Swiss decry EU 'discrimination' over financial market access

MarketsAssociated Press

The Swiss president is accusing the European Union of "discrimination" over a decision to only grant the country's financial market participants a one-year extension to the 28-country bloc.

Doris Leuthard insists Switzerland has met the criteria to get "indefinite" access to the EU's financial markets, as Australia, Hong Kong and the United States did.

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Instead, Switzerland was only granted a one-year extension through 2018.

The EU said it will review bilateral accords with Switzerland before deciding whether to renew it.

Leuthard said the Swiss executive council, at an extraordinary session Thursday, decided it believed the EU move aimed "to weaken the Swiss financial marketplace."

She said the council wanted to "respond," and has launched an effort to strengthen Switzerland's financial marketplace.