Stock market stabilizes after takeover of Credit Suisse

Swiss President Alain Berset said that “the Federal Council is convinced that the takeover is the best solution to restore confidence”. The transaction is important for the stability of the Swiss financial center, it said. Finance Minister Karin Keller-Suter said the federal government had given a guarantee of CHF 9 billion to absorb Credit Suisse risks. “The taxpayers have little risk” – any other scenario would have incurred more costs.