Anonymous ID: 02d181 March 29, 2020, 6:35 a.m. No.8610853   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

Switzerland Is Prepared to Raise $21 Billion Loan Package

 

Switzerlandโ€™s 20 billion-franc ($21 billion) fund for state-backed emergency loans to small businesses can be increased, Finance Minister Ueli Maurer told the SonntagsBlick newspaper.

 

Lending under the program began last week, and there have already been 30,000 applications, Maurer said in an interview with the newspaper published on Sunday. The government has guaranteed roughly 4 billion francs worth of lending in just two days, he said.

Officials have shut down non-food shops, restaurants, theaters and gyms to control the coronavirus epidemic. The economy is expected to suffer a recession, and more companies have already asked to participate in the governmentโ€™s reduced-hour program than during the 2008 global financial crisis.

 

UBS Group AG has calculated the Swiss federal government could spend roughly 145 billion francs in addition to the 20 billion fancs already announced without endangering its AAA credit rating.

https://www.bloomberg.com/markets/fixed-income