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Cabinet confident of stable economy

The government says the Swiss economy has a solid basis and is not threatened by the global financial crisis.

The finance ministry is due to provide further information next week in parliament on the impact of the turbulences.

Swiss banks have enough liquidity and there are no signs that businesses could be affected by a credit crunch, the government spokesman said on Friday.

He added that Finance Minister Hans-Rudolf Merz briefed the cabinet that the property market was not suffering from “exaggerations”.

Merz refused to comment on a plan by the United States government to buy billions of dollars of US banks’ bad mortgage-related loans.

On Thursday the Swiss Bankers Association said it was confident that Switzerland’s financial institutions could weather the storm.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR