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Switzerland Welcomes International Stabilization Programme

by Ulrika Lomas, Tax-News.com, Brussels

18 May 2010


The Swiss Federal Council has welcomed the international stabilization programme with respect to the euro zone crisis.

According to the Swiss Federal Administration, during a recent meeting the Federal Council discussed the situation in the euro zone and the repercussions for Switzerland and took note of the International Monetary Fund (IMF) and euro zone stabilization programme for Greece.

In its statement, the Federal Administration announced that: “As an IMF creditor country, Switzerland will participate in the financing of this programme. Swiss banks' direct exposure to Greece is relatively low. In contrast, the indirect contagion risks and exchange rate risks are significantly higher. Switzerland therefore has an interest in stabilization of the situation in the euro zone. The measures adopted by the European Union and several central banks should help considerably. At the same time, the Federal Council has pointed out the importance of a healthy budgetary policy and effective fiscal rules.”

Regarding Switzerland’s participation in the financing of this programme, the Federal Administration stated that:

“This will be via the IMF quota financed by the SNB. It is not possible to allocate funds directly in favour of IMF programmes, as the creditor countries are not counterparties, but rather the IMF. The implementation of the stabilization programme should allow for a return to adequate economic growth, as well as stabilization followed by a decrease in debt. The Federal Council will closely follow the Greek authorities' implementation of the programme.”

TAGS: economics | fiscal policy | budget | International Monetary Fund (IMF) | Greece | Switzerland

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