The Swiss Parliament rejected a rescue package for Credit Suisse today, Wednesday, which included financial guarantees worth 109 billion Swiss francs (approximately 120.87 billion dollars), in a largely symbolic vote, as the government's commitment to use emergency law cannot be revoked. Although the Senate had previously approved the measures retroactively earlier today, the House of Representatives rejected them for the second time after voting against them yesterday, Tuesday.
In a speech before the vote, Finance Minister Karin Keller-Sutter asked lawmakers to consider the message their rejection would send to the world. She added, "What signal do you want to send internationally? That institutions can be relied upon? Do you value the stability of the financial market?" Meanwhile, lawmaker Eva Herzog stated, "It really doesn't matter what we decide in the details, but rejecting this money will send a really bad signal."
After the vote, the Swiss Ministry of Finance stated that "this decision has no impact on the acquisition of Credit Suisse, which was decided on March 19." It added that the support package had already received binding approval from the parliamentary finance delegation given that it represented an urgent need, noting that "the funds have already been fully allocated."
