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Swiss reject sovereign money initiative to radically alter bank lending

Reuters  |  ZURICH 

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.More 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. (Reporting by John Revill; Editing by Keith Weir)(Only the headline and picture of this report may have been reworked by ...

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First Published: Sun, June 10 2018. 20:07 IST