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ZURICH (Reuters) – Debt ranges in the USA and Europe are a threat for worldwide monetary stability and for Switzerland, Swiss Finance Minister Karin Keller-Sutter mentioned in a newspaper interview printed on Saturday.
In an interview with Swiss every day Blick, Keller-Sutter extolled Switzerland’s “disciplined” funds, which she mentioned had enabled the nation to take care of the financial challenges posed by the COVID-19 pandemic and Russia’s invasion of Ukraine.
In contrast, different nations are “so indebted they’re hardly capable of act any extra”, she mentioned, giving France for instance.
“Or check out America. That is a time bomb. The mini-crash on the inventory markets at first of August was a warning shot,” the minister was quoted as saying.
“It was an expression of buyers’ worry of a recession. Debt ranges within the U.S. and Europe are a threat to worldwide monetary stability and a threat for Switzerland,” she added.
Keller-Sutter additionally mentioned a authorities proposal to make Swiss financial institution UBS maintain extra capital within the wake of its acquisition of former rival Credit score Suisse following its collapse final 12 months.
She defended the extra capital necessities as mandatory to guard Switzerland from one other banking meltdown.
UBS CEO Sergio Ermotti has criticised the proposal, and he or she was requested whether or not she was in contact with him about it, saying:
“No, I have never been in touch with him any extra. That is now a traditional political course of.”
The paper additionally requested what she considered hypothesis that UBS might shift its headquarters overseas if it felt situations in Switzerland had been not proper for it.
“The Federal Council (cupboard) believes it is good for the financial system to have a big Swiss financial institution. However the financial institution should resolve for itself the way it desires to place itself.”
UBS has mentioned repeatedly it’s dedicated to Switzerland.
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