €1.20 per litre, thanks to an exchange rate of about 0.95.<\/o:p><\/span><\/p>\n

But<\/span><\/span> there are those who have<\/span> done more,<\/span> such as the Balmelli chain of sports shops<\/span>, who have taken the following "anti-<\/span>tsunami" decision; for all shops in the<\/span> chain,<\/span> when paying<\/span> for purchases<\/span> in<\/span> euros, the situation is no different<\/span>. "Until<\/span> new developments<\/span>, the<\/span> euro exchange rate<\/span> will remain<\/span> as it was before, that is,<\/span> € 1<\/span> =<\/span> SF 1.20.<\/span> Exactly as before,”<\/span> explained<\/span> Bruno<\/span> Balmelli,<\/span> of<\/span> Balmelli<\/b><\/span> Sport<\/span><\/b> in Lugano. “As the<\/span> politicians have decided to<\/span> get involved, and make an already difficult situation worse, it’s now up to us traders, more than ever, <\/span>to get the recovery of Ticino started. In<\/span> Ticino,<\/span> the money of its people should be spent<\/span> and<\/span> Ticino<\/span> should<\/span> also make things easy for people<\/span> coming from the Eurozone<\/span>."<\/o:p><\/span><\/span><\/p>\n

Then there is the<\/span><\/span> Procrea Centre<\/span>, a fertility clinic<\/span> to which<\/span> many<\/span> couples<\/span> from the Eurozone<\/span> come in search of a child, who have decided to<\/span> keep their prices<\/span>. "<\/span>The costs due to the new<\/span> exchange rates between<\/span> the Swiss Franc<\/span> and<\/span> the Euro<\/span> will be paid by this Centre,<\/span>" Michael Jemec, one of the clinic’s founders, <\/span>announced<\/span> in a press<\/span> release; 80%<\/span> of the clinic’s patients<\/span> are Italian<\/span>. "For the moment, <\/span>patients<\/span> from Italy<\/span> will continue to<\/span> pay for<\/span> medical services<\/span> at the same<\/span> rates<\/span> as before the "<\/span>release" of the Franc<\/span>-E<\/span>uro ceiling. So, no increases<\/span> due to the new<\/span> exchange rate will be applied<\/span>."<\/o:p><\/span><\/span><\/p>\n

In the<\/span><\/span> extremely popular<\/span> shopping centre<\/span> Serfontana<\/b><\/span>, in Chiasso<\/span>, however<\/span>, different decisions have been<\/span> taken; the<\/span> larger shops have conformed to the new<\/span> exchange rate<\/span> of 1:1<\/span>, but the majority<\/span> of smaller shops have kept the<\/span> previous exchange rate<\/span>, as they wait for new<\/span> developments<\/span>.<\/o:p><\/span><\/p>\n

Even today, the exchange rate <\/span><\/span>continues to be kept at 1:1<\/span>, in fact, it dropped further: at 4.55<\/span> p.m., €1 was worth<\/span> 0.98<\/span> francs<\/span>.<\/o:p><\/span><\/p>\n

THE EXCHANGE RATE, LIVE (FROM THE NEWSPAPER IL SOLE 24 ORE)<\/o:p><\/span><\/u><\/b><\/p>\n

With time, the situation will inevitably<\/span><\/p>\n

settle<\/span>, but in what way is not known<\/span>. Only<\/span> then will we understand the actual effects<\/span> on Ticino’s economy<\/span>, and on the<\/span> Italian workers<\/span> in Switzerland<\/span>, who, after the initial<\/span> enthusiasm<\/span> over receiving a "heavier<\/span>" pay packet, will surely start to fear<\/span> the repercussions for<\/span> their<\/span> jobs.<\/span><\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"

The Canton Ticino has reacted as best it could, especially the Swiss operators, whose main customers are Italians. From petrol to shopping centres, even to fertility clinics<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[19190,327],"acf":[],"yoast_head":"\nThe Swiss franc, the day after the tsunami<\/title>\n<meta name=\"description\" content=\"The Canton Ticino has reacted as best it could, especially the Swiss operators, whose main customers are Italians. 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