Switzerland

The strains are showing. Lots of stories here of companies reducing workforces, especially around the borders where people can simply hop into France, Germany etc to do their shopping and save 30-40%. Come this winter it'll be interesting to see how the big ski resorts fair given how much cheaper skiing in France, Italy or Austria is. Not only are Europeans likely to stay away but the Russians have seen prices double in Rouble terms so places like Verbier may well struggle.

I think Switzerland is about to experience it's first decent recession for a while.