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    Financial Dictionary

    Dictionary Home The Language of Money - Edna Carew
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    Gnomes of Zurich

    A term coined by Britain's Labour ministers in the mid-1960s when referring to Swiss bankers and financiers who, in their view, were indulging in large-scale foreign-exchange speculation which Britain considered was creating adverse pressure on sterling. The colloquialism also refers to the legendary secrecy of Swiss bankers.

    Important notice