“There won’t be any economic growth as long as banks have to shrink,” Gruebel told the Swiss newspaper in an interview published today. “Anything else is an illusion.”
Asked whether he expects a recession, Gruebel said that “we can muddle through because central banks are keeping short- term rates low. But on balance, we won’t have any growth for a long period of time,” according to the newspaper.
To contact the reporter on this story: Simone Meier in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Paul Verschuur at email@example.com