Swiss President Alain Berset addressed an extraordinary session of parliament called to debate the demise of Credit Suisse bank.
BERN (SWITZERLAND) – The Swiss parliament voiced its fury on Tuesday at the collapse of Credit Suisse and how the rules intended to prevent such a major bank from getting itself into trouble completely failed.
At an extraordinary session of parliament called to debate the implosion of the bank and its takeover by larger rival UBS, Swiss President Alain Berset defended orchestrating the merger, saying a bankruptcy would have triggered a financial catastrophe and shredded the country’s reputation.
However, lawmakers lined up to slam the controversial March 19 deal that Berset’s government rapidly stitched…
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