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Vithal
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E.

in B 'which' refers to 'reserves' however those are the actions of the Swiss government that raise fears
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"raised fears of other countries " is inappropriate since it is the Swiss govt which is afraid of the consequences, and not the other countries .

also, E successfully highlights the continuing action of the statement...by using "raising"...

E should be it.
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In GMAT world, "which" must have a clear reference and cann't be used to refer a concept that was described in the previous sentence. For example:

He blindly trusted the person, which made everybody else angry.

This sounds alright in normal speek, but "which" is meant to refer to the fact that he trusted the person, while grammartically "which" refers to "the person". GMAT will consider this sentence to be problematic.

In B the last "that" is also wrong.



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