Switzerland sees first deficit in ten years

Switzerland recorded its first budget deficit in a decade, following lower than expected tax revenues. The government announced a CHF124 million ($134 million) deficit for 2014, after initially forecasting a surplus of CHF121 million.

Finance Minister Eveline Widmer-Schlumpf said the shortfall in the federal accounts was notably as a result of a lower income tax take from businesses and citizens.

• Primary Source

ESO: Background information: Swiss National Bank scraps exchange rate ceiling http://www.europeansources.info/record/swiss-national-bank-scraps-exchange-rate-ceiling/

Deutsche Welle, 11.02.15: Switzerland runs first deficit in nine years http://dw.de/p/1EZkx

The Local.ch, 11.02.15: Swiss government posts surprise deficit for 2014 http://www.thelocal.ch/20150211/swiss-government-posts-surprise-deficit-for-2014

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