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Switzerland

Hildebrand’s Resignation Risks Hobbling Swiss Financial Firepower

Questions about controversial foreign exchange transactions cost Philipp Hildebrand his job as president of the Swiss National Bank. Swiss leaders are eager to put the affair behind them. But the damage to the country’s financial credibility may already b

The Swiss stock Exchange in Zurich (Toni_V)
The Swiss stock Exchange in Zurich (Toni_V)
Bernhard Fischer

ZURICHEven before Philipp Hildebrand finally resigned, the scandal engulfing the head of the Swiss National Bank (SNB) was making waves at home and abroad. The Hildebrand family's controversial foreign exchange transactions were casting both the bank and its former president in an increasingly poor light. That had consequences not only for the credibility of the SNB Directorate but also for Switzerland's reputation in the many international organizations of which it is a member.

Hildebrand wasn't just SNB president. He was also vice-president of the Financial Stability Board (FSB). The FSB is an international organization that monitors the global financial system. Behind the scenes last summer, Switzerland was offered the VP position to make up for non-membership in the G-20 club – a membership that may yet lie ahead as the criterion for entry is the importance of a country in the world economy. The FSB position further enhanced Switzerland's importance in the international arena.

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Ideas

García Márquez And Truth: How Journalism Fed The Novelist's Fantasy

In his early journalistic writings, the Colombian novelist Gabriel García Márquez showed he had an eye for factual details, in which he found the absurdity and 'magic' that would in time be the stuff and style of his fiction.

Colombian novelist Gabriel Garcia Marquez reads his book

J. D. Torres Duarte

BOGOTÁ — In short stories written in the 1940s and early 50s and later compiled in Eyes of a Blue Dog, the late Gabriel García Márquez, Colombia's Nobel Prize-winning novelist, shows he is as yet a young writer, with a style and subjects that can be atypical.

Stylistically, García Márquez came into his own in the celebrated One Hundred Years of Solitude. Until then both his style and substance took an erratic course: touching the brevity of film scripts in Nobody Writes to the Colonel, technical experimentation in Leaf Storm, the anecdotal short novel in In Evil Hour or exploring politics in Big Mama's Funeral. Throughout, the skills he displayed were rather of a precocious juggler.

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