*EMERGENCY CREDIT SUISSE RESCUE SHAKES FAITH IN SWITZERLAND 🇨🇭🇨🇭
© Reuters. FILE PHOTO: The logo of Credit Suisse is pictured on a building near the Hallenstadion where took place the Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023.
The Swiss political model is under pressure at the moment, said political scientist Michael Hermann, a director of pollsters Sotomo, adding that the foreign perception of Switzerland as business friendly and as a financial safe haven could be undermined. The affair has already boosted support for populist right wing groups like the anti-immigrant Swiss People's Party and the libertarian Aufrecht Schweiz movement in local elections since the takeover. Both parties are looking to make gains in national elections in October.The Credit Suisse/UBS merger marked the first time that parliament had withheld its support for emergency laws designed to deal quickly with crises.
"We don't do it for fun. We really didn't know what else to do," Keller-Sutter told parliament during a stormy emergency session this week."The emergency law is based on the federal constitution and I don't think it's correct to say it's illegal.""It has not been a great moment for Swiss democracy.
"Despite the anger, most policy-makers do not want to interfere in the merger, to create and bear the risk that the merger does not succeed," said Hans Gersbach, co-director of the KOF economic research institute at ETH Zurich.
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