Swiss Parliament Rejects Credit Suisse’s Rescue Package

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Switzerland’s parliament rejected on Wednesday the government’s proposed 109 billion Swiss francs ($120.82 billion) aid package for the merger of Credit Suisse and UBS.

Despite the upper house approving the government’s contribution to the rescue, the lower house, the larger of the two chambers, pushed back in a late night session and again on Wednesday morning.

The lower house voted 103 to 71 against the measure, despite last minute attempts by the Social Democrats’ co-president Cedric Wermuth to compromise.

As a result, the hastily-arranged rescue of Credit Suisse will go ahead without parliamentary blessing.