Switzerland Proposes Huge Holocaust Fund

The Swiss government on Wednesday proposed the creation of a $4.7 billion fund that would earn interest to be used to help victims of the Holocaust and other calamities, vastly increasing Switzerland’s financial commitment.

The proposal, under which Switzerland’s gold reserves would be revalued to reflect current market value, was the boldest financial maneuver by the Swiss to gain moral high ground in the dispute over dealings with Nazi Germany in World War II. At the same time, the Swiss National Bank offered to donate some $70 million to a separate fund set up last week for short-term help to Holocaust survivors, doubling the fund’s value.

The ideas require Parliament’s approval. They could face opposition if right-wing Swiss politicians seek to campaign against them.