let s now get down to business and the drama that let s now get down to business and the drama that has let s now get down to business and the drama that has been unfolding over the weekend in switzerland is dominating once again. they ve had fraught negotiations as the authorities, the central bank and leaders of two of its biggest banks tried to reach a deal to prevent another damaging financial crisis. late on sunday it was announced. the troubled bank credit suisse has been taken over by its rival ubs in a government backed rescue worth over $3.1 billion. that s less than half the value of credit suisse at the close of trade on friday. the deal s been widely welcomed, including by the bank of england, the european central bank and in the us. switzerland s central bank wanted to prioritise financial stability and protect the swiss economy. here s the chief executive of ubs. translation: it means we bring back stability translation: it means we bring back stability and
a weekend of fraught negotiations in switzerland, as the authorities there, its central bank and leaders of its two biggest banks tried to prevent another damaging financial crisis. late on sunday, it was announced the troubled bank credit suisse was being taken over by its rival ubs in a government backed rescue worth more than $3.1 billion. that s less than half the value of credit suisse at the close of trade on friday. the deal s been widely welcomed, including by the bank of england, the european central bank and by the us federal reserve. but not everyone s happy. credit suisse bondholders have lost $17 billion, shares in both banks have slumped, and there has been a sell off of banking shares across the markets today. here s the chief executive of ubs explaining the rationale behind the deal. translation: it means we bring back stability and security for credit suisse clients, but also that we keep the reputation of the swiss financial centre high. and finally it mea
a weekend of fraught negotiations in switzerland, as the authorities there, its central bank and leaders of its two biggest banks tried to prevent another damaging financial crisis. late on sunday, it was announced the troubled bank credit suisse was being taken over by its rival ubs in a government backed rescue worth more than $3.1 billion. that s less than half the value of credit suisse at the close of trade on friday. the deal s been widely welcomed, including by the bank of england, the european central bank and by the us federal reserve. but not everyone s happy. credit suisse bondholders have lost $17 billion, shares in both banks have slumped, and there has been a sell off of banking shares across the markets today. here s the chief executive of ubs explaining the rationale behind the deal. translation: it means we bring back stability and security
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