Swiss president Alain Berset, who did not specify a value of the deal, called the announcement "one of great breadth for the stability of international finance. An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system."
The 167-year-old Credit Suisse already received a $50 billion loan from the Swiss National Bank, which briefly caused a rally in the bank's stock price. Yet the move did not appear to be enough to stem an outflow of deposits, according to news reports. On Friday, shares dropped 8% to close at 1.86 francs on the Swiss exchange. The stock has seen a long downward slide: It traded at more than 80 francs in 2007.
DEI conteracts efficient productive businesses.
So UBS gets $100B from the central bank to buy Credit Suisse? Move along folks, nothing to see here. The banking system is just fine.
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