Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS , leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.
, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.
Seeking a compromise, the upper house passed changes to the measure on Wednesday morning, but it was not enough to sway the lower house lawmakers.Speaking just before the lower house vote, Cedric Wermuth, the co-president of the Social Democrats said the party just could not support the funding. The support package had already been given binding approval by the parliament's finance delegation, due to the urgency of the matter, it said.The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022.
Addressing parliament before the vote on Wednesday, finance minister Karin Keller-Sutter told lawmakers to consider what message their rejection of the rescue would send to the world.
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