The collapse of Credit Suisse sent shockwaves through financial markets and dealt a blow to Switzerland's reputation for financial stability.
[Financial Channel/Comprehensive Report] CNBC reported that the collapse of banking giant Credit Suisse has hit the financial market and dealt a blow to Switzerland's reputation for stability. One executive said that investors will now see Switzerland as a "financial banana republic". "(financial banana republic).
The Swiss government and regulators help regulate mergers between the two banks, and the bailout agreement means the country, whose economy depends on finance, wants to see two of its biggest and best-known lenders merge into one financial juggernaut.
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Opimas Chief Executive Octavio Marenzi said in a research note that Switzerland's status as a financial center is broken; the country will now be seen as a financial banana republic.
A banana republic is usually a pejorative term for certain political and economic systems, especially those with widespread corruption and strong foreign involvement and indirect domination.
UBS shares were up nearly 4 percent on Tuesday by 9:20 a.m. London time (5:20 p.m. Taipei time), extending gains after closing higher in the previous session.
Meanwhile, Credit Suisse was down 0.4% in early trade after closing down 55% on Monday.
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