PS co-president Cédric Wermuth said he was “frustrated and angry”. Those responsible for this debacle must be held accountable, he said. His party demands a parliamentary commission of inquiry to determine “who has (or hasn’t) done what and when” at the political level.
On the other side of the political spectrum, reprobations are also raining down. For the SVP, the Credit Suisse crisis is the consequence of “mismanagement and PLR cronyism”. The situation in which the big bank finds itself is the consequence of “fatal” managerial decisions. The party also criticizes the “hasty” action of the Federal Council.
>> Takeover of Credit Suisse by UBS, follow-up information:
UBS buys Credit Suisse for 3 billion francs. Objective: “to restore confidence”
“Shame for Switzerland”
On the side of the PLR, we speak of “shame for Switzerland”. For its president Thierry Burkart, it is a “dark day for the Swiss financial center and for Switzerland as a whole”. The Center spoke to him of “the best of bad solutions”.
Both parties admit, however, that the measure was necessary to stabilize confidence in the financial markets and protect the Swiss economy. Many citizens and SMEs depend on the bank, pointed out the PLR.
For his part, Balthasar Glättli, the president of the Greens, wondered on SRF if the merger between the two main Swiss banks was not “an even greater risk in the future” for the Swiss financial centre. The PVL has shown itself to be concerned about this takeover, from the point of view of competition law and “in terms of open and fair competition”. Its president Jürg Grossen deplored that Switzerland had not been able to anticipate international challenges.
Avoided “Fatal Escalation”
Economiesuisse is relieved that a “fatal escalation” could be avoided. The Federal Council has prevented a destabilization of the Swiss financial center with unforeseeable consequences, estimated the umbrella organization, while regretting that “we have arrived there”.
The decisions go in the direction of the stability of the financial markets and of the Swiss economic place, also judged the Zurich Minister of Finance Ernst Stocker (UDC), president of the Conference of Cantonal Finance Directors. An opinion shared by the Union of Swiss Cantonal Banks. The consequences of the takeover of the troubled bank for public budgets and the labor market must now be analysed, added Ernst Stocker.
The Swiss Trade Union (USS) expressed concern about safeguarding jobs. It wishes to support the Swiss Association of Bank Employees and calls for the rapid establishment of a task force which will ensure that as many jobs as possible are preserved.
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