Was die Schweizer Erschütterung bedeutet

PRINCETON – Seit Ausbruch der europäischen Staatsschuldenkrise 2009 wird spekuliert, was geschehen würde, wenn ein Land die Eurozone verließe. Zunächst konzentrierte sich die Debatte auf die Krisenländer – Griechenland, oder möglicherweise Portugal, Spanien oder Italien. Dann gab es die eher hypothetische Diskussion, was passieren würde, wenn starke Überschussländer – etwa Finnland oder Deutschland – ausscheiden würden.

Es bildete sich bei all dem ein Konsens heraus, dass der Ausstieg eines Landes – wie der Zusammenbruch von Lehman Brothers 2008 – eine umfassendere Krise auslösen könnte. Jetzt zeigen sich am Fall der Schweiz einige der Risiken, die auftreten könnten, wenn ein Überschussland die Eurozone verließe.

Im September 2011 knüpfte die Schweiz ihre Währung an den Euro, um die rasche Aufwertung des Schweizer Franken im Gefolge der 2008 ausgebrochenen Finanzkrise zu begrenzen. Das Land wurde damit vorübergehend zu einer Art zusätzlichem Mitglied der Europäischen Währungsunion. Doch am 15. Januar gab die Schweizerische Nationalbank (SNB) die Eurobindung plötzlich und unerwartet auf.

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