Switzerland: The Champion Saver Of Europe

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Switzerland: The Champion Saver Of Europe

Switzerland: The Champion Saver Of Europe by Armando Mombelli, SwissInfo.ch

Public debt in non-EU Switzerland corresponds to barely 33% of gross domestic product (GDP), while the EU average is more than 85%. Yet almost every year the Swiss government comes up with new ways to cut public spending. Financial prudence or a savings mania? 

“Switzerland is heading towards bankruptcy,” declared the weekly magazine Facts in 1997 after a series of deficits in the state coffers running into the billions. The magazine folded a few years later, while the Swiss public accounts are today in good shape.

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Actually they are in excellent shape. Along with Norway – where income from oil boosts revenue – Switzerland is the only European country to have reduced its public debt since the beginning of the economic and financial crisis in 2007.

What’s more, it did this without renouncing the implementation of costly infrastructure, such as the new Gotthard Rail Tunnel – the longest in the world – which was officially opened