Swiss Parliament convenes extraordinary session to discuss banking crisis

The Parlament Swiss announced the holding of an extraordinary session, between April 11 and 14, to analyze the recent purchase of Credit Suisse by UBS, an operation motivated by the crisis of the former and which has been criticized by some sectors of Swiss politics.

The session was approved after being demanded by more than a quarter of the parliamentarians of the National Council, the lower house of the Swiss Legislative, and will begin to prepare with commissions from March 27, detailed the official account of the parliament on Twitter.

Both left and right parties had requested an urgent session since the purchase, materialized against the clock on Sunday, at the request of the Swiss government, to avoid both the total collapse of Credit Suisse (the country’s second largest bank) as it caused new waves of panic in the global stock markets.

Swiss parliamentary laws allow extraordinary sessions to be held with the support of only 25% of legislators if they concern public spending of more than 500 million francs (about 502 million euros), a figure that has been far exceeded in the current operation of emergency.

The Swiss authorities have backed the purchase with a guarantee of 9 billion francs (9.04 billion euros), and the Swiss National (central) Bank is supporting the merger by making available liquidity of up to 100 billion francs (100.4 billion euro).

The purchase of Credit Suisse It has aroused criticism among different parties of the national political spectrum, both because of the high cost that it will entail for public coffers and because of certain urgent measures taken to force the operation, such as changing regulations to prevent the acquisition from having to be approved by the shareholders. of the entities involved.

Source: EFE