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Parliament meets and talks about multi-billion dollar loans. Finance Minister Ueli Maurer makes it clear, however, that the (financial) ramifications of the crisis are yet to come. The most important questions and answers.
Finance Minister Ueli Maurer when he spoke before the National Council in Bea’s salons in Bern on Monday.
If unimaginable sums are decided in a short time, then there is a crisis: in 2008, 68 billion Swiss francs was raised for the UBS bailout. On Monday, the National Council approved almost CHF 60 billion that the Federal Council had decided to combat the crown crisis. The Council of States is Tuesday.
But is that all or will there be much higher costs? And who pays? The most important questions and answers.
The majority, 40 billion Swiss francs, is used as collateral to save business loans. The Federal Council injected six billion francs into the unemployment fund to finance short-term work. 5.3 billion Swiss francs are needed to support freelancers. 2.58 billion Swiss francs is needed to buy medical supplies and medicines. 1.9 billion Swiss francs are earmarked for aviation.
No Finance Minister Ueli Maurer believes that between CHF 15 billion and CHF 38 billion will still be needed to plug holes in unemployment insurance. At the end of the year, Maurer predicts a deficit of 30 to 50 billion Swiss francs. “We carry future generations with a huge financial burden,” SVP National Councilor Lars Guggisberg said Monday. Also, Parliament could talk about additional aid funds this week, for example for nurseries.
Yes The crisis has other implications, directly or indirectly. Loans are just “the first step,” Finance Minister Maurer said Monday. “The consequences will continue to haunt us for a long time.” Therefore, tax revenue should clearly decrease. Maurer spoke of CHF 5 billion. Problems in the labor market are likely to increase pressure on social security.
A drop in AHV contributions is expected, further exacerbating the financial situation of pensions. Additional costs are also expected over healthcare costs, hospitals wrote millions in losses. However, the left and the CVP demand that health insurance premiums not rise as a result.
Parties have different ideas. On the one hand, it increases the pressure to save. However, GLP, Greens and SP are against austerity measures in the economic crisis. On the contrary: the leader of the Green Group, Balthasar Glättli, believes that an economic stimulus program may be necessary. The SVP, in turn, warns you to make additional expenses. It does not want to introduce the bridge pension for the elderly unemployed or additional CO2 taxes.
SP parliamentary group leader Roger Nordmann calls for a special inheritance tax of more than 10 million Swiss francs and higher contributions from those who earn more. Several parties are calling for the profits of national banks to be used to reduce debt. Finance Minister Ueli Maurer, who spoke out against higher taxes, also launched this idea to the round. However, this should trigger resistance from the cantons, which today also receive part of the profits of the National Bank.
Public debt in Switzerland is comparatively low, also thanks to the debt brake. Since its introduction in 2003, the national debt has been reduced from CHF 124 billion to CHF 97 billion. Now, however, the debt will increase considerably, the so-called amortization account will fall in red.
The latter should balance within six to eight years, which is not realistic. A strategy on how to reduce this negative sign is currently being sought. Basically, however, the debt brake allows such high expenses, in exceptional situations such as natural disasters.
