Swiss Bank Fails! Bail-ins Implemented as Seniors’ Pensions Raided – Chaos in Europe as France Burns

[Manuel Tavares]

Swiss Bank Fails! Bail-ins Implemented as Seniors’ Pensions Raided – Chaos in Europe as France Burns
Posted on 03/21/2023 by EraOfLight — https://eraoflight.com/2023/03/21/swiss-bank-fails-bail-ins-implemented-as-seniors-pensions-raided-chaos-in-europe-as-france-burns/

Posted here by http://violetflame.biz.ly/ +@ https://gab.com/active_me
Reminder discernment is recommended.

Credit Suisse, which was the second largest bank in Switzerland, and considered a “too big to fail” bank, has failed.

Swiss authorities rushed through a deal late Sunday in an attempt to prevent a whole-scale stock market crash before trading started in Asia, along with futures trading in the U.S.

The deal involved a forced fire sale to its rival bank, the largest bank in Switzerland, Swiss National Bank (SNB), which included both bailout money from Switzerland’s Central Bank for SNB, along with a bail-in of AT1 bonds with Credit Suisse used to fund seniors’ pensions, which will be completely wiped out.

We finally have a deal, and what was at first a CHF1 BN acquisition priceof Credit Suisse by UBS, which then rose to CHF 2 BN, has now cranked up one final time to CHF 3BN (US$3.25 billion), or 0.76 per share, specifically shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. As part of the deal, the Swiss National Bank is offering a 100 billion-franc liquidity assistance to UBS while the government is granting a 9 billion-franc guarantee for potential losses from assets UBS is taking over, i.e., this is a taxpayer-backed bailout.....+
https://eraoflight.com/2023/03/21/swiss-bank-fails-bail-ins-implemented-as-seniors-pensions-raided-chaos-in-europe-as-france-burns/

Swiss Bank Fails! Bail-ins Implemented as Seniors’ Pensions Raided – Chaos in Europe as France Burns

Credit Suisse, which was the second largest bank in Switzerland, and considered a “too big to fail” bank, has failed.

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