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Cabinet confident amid global money meltdown

The government has said it is confident that the necessary measures are in place for Switzerland to face the impact of a global financial crisis.

The acting finance minister, Eveline Widmer-Schlumpf, said the country's central bank, the Swiss National Bank (SNB), had stepped up efforts to ensure liquidity and that commercial banks fulfilled their international monetary requirements.

She spoke after an extraordinary cabinet meeting on Thursday evening.

Widmer-Schlumpf said that the government would take the necessary steps to ensure that the stability of the Swiss banks remained intact.

The government has been in consultation with the Federal Banking Commission, the SNB and experts in the finance ministry, Widmer-Schlumpf said. She added that cabinet was relieved to see that United States legislators had approved a multi-billion dollar bailout plan.