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“Credit Suisse’s Non-Liquidation Justified by Swiss Finance Minister Due to Potential Harm”

Swiss Finance Minister Karin Keller-Sutter confirmed that the liquidation of Credit Suisse would have caused great economic damage, after harsh criticism of the UBS acquisition of it for a small amount.

Souter said: The other options were more dangerous for the state, taxpayers, the stock exchange and international markets, and that although an important bank such as Credit Suisse could be liquidated legally, the economic damage would be great.

And a local poll showed that 54% of the Swiss do not agree with that acquisition, as the Finance Minister commented that many of them are angry, stressing that in the event of nationalization of the bank, the state should have taken all the risks.

The finance minister denied that Switzerland was under external pressure and criticized those who accused the authorities of acting too late while the bank had been in turmoil for two years over a series of scandals.

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