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UBS has become a significant cluster risk for Switzerland after its takeover of Credit Suisse, with total assets nearly double the country's economic output. This situation raises concerns about potential national bankruptcy if UBS requires a bailout. Strengthening the financial market supervisory authority Finma and enhancing UBS's capital reserves are crucial steps to mitigate this risk.
UBS's takeover of Credit Suisse has led to the controversial cancellation of 16 billion Swiss francs in AT1 bonds, sparking outrage among foreign investors. The decision, made by Finma to stabilize the bank, has raised questions about the hierarchy of losses in bank failures, as bondholders lost everything while shareholders received compensation. This crisis has tarnished Switzerland's reputation as a stable financial center, with concerns over regulatory transparency and the long-term security of investments in the country.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion debt wipeout of Credit Suisse during its takeover by UBS. This lawsuit, which will add AllianceBernstein as a plaintiff in an existing case, challenges the legality of the Swiss government's actions that favored equity investors over bondholders. The Swiss government is seeking to dismiss the case, citing sovereign immunity.
Erik Finman
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