ZURICH, March 20 — Switzerland's two biggest political parties sharply criticized UBS's takeover of Credit Suisse saying multi-billion state support for the deal...
ZURICH, March 20 — Switzerland's two biggest political parties sharply criticized UBS's takeover of Credit Suisse saying multi-billion state support for the deal created enormous risks for the country.
Credit Suisse and UBS could benefit from around 260 billion Swiss francs in state and central bank support, a third of the country's gross domestic product. The aid comes in the form of 250 billion in liquidity which will be repaid, while the government will absorb up to 9 billion in losses from the deal.
The Social Democrats are the second biggest party in the Swiss parliament and have two ministers in the country's ruling cabinet. "What has happened is terrible for the credibility of Switzerland," he said."It's a warning shot for Switzerland about having banks which are just too big. I'm very concerned about the new UBS."
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