The banking turmoil

Archive image. Karin Keller-Sutter. Kay Nietfeld/AP 

 

The banking turmoil  

The banking turmoil Finance Minister: Had to intervene - Credit Suisse had not survived another day  

 

The Swiss government was so badly forced to step in to save Credit Suisse – the troubled big bank was just days away from collapse. That's what the country's Finance Minister Karin Keller-Sutter says in an interview with the Zurich-based newspaper NZZ. 

 

- Credit Suisse had not survived until Monday. Without a solution, payment transactions with Credit Suisse in Switzerland would have experienced widespread disruption and perhaps even collapse. 

 

If Credit Suisse had been allowed to collapse completely unchecked, it would likely have become an expensive story that would have led to a global financial crisis, she believes.  

 

- All other options were more risky for the state, she notes, adding that the government was not particularly keen on "experimenting" with being the first country to dismantle a globally systemically important bank.