Swiss parliament to hold emergency meeting over Credit Suisse-UBS merger

The Swiss Parliament will hold an emergency meeting on Tuesday to discuss the collapse of Credit Suisse and the government’s subsequent response.

The government has come under fire from both pundits and opposition parliamentarians for facilitating the shotgun $3.3 billion takeover of Credit Suisse by UBS with over 250 billion Swiss Francs in guarantees and support.

The emergency meeting is only the third of its kind held by the Swiss parliament over the past 20 years. It will provide parliament with a chance to reject the loans given as part of the rescue package, though this is largely a symbolic vote as the state has already committed the funds.

The main point of contention for lawmakers was that the huge financial commitment was made by a sub-group of six MPs – leaving almost 250 without a say on the matter.

Lawmakers will also discuss whether conditions can be imposed on Credit Suisse, with the country’s Federal Council already telling the bank to either cut or reduce bonus payments to upper levels of management.

The mounting anger in Switzerland over how the government has handled this situation is reflected by a study from political research firm gfs.bern which found that a majority of the population do not support the deal.

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