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Swiss Finance Minister Says Credit Suisse Wouldn’t Have Lasted Another Day

 

Bloomberg: Credit Suisse Wouldn’t Have Lasted Another Day, Minister Says 

The Swiss government was compelled to intervene to save Credit Suisse Group AG as the troubled bank wouldn’t have survived another day of trading amid a crisis of investor confidence, Finance Minister Karin Keller-Sutter said. 

 “CS would not have survived Monday,” Keller-Sutter said in an interview with Zurich newspaper NZZ. “Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed.” 

The impact of a disorderly bankruptcy may have been as much as double Swiss economic output, the minister said, citing expert estimates. More broadly, “we should have expected a global financial crisis” as “the crash of CS would have sent other banks into the abyss.”  

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Update: Credit Suisse accessed billions in liquidity last weekend - finance minister (Reuters)  

WNU editor: Finance Minister Karin Keller-Sutter is confirming what all the doomsayers were saying last week. The global banking system was one day away from experiencing a complete meltdown.



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