The disappearance of Credit Suisse, bought by its competitor UBS “is not that of Switzerland”, put the president of the Swiss confederation on Tuesday, who stressed that bankruptcy would have had disastrous consequences.
“The disappearance of Credit Suisse is not the disappearance of Switzerland, it is the disappearance of a bank, a large bank, but only one bank, neither more nor less”, declared Alain Berset at the opening of an extraordinary session of Parliament, underlining that a bankruptcy “would have had disastrous consequences for our country.
Bankruptcy
A few days ago, the Swiss Finance Minister said that the Swiss economy would probably have collapsed if Credit Suisse had failed, in an interview published by the daily Time.
“We must not forget that without a determined intervention by the authorities, the alternative would have been a failure of Credit Suisse on Monday morning, accompanied by a probable collapse of the Swiss economy,” he argued.
Karin Keller-Sutter felt that the government had acted in the best interest of the country by quickly organizing the acquisition of the second largest bank in Switzerland by UBS, its main rival in the country.
Source: BFM TV
