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Swiss bankruptcies fall to nine year low

The number of bankruptcies in Switzerland last year fell to the lowest level since 1991, according to the latest survey from the Lausanne-based research group, Creditreform. 8,490 businesses went bankrupt last year, which was four per cent less than 1998.

This content was published on January 11, 2000 - 11:43

The number of bankruptcies in Switzerland last year fell to the lowest level since 1991, according to the latest survey from the Lausanne-based research group, Creditreform. 8,490 businesses went bankrupt last year, which was four per cent less than 1998.

On a regional basis, the French-speaking part of the country performed best, with bankruptcies falling nearly 14 per cent over last year. That large drop offset a 2.4 per cent rise in German-speaking areas.

"That's just a correction of what we saw in 1998, so now the French-speaking part is catching up", said Marcus Allenspach, economist at Cantrade Private Bank.

"It was quite natural to see the economic recovery first in big cities like Zurich and Basel, rather than in the more rural French areas," added Allenspach, "But I wouldn't say the economy is now booming there."

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