According to businesstoday, Swiss Finance Minister Karin Keller-Sutter said that the Swiss government was forced to intervene to save Credit Suisse because it might not survive Monday amid an investor confidence crisis. "If there is no solution, payment transactions between Switzerland and Credit Suisse will be severely disrupted and may even collapse."
She estimated that the impact of Credit Suisse's "disorderly bankruptcy" could be twice the output of Switzerland's economy, triggering a global financial crisis. Keller-Sutter also opposed equating the Swiss government's "matchmaking" with rescue actions, saying that no government funds flowed to the bank.
Earlier on March 20, it was reported that UBS acquired Credit Suisse for US$3.3 billion, and the Swiss National Bank will provide 100 billion Swiss francs in liquidity assistance.
