Swiss & Austrian Banking Clients Expect Collapse of Euro Zone, Move into Cash!

- Swiss & Austrian Banking Clients Expect Collapse of Euro Zone, Move into Cash!
by http://silvervigilante.com/
Waiting on the sidelines still, despite agreements forged at the EU summit , are Austrian and Swiss banking clients, who have moved away from stocks and bonds, etc. in favor of cash-heavy positions, most likely in anticipation of either stock selloffs or, even, a collapse of the Euro altogether. According to the LGT group, Swiss banking clients have moved almost a third of their portfolio into cash, and one in five believe the euro will collapse. The Austrian banking company found that wealthy Swiss and Austrian private-banking clients remain averse to risk in the face of infation, sovereign debt defaults and a failing financial system.
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In Switzerland, 58 percent of private banking clients do not believe the financial system is unsustainable. Forty-four percent are worried about inflation. 22 percent believe the euro zone will collapse – the same as in Austria. Just 15 percent of Swiss and 16 percent of Austrians say the lessons have been learned from the euro crisis. The report also found that clients are reassessing diversification strategies in favor of gold, cash and home markets. The number of clients out to make more gains than the broader market has diminished.
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“Private banking clients are still being influenced in their behavior by the turmoil in the financial markets and it appears increasingly likely that this will remain the case for this generation of clients for a long time yet,” according to the report.
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