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It Wasn’t Just Credit Suisse. Switzerland Itself Needed Rescuing.
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wsj.comZURICH—The chairman of Switzerland’s largest bank received an urgent call last week. On the other end were three top Swiss officials who delivered an ultimatum dressed up as a proposal. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG.
For any country, it would be a financial emergency. For Switzerland, the stakes verged on existential. Its economic model and national identity, cultivated over centuries, were built on safeguarding the world’s wealth. It wasn’t just about a bank. Switzerland itself needed rescuing.
Read more on wsj.comAbout this in other media
Credit Suisse chair ‘truly sorry’ over downfall of 167-year-old bank theguardian.com /1 year ago
Credit Suisse shareholders gather at annual meeting to demand answers over UBS rescue cnbc.com /1 year ago
Switzerland’s attorney general to investigate Credit Suisse takeover theguardian.com /1 year ago
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