Precarious calm after the bailout of Credit Suisse by UBS

Precarious calm after the bailout of Credit Suisse by UBS
The headquarters of UBS and Credit Suisse, ParadePlatz in Zurich (Switzerland). DENIS BALIBOUSE/REUTERS

DECRYPTION – Markets, still nervous, regained some lost ground, while central banks intervened to facilitate liquidity.

Reassure, stop the contagion, identify weaknesses. Political, economic and monetary authorities were seeking to erect firewalls after the rescue of Credit Suisse by its competitor Union of Swiss Banks (UBS) concluded on Sunday evening.

This operation “is not only decisive for Switzerland, but for the stability of the entire global financial system”, claimed Sunday the President of the Swiss Confederation, Alain Berset. She “contributes to restoring orderly market conditions and ensuring financial stability”, greeted Christine Lagarde, President of the European Central Bank (ECB), in stride.

«We are convinced that the capital and liquidity positions of euro area banks are very satisfactory”, she hammered again on Monday, during a hearing in the European Parliament. THE “two sets of problems» banks that have occurred in recent days in the United States and Switzerland “does not concern French banks”

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