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HomeLatest NewsSwiss Finance Minister compares Credit Suisse leadership to arsonists

Swiss Finance Minister compares Credit Suisse leadership to arsonists

Date: June 3, 2023 Time: 23:37:38

The Swiss Minister of Finance, Karin Keller-Sutter, denied this Friday in an interview all the responsibility of the Swiss executive in the crisis that led Credit Suisse almost to bankruptcy. In addition, she has indicated that this situation was caused by the leadership of the entity, whom she has compared to arsonists.

“We must not confuse firefighters and arsonists: the board of directors was responsible for Credit Suisse, and not the Government,” said the member of the Federal (Executive) Council in an interview with various media outlets in the country and reported by Efe. Keller-Sutter also said Credit Suisse borrowed 170 billion francs ($175 billion) on March 19, the day the bank was bought by rival UBS.

Operation to save Credit Suisse

The Swiss National Bank will back the operation to save Credit Suisse from collapse with 200 billion francs (206 billion euros) in liquidity, more than half of it backed by the state.

The Finance Minister indicated that Credit Suisse owes the State 5,000 Million Francs (5,100 Million Euros) as part of its use of public aid and has been reduced by half since April and that “it should be returned soon”, in the words of Keller-Sutter herself.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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