The total debt burden caused by the pandemic is expected to amount to CHF25-30 billion ($26.7-32 billion) by the end of 2022. Most of it (CHF20.3 billion) was due to extraordinary spending in 2020.
The so-called debt-brake rule requires the government to make up the shortfall in six years. The government proposes to extend this period to the next three legislative periods, i.e. until 2035. In the event of special circumstances, the deadline may be further extended by four years.
The government is counting on the Swiss National Bank (SNB) to loosen its purse strings and stump up CHF1.3 billion a year. In addition, it intends to tap into unused budgets and financing surpluses of an average of CHF1 billion a year. So far, no budgetary relief programme or tax increases are planned.
The government submitted its strategy to parliament on Friday. The goal is to have the amendment on debt repayment come into force by 2023.
Swiss Jew wrongfully detained due to prosecutor’s ‘bias’
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A Jewish Swiss man was detained after the prosecutor argued he might flee to Israel. The Federal Court said this implies bias due to his Jewish faith.
US reportedly scrutinises Russian accounts UBS took over from Credit Suisse
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The US is investigating Russian clients acquired by UBS during its takeover of Credit Suisse, according to three sources familiar with the matter.
WTO plans to reappoint Okonjo-Iweala before Trump swears in
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Some member states of the World Trade Organization may seek to reappoint Director-General Ngozi Okonjo-Iweala, according to a document released on Tuesday.
Swiss village gets half a million amid rockfall threat as some residents resist evacuation
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The Swiss village of Brienz has been granted CHF500,000 due to a rockfall threat. But some residents are questioning the authorities’ evacuation orders.
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Starting Wednesday, Swiss researchers will have access to the European Research Council’s Proof of Concept Grants, said the European Commission.
Switzerland fined for denying asylum for gay Iranian
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Switzerland violated the prohibition on inhuman treatment by considering that a gay Iranian could be returned to his country.
Gestational diabetes found to increase risk of adult-onset diabetes
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A research team from the Lake Geneva region has identified persistent dysfunctions in glucose regulation in women with gestational diabetes. In the long term, this can increase the risk of adult-onset diabetes by up to ten times.
Swiss village must be evacuated by midday on Sunday
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The village of Brienz-Brinzauls in eastern Switzerland, which is threatened by a rockfall, must be evacuated by 1pm on Sunday. All residents must leave the village.
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A former judge of the Graubünden Administrative Court in eastern Switzerland has been found guilty of rape, sexual harassment and threatening a former trainee.
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Pandemic costs CHF11 billion in temporary unemployment payments
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Covid-19 cost Switzerland CHF11 billion in short-time working payments last year, with around 20% of the money helping to prop up the gastronomy sector.
Hotels and restaurants complain of lost profits due to Covid certificate
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Swiss hotels and restaurants have seen turnover drop by an average of 27.6% since the introduction of the Covid certificate, they say.
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