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Credit Suisse Fallout

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

  • ‘Doing nothing was not an option,’ Keller-Sutter tells NZZ
  • Disorderly bankruptcy could’ve meant global financial crisis
A Credit Suisse Group AG bank branch in Basel, Switzerland.

A Credit Suisse Group AG bank branch in Basel, Switzerland.

Photographer: Stefan Wermuth/Bloomberg
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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.”