New wave of bankruptcies
New wave of
bankruptcies expected over following weeks
The Geneva
Department of Economic Development says it expects a wave of bankruptcies in
the next few weeks. A spokesman says they’re trying to save as many businesses
as possible with grants and loans.
The canton
has injected around CHF 100m into the economy.
The sector
thought to be most at risk is hotels. Last week the 5-star Richemond hotel
announced it may close temporarily.
The Geneva
Hotel Society expects a 75% drop in turnover.
The tourist
office says 70% of visitors are international. Meetings organized by the
international organizations normally bring in 200,000 people into the canton
every year.
