June 10, 2018 / 2:38 PM / 6 months ago

Swiss reject sovereign money initiative to radically alter bank lending

FILE PHOTO: A member of the sovereign money initiative, a referendum campaign that would abolish traditional bank lending and allow only money created by the Swiss National Bank (SNB), offers flyers to travellers at the central railway station in Zurich, Switzerland May 3, 2018. The poster reads, "Who should produce our money? Sovereign money yes - Swiss francs from National Bank only". REUTERS/Arnd Wiegmann/File Photo

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

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