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EU STAND-OFF: Switzerland needs a ‘miracle’ to secure Brussels deal, says foreign minister

He said: “We had extensive dialogue with those countries, so they knew there was an issue and they knew there may be consequences.

“If they, during several years, chose not to update their legislation, then we had to take the decision to withdraw equivalence.”

His comments came after the Commission also decided to remove equivalence rights for Canada, Brazil, Singapore, Australia and Argentina because the countries no longer regulate credit rating agencies as strenuously as Brussels.

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