Why Credit Suisse 'might not survive the weekend' | Newstalk

Credit Suisse, Switzerland's second-largest bank, may not exist on Monday morning as it currently does.Credit Suisse announced on Wednesday it had found"material weaknesses" in its financial reporting processes for 2021 and 2022.A major shareholder, Saudi National Bank, said it would not provide any further financial assistance causing the value of the bank to fall by 30%.

"[UBS] itself is the result of a merger between, a few years ago, two other Swiss banks - one of whom was in an awful lot of trouble."So there is a serious probability that Credit Suisse will not exist on Monday morning, at least in the form that it existed last night".Mr Johns said no one wants to admit this could be the start of something bigger, harking back to 2008."I watched a TV programme last night where two global financial experts...

It is bust. It should have been allowed to fail and burn the bondholders, after all they bet on high risk ! davidmcw But hey, let's just socialise the losses, again. CWeston_Indo

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