Swiss Dairies Feel Eurozone's Financial Problems

Originally published on August 26, 2011 11:41 am
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DAVID GREENE, Host:

If you're trying to figure out what's going on in Europe, look no farther than Swiss cheese known as Emmental. It's one of Switzerland's biggest exports, but dairies there are feeling squeezed by their neighbors' financial problems. Not only are Italians and Spaniards buying less, Swiss cheese exporters are feeling the pain of a strong Swiss franc.

RENEE MONTAGNE, Host:

Here's the thing: Switzerland is not in the eurozone, so investors have been parking their money in Swiss assets which are seen as a safe haven, and that is pushing up the Swiss currency. So now when local exporters sell their cheese abroad, their profits sort of melt when brought back home and exchanged into francs.

GREENE: That's the business news on MORNING EDITION, from NPR News. I'm David Greene.

MONTAGNE: And I'm Renee Montagne. Transcript provided by NPR, Copyright NPR.