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Definition: Gnomes of Zurich
Gnomes of Zurich is an alternate word to describe the bankers from Switzerland. Gnomes are hypothetical characters, who work discreetly and secretively. Since Switzerland is a dafe haven for funds from across the world, hence the terms came into existence.
Swiss bankers always give a high security tot heir clients and maintain a high level of confidentiality. The term coined is more of a negative perspective of the Swiss bankers. The money is Switzerland is apparently kept in a very secretive way (underground vaults) , about which even the governments of the world are unaware.
Decline of the pound sterling in the mid 1960s lead to the coinage of the term who believed that funds hidden in Switzerland were the main reason for the decline in the value of foreign currencies across Europe. After every financial crisis that rocks the market world over, this phrase gains momentum.