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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 ....
Executive of ubs. translation: it means we bring back stability translation: it means we bring back stability and translation: it means we bring back stability and security - translation: it means we bring back stability and security for - back stability and security for credits suisse clients and also we keep the reputation of the swiss financial centre either. and finally means we the international financial markets, these three goals are very, very important to us. we are building a big ubs with la less risk appetite. credit suisse has been struggling with a series of challenges for a long time but why did it fall into such a deep crisis so quickly? here s our business editor simonjack. credit suisse became the biggest and most important casualty of a situation that has already seen the failure of two mid sized us banks, silicon ....