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Swiss reject sovereign money initiative to radically alter bank lending

Reuters  |  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 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)

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