Report by: Riaz Ahmed
According to Ug News Europe,Credit Suisse (CS), one of the largest banks in Switzerland, has lost the trust of its customers in the financial markets and is in a difficult situation. Discussions have been going on for days about the bank’s rescue to prevent a possible financial crisis both in Switzerland and around the world.Ug News Europe reports that UBS (Union de Banques Suisses), the largest Swiss bank, has announced its readiness to buy the shares of Credit Suisse bank. For this, the bank requires a state guarantee of six billion US dollars from the Swiss government.It should be noted that a few days ago, the Swiss National Bank (SNB) allocated a loan of 50 billion Swiss francs to Credit Suisse. However, the central banks of the world’s leading countries continue to pressure the SNB and demand a plan to save the bank. Otherwise, financial regulators in several countries may prohibit their banks from conducting financial transactions with CS.Considering the current situation, the Swiss government is again holding an extraordinary meeting to save the bank. The aim is to publicize the political decision regarding the future fate of the bank before the opening of international stock exchanges and reduce tension in the financial markets.
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