Switzerland’s parliament is opening a special session Tuesday to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS
GENEVA — — and possibly considering strengthening the legal arsenal to better gird against financial blowups.
The debate could run up to three days, with expectations that lawmakers will voice — and need to iron out — disagreements over the 3 billion Swiss franc fusion of the country’s top two banks, a thunderclap for a country that prides itself on finesse and acumen in finance. Lawmakers were expected to raise concerns about thousands of expected job cuts, discuss possible strengthening of banking laws and accountability for long-troubled Credit Suisse, and look at state-backed guarantees of over $100 billion aimed both at holding the bank together until the merger is completed and buttressing UBS UBSG UBS against possible losses as it combines with its rival.
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