Like Saint-Tropez, many municipalities across Europe are saddled with loans carrying variable interest rates pegged to fluctuations in the Swiss franc, other foreign currencies or various commodity prices. Jittery investors have been turning en masse to the Swiss franc and other assets deemed as safe havens amid growing concerns over sputtering economic growth in the U.S. and Europe. The Swiss National Bank has battled to lower what it describes as a "massively overvalued" franc in recent weeks, flooding the Swiss franc market with liquidity and cutting interest rates to zero. It has stopped short, however, of intervening in the market.
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