Swiss Finance Minister Merz to Step Down in October
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Swiss Finance Minister Hans-Rudolf Merz said he will step down after seven years during which the government helped rescue UBS AG from collapse and agreed to weaken the country’s banking secrecy rules.
His resignation follows criticism from a parliamentary panel about his handling of UBS’s problems during the financial crisis and from the Social Democrats over his role in the Libya hostage crisis. Merz suffered a heart attack in 2008.