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Cabinet welcomes euro stabilisation pact

The Swiss government has hailed the International Monetary Fund (IMF) and euro zone countries’ multi-billion currency stabilisation programme.

Finance Minister Hans-Rudolf Merz said the deal was important to balance the Swiss franc which won ground against the euro and is threatening to damage the Swiss export industry.

Merz added that Switzerland’s contribution to the programme would be achieved through payments by the National Bank to the IMF.

“No taxpayers’ money will be used for the credits,” said Merz at a news conference on Wednesday following a regular cabinet meeting.

He said it was impossible to specify the exact amount that would be paid to the IMF.

However, expert estimates put the Swiss credit at to up to SFr17.9 billion ($16.1 billion).

Earlier this week European nations launched the biggest-ever financial bailout of a country. The entire rescue package is worth upwards of €750 billion.

Switzerland is not a member of the euro zone, but joined the IMF in 1992.

Urs Geiser, swissinfo.ch


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