The Times 25/Mar/2023 Finance minister Karin Keller-Stutter, insisted that Credit Suisse could “not have survived Monday” without the £2.65 billion deal. She said: “Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed.”
In the interview with the Zurich paper NZZ yesterday, she said: “The crash of CS would have sent other banks into the abyss”. She denied the US authorities pressed her to find a solution, but added: “It was clear to everyone that a restructuring or liquidation of CS would trigger an international upheaval in the financial markets”.