"Not The Demise Of Switzerland": Swiss President On Credit Suisse Fall

The failure of banking giant Credit Suisse and its emergency takeover does not mean the downfall of Switzerland, President Alain Berset said Tuesday, insisting bankruptcy would have had disastrous consequences.

"The demise of Credit Suisse is not the demise of Switzerland. It is the loss of a bank; a large bank but only a bank. Nothing more, nothing less," Berset told an extraordinary session of parliament called to discuss the implosion of the country's second-biggest bank and its takeover by larger domestic rivals UBS.

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