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.”
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.”
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WNU editor: Finance Minister Karin Keller-Sutter is confirming what all the doomsayers were saying last week. The global banking system was one day away from experiencing a complete meltdown.
The post Swiss Finance Minister Says Credit Suisse Wouldn’t Have Lasted Another Day appeared first on Keelys News.
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