Credit Suisse was taken over by rival UBS. (Representational)
Bern, Switzerland:
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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
China-Russia Natural Gas Pipeline Ready, Set To Power Shanghai By End Of 2024
