Swiss parliament rejects Credit Suisse rescue plan.

1 min read
Source: Reuters
Swiss parliament rejects Credit Suisse rescue plan.
Photo: Reuters
TL;DR Summary

Switzerland's parliament has rejected the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing. While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday. The government's commitment, made using emergency law, cannot be overturned, but the vote marks a symbolic rebuke for the authorities, whose decision to largely bypass the nation's legislative has angered many politicians.

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