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

Credit Suisse wouldn’t have lasted another day, Minister says

Minister also dismissed the idea that the US pressured Switzerland to save Credit Suisse

Credit Suisse wouldn’t have lasted another day, minister says

The impact of a disorderly bankruptcy may have been as much as double Swiss economic output, the minister said, citing expert estimates. More broadly, “we should have expected a global financial crisis” as “the crash of CS would have sent other banks into the abyss.”

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

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.

Credit Suisse wouldn't have survived another day

According to the Swiss finance minister, “a systemically important bank with global activity could not be easily liquidated” because of the considerable economic damage that would entail.