Swiss may repay COVID debt pile over 15 years: Finance Minister

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Switzerland may begin decreasing the coronavirus-induced debt pile in two to a few years and end repaying it over 15 years, the finance ministry stated Saturday.

In a greatest case situation, the debt may hit 20 billion Swiss francs ($21.15 billion), finance minister Ueli Maurer stated in an interview. He added that, in any other case the debt may hit 35 billion, which remains to be lower than the initially estimated 40 billion francs.

The authorities stated it anticipates a price range deficit of round 1 billion francs subsequent yr. It has but to determine on methods to pay again the debt it has collected to help enterprise, however Maurer harassed that the federal government wouldn’t elevate taxes.

He stated a probable possibility for debt discount was to earmark yearly revenue distributions the state will get from the Swiss National Bank, and referred to as for spending self-discipline: “It cannot be that we print money to pay state debt”, he stated.