The Swiss Finance Ministry announced on Thursday that as a result of falling tax revenues and the injection of funds required to keep the country's national airline aloft until the spring, a budget shortfall is now inevitable.
Tax revenues are expected to be lower than the predicted SFr44.5 billion, as lower stamp duties on market trades and insurance policies, falling import duties, and reduced mineral oil and tobacco tax collections have all taken their toll on the Swiss economy, the Ministry said.
In addition to the effects of the slowing global economy, however, the government has been a victim of circumstance lately, as the collapse last month of the country's national carrier, Swissair, has necessitated a SFr1.23 billion interim cash injection, and another SFr180 million has been spent on grooming the airline's successor, Crossair, for its 2002 debut.
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