Swiss Finance Minister Karin Keller-Sutter underlined that the liquidation of Credit Suisse would have caused significant economic damage.

“It was clear to everyone that a restructuring or liquidation of CS would trigger a major international upheaval in the financial market,” she said in an interview.

“Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed, and wages and bills could no longer have been paid,” she added.

The minister also criticized those who accused the authorities of acting too late while Credit Suisse was in turmoil for two years, saying that the finance ministry and the Swiss Central Bank discussed emergency scenarios on the second day of my assumption of the finance portfolio in January.

According to a poll published by Swiss Radio and Television, the majority of citizens, about 54 percent, do not approve of UBS’ takeover of Credit Suisse.

On March 19, Credit Suisse agreed to a takeover deal from its competitor, UBS, after marathon negotiations to prevent a catastrophic collapse, for 3 billion Swiss francs (3.02 billion euros)

Source: Qatar News Agency