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National debt: It just got a little less deep

Bern, Switzerland (GenevaLunch) – Switzerland’s debt decreased to CHF119 billion in the second quarter 2009, about CHF2.8b less than at the beginning of the year, according to figures released by the Swiss Federal Department of Finance 29 September. Swiss government debt is 22 percent of gross domestic product (GDP). This increases to 41 percent if all public debt is taken into account, including cantons and communes, but still less than the average for most G-8 countries.

Public debt may decrease CHF2b more before the end of the year if the federal government exercises its right to sell the convertible bonds it bought from UBS to prop the bank up.