Swiss reject money proposal, approve on-line casino gambling

Election projections indicate that Swiss voters have rejected a referendum that would have made sweeping changes in their country's monetary and banking system.

The gfs.bern survey institute projected after polls closed in Switzerland on Sunday that only around 25 percent of voters supported the so-called sovereign money proposal.

The proposal would have barred banks from creating new money when they grant loans, a measure supporters said would reduce the chances of a future financial crisis.

Opponents said it was an unwarranted experiment with Switzerland's financial system. The country's government had recommended a "no" vote.

Gfs.bern says voters approved by a wide margin a proposal to license online gambling through Swiss companies and to block offshore online gambling sites. The measure is aimed in part at preserving public revenues from gambling.