These occur if the domestic market currency strengthens against target market currencies, reducing the value of foreign companies' profits. For example, an export manager of one of the companies interviewed said: “We pay our staff salaries in Swiss francs. Customers pay in euros. Due to the current strength of the Swiss franc, we are experiencing a big loss of margin.” Furthermore, inflation in foreign markets can have a similar effect if it leads to a devaluation of the currencies involved. Recessions in foreign markets and increasing government debt can lead to a decline in demand for the company's products.