“A dramatic tragedy”: Swiss parliament split on UBS takeover of Credit Suisse

Swiss authorities defended the state-brokered merger of the country’s two largest banks, UBS and Credit Suisse, in an emergency parliamentary session called to scrutinise the decision.  The Swiss President, Alain Berset, argued “the Federal Council was obliged to intervene to maintain stability both in Switzerland and internationally and to protect the economy.” “A failure of [...]