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Swiss cuts borrowing costs again

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Swiss cuts borrowing costs again

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The Swiss National Bank has slashed interest rates by a further half a percent. This is its fourth cut in two months, dropping the cost of borrowing by 2.25 percent. The bank also warned that a sharply worsening global economy would tip Switzerland into recession next year. The SNB is forecasting the Swiss economy will contract between 0.5percent and one percent next year but it has revised down its inflation forecasts for 2009 and 2010.