Switzerland: Nervous Ticks

Fate has been less than kind to some of Switzerland's cherished enterprises. Foreigners are slicing into the Swiss cheese business with their own ersatz varieties; spies who used to patronize hotels in Geneva and Zurich have decamped to Vienna and Berlin; the U.S. Government is threatening to tighten up on Americans' use of secret Swiss bank accounts. Worst of all, the Swiss watch industry, for 300 years a source of national pride and world prominence, is facing an upsurge of international competition.

Last week, as 200 Swiss watch manufacturers gathered to introduce their new models at the Basel Trade Fair,...

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