Why aren't masons out of date

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This content was published on July 21, 2020 - 7:21 pm (Keystone-SDA)

The Federal Council has not yet decided how exactly the hole of an estimated 35 billion francs that the corona crisis is tearing in the federal treasury should be filled. Finance Minister Ueli Maurer reckons it will take around 15 years to do this.

"There are still many factors of uncertainty, we want to know the facts more precisely," said Maurer in an online interview with "Finanz und Wirtschaft" on Tuesday. "In the medium term, the time horizon should be around fifteen years. With new borrowing of around CHF 30 billion, that would be 2 billion a year," said the SVP Federal Council.

In the current year, due to the Corona crisis, instead of a small surplus of 400 million francs in the regular budget, a deficit of around 3 billion francs is likely to arise, as "Finanz und Wirtschaft" writes. According to an initial estimate by Maurer's finance department, income is likely to be around 5 billion francs lower than budgeted.

According to "Finanz und Wirtschaft", this corresponds to a decrease of almost 7 percent. An updated estimate of the expenditure does not exist, the budget is 75.3 billion francs. These figures do not include the extraordinary expenses to cope with the Corona crisis, in particular the money for short-time work compensation. The extraordinary expenses amount to CHF 20 to 35 billion.

Maurer is against hiring the National Bank. "There is no reason to call on additional funds from the National Bank. It has another task that is currently underestimated. It has to support the franc exchange rate. If it did nothing in this area, we would probably have parity with the euro, what would be a disaster for the export industry, "he said. The National Bank is not allowed to pay the state's debts.

However, the finance minister reassured: "There is no need to panic, employment and the economy will recover."