Politics owes more to Swiss voters – economy

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Isabel Pfaff, Berne

Switzerland is experiencing for the second time that a financial crisis could only be averted with government help. In 2008, the state had to invest several billion Swiss francs in the struggling major Swiss bank UBS. And just under a month ago, politics pushed UBS to take over its collapsing rival Credit Suisse, with massive government loans and guarantees. One would think that this repetition within only 15 years is food for thought – especially for politics. Since March 19 at the latest, it has been clear that the country’s systemically important banks actually have a state guarantee. And at zero cost.

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