When Credit Suisse’s top investor, Saudi National Bank, told reporters last Wednesday it would not give more money to the bank, investors and depositors started a stampede for the exit, withdrawing hundreds of millions of dollars.
Credit Suisse’s logo can be found everywhere from the training jersey of the national football team to Zurich’s Kunsthaus art gallery. Roger Federer has been a brand ambassador for more than 20 years. “The damage to Switzerland’s reputation is going to be enormous”, said Daniel Binswanger, a Swiss commentator and editor of online political journal Republik. “It will destroy the myth of this efficient, reliable, almost extraterritorial state.”
Even Switzerland’s unique and feted model of direct democracy has been tarnished by the banking scandal. Swiss voters have over the past 12 months had a chance to vote in referendums on everything from factory farming to film funding. They did not have a say in Sunday’s rescue deal, however, which will see the state support the banks with three tranches of liquidity and loans, as well as a pledge to absorb up to 9 billion francs in potential losses.
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