Swiss reject sovereign money initiative to radically alter bank lending

ZURICH (Reuters) – Swiss voters have clearly rejected a radical overhaul of their financial system which would have prevented banks creating money every time they gave credit, the government said on Sunday. FILE PHOTO: Members of the sovereign money initiative, a referendum campaign that would abolish traditional bank lending and allow only money created by the central bank, clean up after spraying a slogan on the Swiss National Bank (SNB) in Bern, Switzerland, April 27, 2018.
The slogan reads “Dear Swiss National Bank, please remember why we founded you”. REUTERS/Denis Balibouse/File PhotoMore than three quarters of voters rejected the Sovereign Money initiative which could have had repercussions beyond Switzerland if accepted.
Some 75.7 percent voted against the plan, according to the Swiss government, while all of the country’s cantons also rejected it.
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