Its economic model and national identity, cultivated over centuries, were built on safeguarding the world’s wealth. It wasn’t just about a bank. Switzerland itself needed rescuing.
It was Thursday, barely 24 hours into an escalating banking crisis and Credit Suisse was hemorrhaging deposits. The 167-year-old national institution appeared days away from bankruptcy.
To keep it alive until the weekend, the central bank was about to quadruple a credit line of more than $50 billion. U.S. and U.K. regulators called their Swiss counterparts to make sure they didn’t let Credit Suisse bring down global markets.
WSJ 22 March 2023
How Swiss banking went from a Rolls-Royce to a toxic mess
Telegraph 19 March 2023
Swiss regulators have committed shameless expropriation. So much for the safety of Zurich
Ambrose Evans-Pritchard Telegraph 21 March 2023