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. Last Updated: 07/27/2016

Swiss Vows Gold Fight

ZURICH, Switzerland -- Swiss populist Christoph Blocher vowed Tuesday to lead a voter uprising against the government's bold plans to create a huge humanitarian foundation by selling off part of the country's official gold reserves.

Accusing the cabinet of bowing to extortion by Switzerland's fiercest critics, Blocher told parliament in Berne he would do his best to ensure Swiss voters overturn the plan when it comes up in a referendum next year.

Most other parties back the planned 7 billion Swiss franc ($4.8 billion) foundation as a concrete expression of gratitude that the Swiss escaped two devastating world wars and of solidarity with victims of poverty, human rights abuses and the Holocaust.